Clinical support services are diverse in any modern healthcare facility, but they all share some common elements from a management perspective. Select any one of the CSS departments of interest to yourself, and provide examples of performance measures that you would use in managing the service. Be sure to address all seven dimensions of performance for your department. Department: Emergency Medical System and Patient Transportation

Clinical support services are diverse in any modern healthcare facility, but they all share some common elements from a management perspective. Select any one of the CSS departments of interest to yourself, and provide examples of performance measures that you would use in managing the service. Be sure to address all seven dimensions of performance for your department. Department: Emergency Medical System and Patient Transportation

The performance measures must be developed and applied continuously for … Read More...
Module Overview Summary of Module Description For full details, go to Module Descriptor. Aims The aim of this module is to: • Develop individuals for a career in business and management • Enhance and develop employability , professional and lifelong learning skills and personal development Learning Outcomes Learners will be able to critically evaluate the acquisition of a range of academic and professional skills using a number of theoretical frameworks. Assessment – Summary Category Assessment Description Duration Word Count Weight (%) Written Assignment Essay 1 Reflective Essay N/A 3000 45 For full details, go to Assessment. Additional Information Remember that a variety of Resources is available to support your learning materials.Skills and character audit This document provides an initial picture of your skills and character. It will also provide the basis of further documents that make up the first assignment on the module. It is based on the skills statements that form a fundamental part of your Masters programme which were approved by a validation panel that consisted of members of staff in the Business School, academic staff from other higher education institutions and employers. The statements in the form are there for you and you will not be judged on whether your responses are positive or negative. The responses should enable you to identify what you are good or bad at from which you can create a personal SLOT analysis (Strengths, Limitations, Opportunities, Threats). From this SLOT analysis you can then concentrate on developing certain areas that will enhance your academic and professional development. We would very much like to” get to know” you through this document and would encourage you to also complete the notes section. In this you could give us a rationale for your responses to the questions. As a guide to how you should gauge your response consider the following: Strongly agree – I have a wide range of experience in this area and have been commended by a tutor or employer for my efforts in this area Agree – I am comfortable with this aspect and have been able to demonstrate my ability Disagree – I am Ok with this but realise that I do need to improve Strongly disagree – I know I am weak in this area and need to focus on this as I could fine this weakness to be detrimental to my progression Explain why – please take the room to consider the reasons for your answer as this is the reflection that is of most value. Do not worry if your section spills onto the next page.   Intellectual (thinking) skills Strongly Agree Agree Disagree Strongly Disagree I am a creative person who can adapt my thinking to circumstances I am able to organise my thoughts, analyse, synthesise and critically appraise situations I can identify assumptions, evaluate statements in terms of evidence, detect false logic or reasoning, identify implicit values, define terms adequately and generalise appropriately Explain why: Professional/Vocational skills Strongly Agree Agree Disagree Strongly Disagree I use a wide range of techniques in approaching and solving problems. I am comfortable with a range of research techniques I am able to analyse and interpret quantitative data I am able to analyse and interpret qualitative data My leadership skills are well developed and I can adapt them to different situations I am able to manage people effectively Motivating myself and others comes easy to me I am aware of my responsibilities to myself, the organisation and other people I treat people with respect and consideration Explain why:   Key/Common skills Strongly Agree Agree Disagree Strongly Disagree I am able to use mathematical techniques to analyse data I can effectively interpret numerical data including tables and charts I am able to use a wide range of software on a PC I use a range Information Technology devices to communicate and access information I am a good listener I am able to communicate my ideas well in a face-to-face situation I can adapt my written style to suit an audiences needs I am comfortable presenting my ideas to an audience Whenever I have completed a task I always reflect on the experience with a view to seeking continuous improvement I manage my time effectively I am always prompt when asked to complete a task I am aware of the need to be sensitive to the cultural differences to which I have been exposed I am keen to learn about other people and their country and culture I enjoy working with others to complete a task I know my own character and am sensitive of this in a group situation I understand that a group is made of individuals and I am sensitive to the needs and preferences of others I will always ensure that I get my views across in a meeting I am willing to accept the viewpoint of others I always give 100% in a group task Explain why: SLOT Analysis Having responded to the statements above you should now be in a position to look forward and recognise those areas on which your development will be based. The SLOT analysis can help you to arrange this. Strengths – can be those skills and characteristics to which you have responded positively to in the previous section. It is worth noting that whilst you may be strong in these areas that does not mean you ignore their development. Indeed you may be able to utilise these strengths in the development of areas identified as weaknesses or to overcome strengths, this will enhance those skills and characteristics. Limitations – All of us can identify some sort of limitation to our skills. None of us should be afraid of doing this as this is the first stage on the improvement and development of these weaknesses. Opportunities – These arise or can be created. When thinking of this look ahead at opportunities that will arise in a professional, academic or social context within which your development can take place. Threats – Many threats from your development can come from within – your own characteristics e.g. poor time management can lead to missing deadlines. However we could equally identify a busy lifestyle as a threat to our development. Once again think widely in terms of where the threat will come from. Do not worry if you find that a strength can also be a limitation. This is often true as a characteristic you have may be strength in one situation but a limitation in another. E.g. you may be an assertive person, which is positive, but this could be negative in a group situation. Please try and elaborate this in the notes section at the foot of the table. SLOT Analysis (you may need to use two pages to set out this analysis) Strengths Limitations Opportunities Threats Analysis of the Bullet points in the SLOT table Objectives Having undertaken some analysis of your skills and characteristics the aim of this next section is to identify various aspects of your development during the course of this module, other modules on your course, and extra-curricular activities. Make sure the objectives are SMART:- S – Specific. Clearly identified from the exercises undertaken M – Measurable. The outcomes can be easily demonstrated (to yourself, and where possible others) A – Achievable. They can be done given the opportunities available to you R – Relevant. They form part of your development either on this award, in your employability prospects or in your current job role T – Timebound. They can be achieved within a given timescale Whilst there are 5 rows in the table below, please feel free to add more. However be sure that you need to do this development and that they fit within the scope of the above criteria. Area What I am going to do. How I am going to do it When I am going to do it by Force Field Analysis This technique was designed by Kurt Lewin (1947 and 1953). In the business world it is used for decision making, looking at forces that need to be considered when implementing change – it can be said to be a specialised method of weighing up the pros and cons of a decision. Having looked at your personal strengths and weaknesses we would like you to use this technique to become aware of those factors that will help/hinder, give you motivation for or may act against, your personal development. Whilst you could do this for each of your objectives we want you to think in terms of where you would like to be at the end of your Masters programme. In the central pillar, put in a statement of where you want to be at the end of the course. Then in the arrows either side look at those factors/forces that may work in your favour. Be realistic and please add as many arrows that you think may be necessary; use a separate page for the module if it makes it easier to structure your thoughts. Forces or factors working for achieving your desired outcome Where I want to be Forces or factors against working against you achieving your desired outcome

Module Overview Summary of Module Description For full details, go to Module Descriptor. Aims The aim of this module is to: • Develop individuals for a career in business and management • Enhance and develop employability , professional and lifelong learning skills and personal development Learning Outcomes Learners will be able to critically evaluate the acquisition of a range of academic and professional skills using a number of theoretical frameworks. Assessment – Summary Category Assessment Description Duration Word Count Weight (%) Written Assignment Essay 1 Reflective Essay N/A 3000 45 For full details, go to Assessment. Additional Information Remember that a variety of Resources is available to support your learning materials.Skills and character audit This document provides an initial picture of your skills and character. It will also provide the basis of further documents that make up the first assignment on the module. It is based on the skills statements that form a fundamental part of your Masters programme which were approved by a validation panel that consisted of members of staff in the Business School, academic staff from other higher education institutions and employers. The statements in the form are there for you and you will not be judged on whether your responses are positive or negative. The responses should enable you to identify what you are good or bad at from which you can create a personal SLOT analysis (Strengths, Limitations, Opportunities, Threats). From this SLOT analysis you can then concentrate on developing certain areas that will enhance your academic and professional development. We would very much like to” get to know” you through this document and would encourage you to also complete the notes section. In this you could give us a rationale for your responses to the questions. As a guide to how you should gauge your response consider the following: Strongly agree – I have a wide range of experience in this area and have been commended by a tutor or employer for my efforts in this area Agree – I am comfortable with this aspect and have been able to demonstrate my ability Disagree – I am Ok with this but realise that I do need to improve Strongly disagree – I know I am weak in this area and need to focus on this as I could fine this weakness to be detrimental to my progression Explain why – please take the room to consider the reasons for your answer as this is the reflection that is of most value. Do not worry if your section spills onto the next page.   Intellectual (thinking) skills Strongly Agree Agree Disagree Strongly Disagree I am a creative person who can adapt my thinking to circumstances I am able to organise my thoughts, analyse, synthesise and critically appraise situations I can identify assumptions, evaluate statements in terms of evidence, detect false logic or reasoning, identify implicit values, define terms adequately and generalise appropriately Explain why: Professional/Vocational skills Strongly Agree Agree Disagree Strongly Disagree I use a wide range of techniques in approaching and solving problems. I am comfortable with a range of research techniques I am able to analyse and interpret quantitative data I am able to analyse and interpret qualitative data My leadership skills are well developed and I can adapt them to different situations I am able to manage people effectively Motivating myself and others comes easy to me I am aware of my responsibilities to myself, the organisation and other people I treat people with respect and consideration Explain why:   Key/Common skills Strongly Agree Agree Disagree Strongly Disagree I am able to use mathematical techniques to analyse data I can effectively interpret numerical data including tables and charts I am able to use a wide range of software on a PC I use a range Information Technology devices to communicate and access information I am a good listener I am able to communicate my ideas well in a face-to-face situation I can adapt my written style to suit an audiences needs I am comfortable presenting my ideas to an audience Whenever I have completed a task I always reflect on the experience with a view to seeking continuous improvement I manage my time effectively I am always prompt when asked to complete a task I am aware of the need to be sensitive to the cultural differences to which I have been exposed I am keen to learn about other people and their country and culture I enjoy working with others to complete a task I know my own character and am sensitive of this in a group situation I understand that a group is made of individuals and I am sensitive to the needs and preferences of others I will always ensure that I get my views across in a meeting I am willing to accept the viewpoint of others I always give 100% in a group task Explain why: SLOT Analysis Having responded to the statements above you should now be in a position to look forward and recognise those areas on which your development will be based. The SLOT analysis can help you to arrange this. Strengths – can be those skills and characteristics to which you have responded positively to in the previous section. It is worth noting that whilst you may be strong in these areas that does not mean you ignore their development. Indeed you may be able to utilise these strengths in the development of areas identified as weaknesses or to overcome strengths, this will enhance those skills and characteristics. Limitations – All of us can identify some sort of limitation to our skills. None of us should be afraid of doing this as this is the first stage on the improvement and development of these weaknesses. Opportunities – These arise or can be created. When thinking of this look ahead at opportunities that will arise in a professional, academic or social context within which your development can take place. Threats – Many threats from your development can come from within – your own characteristics e.g. poor time management can lead to missing deadlines. However we could equally identify a busy lifestyle as a threat to our development. Once again think widely in terms of where the threat will come from. Do not worry if you find that a strength can also be a limitation. This is often true as a characteristic you have may be strength in one situation but a limitation in another. E.g. you may be an assertive person, which is positive, but this could be negative in a group situation. Please try and elaborate this in the notes section at the foot of the table. SLOT Analysis (you may need to use two pages to set out this analysis) Strengths Limitations Opportunities Threats Analysis of the Bullet points in the SLOT table Objectives Having undertaken some analysis of your skills and characteristics the aim of this next section is to identify various aspects of your development during the course of this module, other modules on your course, and extra-curricular activities. Make sure the objectives are SMART:- S – Specific. Clearly identified from the exercises undertaken M – Measurable. The outcomes can be easily demonstrated (to yourself, and where possible others) A – Achievable. They can be done given the opportunities available to you R – Relevant. They form part of your development either on this award, in your employability prospects or in your current job role T – Timebound. They can be achieved within a given timescale Whilst there are 5 rows in the table below, please feel free to add more. However be sure that you need to do this development and that they fit within the scope of the above criteria. Area What I am going to do. How I am going to do it When I am going to do it by Force Field Analysis This technique was designed by Kurt Lewin (1947 and 1953). In the business world it is used for decision making, looking at forces that need to be considered when implementing change – it can be said to be a specialised method of weighing up the pros and cons of a decision. Having looked at your personal strengths and weaknesses we would like you to use this technique to become aware of those factors that will help/hinder, give you motivation for or may act against, your personal development. Whilst you could do this for each of your objectives we want you to think in terms of where you would like to be at the end of your Masters programme. In the central pillar, put in a statement of where you want to be at the end of the course. Then in the arrows either side look at those factors/forces that may work in your favour. Be realistic and please add as many arrows that you think may be necessary; use a separate page for the module if it makes it easier to structure your thoughts. Forces or factors working for achieving your desired outcome Where I want to be Forces or factors against working against you achieving your desired outcome

  Intellectual (thinking) skills   Strongly Agree Agree Disagree Strongly … Read More...
operateing coss of an automobile. the average cost of owning and operating an automobile is $8121 per 15,000 miles including fixed and variable costs. A random survey of 40 automobile owners revealed an average cost of $8350 with a opulation standard deviation of $750. Is there sufficient evidence to conclude that the aver is greater than $8121? use o=0.05 The aver student goes through 500 disposable cups in a year to rase enviornment awareness, a student group at a large university volunteered to help count how many cups were used by studens on their campus. A random sample of 50 students’ results cound that they used a mean of 476 cups with o=42 cups. at 0=.10 is their sufficient evidence to conclude that the mean differs from 500?

operateing coss of an automobile. the average cost of owning and operating an automobile is $8121 per 15,000 miles including fixed and variable costs. A random survey of 40 automobile owners revealed an average cost of $8350 with a opulation standard deviation of $750. Is there sufficient evidence to conclude that the aver is greater than $8121? use o=0.05 The aver student goes through 500 disposable cups in a year to rase enviornment awareness, a student group at a large university volunteered to help count how many cups were used by studens on their campus. A random sample of 50 students’ results cound that they used a mean of 476 cups with o=42 cups. at 0=.10 is their sufficient evidence to conclude that the mean differs from 500?

No expert has answered this question yet. You can browse … Read More...
CEE 260 / MIE 273 Probability & Statistics Name: Final Exam, version D — 100 points (120 minutes) PLEASE READ QUESTIONS CAREFULLY and SHOW YOUR WORK! CALCULATORS PERMITTED – ABSOLUTELY NO REFERENCES! 1. Suppose the waiting time (in minutes) for your 911 SC Targa to reach operating temperature in the morning is uniformly distributed on [0,10], while the waiting time in the evening is uniformly distributed on [0,5] independent of morning waiting time. a. (5%) If you drive your Targa each morning and evening for a week (5 morning and 5 evening rides), what is the variance of your total waiting time? b. (5%) What is the expected value of the difference between morning and evening waiting time on a given day? 2. (10%) Find the maximum likelihood estimator (MLE) of ϴ when Xi ~ Exponential(ϴ) and you have observed X1, X2, X3, …, Xn. 2 3. The waiting time for delivery of a new Porsche 911 Carrera at the local dealership is distributed exponentially with a population mean of 3.55 months and population standard deviation of 1.1 months. Recently, in an effort to reduce the waiting time, the dealership has experimented with an online ordering system. A sample of 100 customers during a recent sales promotion generated a mean waiting time of 3.18 months using the new system. Assume that the population standard deviation of the waiting time has not changed from 1.1 months. (hint: the source distribution is irrelevant, but its parameters are relevant) a. (15%) What is the probability that the average wait time is between 3.2 and 6.4 months? (hint: draw a sketch for full credit) b. (10%) At the 0.05 level of significance, using the critical values approach to hypothesis testing, is there evidence that the population mean waiting time to accept delivery is less than 3.55 months? c. (10%) At the 0.01 level of significance, using the p-value approach to hypothesis testing, is there evidence that the population mean waiting time to accept delivery is less than 3.55 months? 3 4. Porsche AG is a leading manufacturer of performance automobiles. The 911 Carrera model, Porsche’s premier sports car, reaches a top track speed of 180 miles per hour. Engineers claim the new advanced technology 911 GT2 automatically adjusts its top speed depending on the weather conditions. Suppose that in an effort to test this claim, Porsche selects a few 911 GT2 models to test drive on the company track in Stuttgart, Germany. The average top speed for the sample of 25 test drives is 182.36 mph, with a standard deviation of 7.24 mph. a. (5%) Without using complete sentences, what might be some problems with the sampling conducted above? Identify and explain at least 2. b. (15%) Using the critical values approach to hypothesis testing and a 0.10 level of significance, is there evidence that the mean top track speed is different for the 911 GT2? (hint: state the null and alternative hypotheses, draw a sketch, and show your work for full credit) c. (10%) Set up a 95% confidence interval estimate of the population mean top speed of the 911 GT2. d. (5%) Compare the results of (b) and (c). What conclusions do you reach about the top speed of the new 911 GT2? 4 5. (10%) Porsche USA believes that sales of the venerable 911 Carrera are a function of annual income (in thousands of dollars) and a risk tolerance index of the potential buyer. Determine the regression equation and provide a succinct analysis of Porsche’s conjecture using the following Excel results. SUMMARY OUTPUT Regression Stat istics Multiple R 0.805073 R Square 0.648142 Adjusted R Square 0.606747 Standard Error 7.76312 Observations 20 ANOVA df SS MS F Significance F Regression 2 1887.227445 943.6137225 15.65747206 0.000139355 Residual 17 1024.522555 60.26603265 Total 19 2911.75 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Intercept 23.50557 6.845545641 3.433702952 0.003167982 9.062731576 37.94840898 Income 0.613408 0.125421229 4.890786567 0.000137795 0.348792801 0.878024121 Risk Index -0.00126 0.004519817 -0.278357691 0.784095184 -0.010794106 0.008277854 BONUS (5 points) What is the probability that 2 or more students in our class of 22 have the same birthday?

CEE 260 / MIE 273 Probability & Statistics Name: Final Exam, version D — 100 points (120 minutes) PLEASE READ QUESTIONS CAREFULLY and SHOW YOUR WORK! CALCULATORS PERMITTED – ABSOLUTELY NO REFERENCES! 1. Suppose the waiting time (in minutes) for your 911 SC Targa to reach operating temperature in the morning is uniformly distributed on [0,10], while the waiting time in the evening is uniformly distributed on [0,5] independent of morning waiting time. a. (5%) If you drive your Targa each morning and evening for a week (5 morning and 5 evening rides), what is the variance of your total waiting time? b. (5%) What is the expected value of the difference between morning and evening waiting time on a given day? 2. (10%) Find the maximum likelihood estimator (MLE) of ϴ when Xi ~ Exponential(ϴ) and you have observed X1, X2, X3, …, Xn. 2 3. The waiting time for delivery of a new Porsche 911 Carrera at the local dealership is distributed exponentially with a population mean of 3.55 months and population standard deviation of 1.1 months. Recently, in an effort to reduce the waiting time, the dealership has experimented with an online ordering system. A sample of 100 customers during a recent sales promotion generated a mean waiting time of 3.18 months using the new system. Assume that the population standard deviation of the waiting time has not changed from 1.1 months. (hint: the source distribution is irrelevant, but its parameters are relevant) a. (15%) What is the probability that the average wait time is between 3.2 and 6.4 months? (hint: draw a sketch for full credit) b. (10%) At the 0.05 level of significance, using the critical values approach to hypothesis testing, is there evidence that the population mean waiting time to accept delivery is less than 3.55 months? c. (10%) At the 0.01 level of significance, using the p-value approach to hypothesis testing, is there evidence that the population mean waiting time to accept delivery is less than 3.55 months? 3 4. Porsche AG is a leading manufacturer of performance automobiles. The 911 Carrera model, Porsche’s premier sports car, reaches a top track speed of 180 miles per hour. Engineers claim the new advanced technology 911 GT2 automatically adjusts its top speed depending on the weather conditions. Suppose that in an effort to test this claim, Porsche selects a few 911 GT2 models to test drive on the company track in Stuttgart, Germany. The average top speed for the sample of 25 test drives is 182.36 mph, with a standard deviation of 7.24 mph. a. (5%) Without using complete sentences, what might be some problems with the sampling conducted above? Identify and explain at least 2. b. (15%) Using the critical values approach to hypothesis testing and a 0.10 level of significance, is there evidence that the mean top track speed is different for the 911 GT2? (hint: state the null and alternative hypotheses, draw a sketch, and show your work for full credit) c. (10%) Set up a 95% confidence interval estimate of the population mean top speed of the 911 GT2. d. (5%) Compare the results of (b) and (c). What conclusions do you reach about the top speed of the new 911 GT2? 4 5. (10%) Porsche USA believes that sales of the venerable 911 Carrera are a function of annual income (in thousands of dollars) and a risk tolerance index of the potential buyer. Determine the regression equation and provide a succinct analysis of Porsche’s conjecture using the following Excel results. SUMMARY OUTPUT Regression Stat istics Multiple R 0.805073 R Square 0.648142 Adjusted R Square 0.606747 Standard Error 7.76312 Observations 20 ANOVA df SS MS F Significance F Regression 2 1887.227445 943.6137225 15.65747206 0.000139355 Residual 17 1024.522555 60.26603265 Total 19 2911.75 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Intercept 23.50557 6.845545641 3.433702952 0.003167982 9.062731576 37.94840898 Income 0.613408 0.125421229 4.890786567 0.000137795 0.348792801 0.878024121 Risk Index -0.00126 0.004519817 -0.278357691 0.784095184 -0.010794106 0.008277854 BONUS (5 points) What is the probability that 2 or more students in our class of 22 have the same birthday?

info@checkyourstudy.com CEE 260 / MIE 273 Probability & Statistics Name: … Read More...
Does Prime Minister Thatcher’s seeming willingness to fight controvert the arguments of feminist thought about international politics? A. Yes, since feminists suggest that the world would be less power- and security-oriented, their argument fails with the evidence provided by Thatcher. B. Yes, since feminist thought uniformly believes that women are naturally peace seeking, Thatcher’s rejoicing in military success destroys feminist arguments. C. No, some feminist thought suggests that women socialized in a male dominant environment would act the same as men. D. No, because Thatcher never actually spoke about the soldiers and their successes. She was shielded from having to speak about it. E. No, some feminist thought suggests that women socialized in a male dominant environment would act the same as men AND because Thatcher never actually spoke about the soldiers and their successes; she was shielded from having to speak about it.

Does Prime Minister Thatcher’s seeming willingness to fight controvert the arguments of feminist thought about international politics? A. Yes, since feminists suggest that the world would be less power- and security-oriented, their argument fails with the evidence provided by Thatcher. B. Yes, since feminist thought uniformly believes that women are naturally peace seeking, Thatcher’s rejoicing in military success destroys feminist arguments. C. No, some feminist thought suggests that women socialized in a male dominant environment would act the same as men. D. No, because Thatcher never actually spoke about the soldiers and their successes. She was shielded from having to speak about it. E. No, some feminist thought suggests that women socialized in a male dominant environment would act the same as men AND because Thatcher never actually spoke about the soldiers and their successes; she was shielded from having to speak about it.

Does Prime Minister Thatcher’s seeming willingness to fight controvert the … Read More...
Bitcoins. Who made them?Who made them?

Bitcoins. Who made them?Who made them?

Bitcoin is the first accomplishment of a thought called “crypto-currency”, … Read More...
Assignment One Suggested Due Date: July 17th In this assignment you will read three articles You will answer questions about Hayek, Lucas, and Mankiw et. al. which consider just those particular articles. Then at the end of the assignment there is a cluster of questions that deal with both Lucas and Mankiw et al where you will have an opportunity to compare and contrast those two articles. When you have completed the assignment, place it in the appropriate drop box in WTClass. Hayek: The Use of Knowledge in Society http://www.econlib.org/library/Essays/hykKnw1.html Adapted from Michael K. Salemi “The Use of Knowledge in Society” F. A. Hayek Discussion Questions 1.1. “The peculiar character of the problem of a rational economic order is determined precisely by the fact that the knowledge of the circumstances of which we must make use never exists in concentrated or integrated form, but solely as the dispersed bits of incomplete and frequently contradictory knowledge which all the separate individuals possess (H.3)” a. What does Hayek mean by a “rational economic order”? b. What does Hayek mean by “dispersed bits of incomplete and frequently contradictory knowledge”? c. Why is Hayek critical of the common assumptions in economic analysis that buyers, sellers, producers and the economist all know every relevant thing about the economy? d. What, in summary, does Hayek mean by the quoted statement? 1.2. What, according to Hayek, is the information needed to operate effectively in a complex market economy? a. What does Hayek mean by “planning”? b. What is the minimum information needed by economic planners and individuals? c. Does the minimum differ for planners and for individuals? How? Why? d. What happens when some individuals possess more information than other individuals? e. What does Hayek mean when he says (H.16) “…the sort of knowledge with which I have been concerned is knowledge of the kind which by its nature cannot enter into statistics and therefore cannot be conveyed to any central authority in statistical form”? f. Why, according to Hayek, can the “information problem” be solved by “the price system”? 1.3. Why, according to Hayek, is the true function of the price system the communication of information? a. Why does Hayek use the term ‘marvel’ in his discussion of the economy of knowledge? b. What does Hayek mean when he says (H.26) “…man has been able to develop that division of labor on which our civilization is based because he happened to stumble upon a method which made it possible”? Read Robert Lucas’ “Some Macroeconomics for the 21st Century” in the Journal of Economic Perspectives. (Skip the appendix.) All four of these links go to the same article. Some of the links might not be accessible to you, but I think that at least one of them should work for all of you. https://www.aeaweb.org/articles.php?doi=10.1257/jep.14.1.159 http://www.jstor.org/stable/2647059 http://www.econ.psu.edu/~aur10/Econ%20570%20Fall%202009/Lucas%20JEP%202000.pdf http://faculty.georgetown.edu/mh5/class/econ102/readings/Macro_21st_Century.pdf 1. According to Lucas, why has the world’s economy grown so much since 1960? 2. According to Lucas, why do some nations grow faster than others? 3. According to Lucas, why will growth and inequality decrease in the next 100 years? 4. Is Lucas’ model in this paper “economics?” Read Greg Mankiw, Romer and Wiel’s article in The Quarterly Journal of Economics. http://www.econ.nyu.edu/user/debraj/Courses/Readings/MankiwRomerWeil.pdf 1. Many economists think the Solow Growth Model is of limited use. (One of my professors at OU stated that it took economists 50 years to figure out that their growth model has nothing to do with growth.) But does the Solow model give “…the right answer to the questions it is designed to address?” 2. Why is human capital important when testing the Solow model against the data? 3. Explain how the authors conclude that the incomes of the world’s nations are converging? Now that you’ve answered questions about Lucas and Mankiw et al separately, consider this question: Both of these papers develop the notion that the economies of the world’s nations will tend to “converge” over time. Compare and contrast the way(s) in which the papers advance the idea of convergence. Assignment Two Due Date July 24th This assignment is very straight forward. You’ll read two papers and answer questions about each of them. Read Krugman’s paper on unemployment http://www.kc.frb.org/PUBLICAT/ECONREV/EconRevArchive/1994/4Q94KRUG.pdf 1. What is the difference between structural and cyclical unemployment? In this context, what is the difference between Europe and the US? What is the evidence that Krugman uses to back his opinion? 2. What is the natural rate of unemployment? Why is it higher/rising in Europe? Again, what is the evidence? 3. What is the relationship between the rising unemployment in Europe and the rise in inequality in the US. (What does Krugman mean by inequality?) 4. What is NOT to blame for either the rise in unemployment or inequality? 5. What policies, if any, can be put into place to combat rising inequality/unemployment? 6. Are you convinced by Krugman’s argument which rules out globalization as the likely cause for high European unemployment and high US wage inequality? 7. Consider Table 2 in Krugman. Why does Krugman include Table 2 in his paper? In other words, what point is strengthened by the data in Table 2 and why is it crucial to Krugman’s larger thesis? NOW, recreate the data for Table 2 for either the UK or US for the latest year possible. Has anything changed as a result of the Great Recession? Read Thomas Sargent’s paper about the credibility of “Reaganonomics.” http://minneapolisfed.contentdm.oclc.org/cdm/ref/collection/p15334coll1/id/366 http://minneapolisfed.contentdm.oclc.org/cdm/singleitem/collection/p15334coll1/id/366/rec/1 You might like this: http://www.ispot.tv/ad/7Lj9/ally-bank-predictions-featuring-thomas-sargent 1. What is a dynamic game? 2. Why should we think of monetary and fiscal policy as dynamic game? Who are the players and what are the strategies? 3. When are government budgets inflationary? (Again, think in terms of a game.) 4. What are the consequences if the monetary authority does not coordinate with fiscal policy agents? 5. Has Sargent done of good job characterizing the interplay between policymakers in the government, the central bank, and the public? 6. What is the connection between policy coordination and credibility? 7. Why, according to Sargent, were Reagan’s fiscal and monetary policy regimes “incredible?” Explain carefully. Assignment Three Due Date July 31 Read Taylor, Miskin, Obstfeld and Rogoff. Answer the questions for each article, then answer the final cluster that requires you to consider Miskin, Obstfeld and Rogoff. Suggested due date: January 2nd. Read John Taylor’s article about monetary transmission mechanisms. http://web.econ.unito.it/bagliano/ecmon_readings/taylor_jep95.pdf Also, to understand traditional monetary policy, listen to this: http://www.econtalk.org/archives/2008/08/john_taylor_on.html These questions refer to the article, not the podcast. 1. How does monetary policy (or changes in monetary policy) affect output and inflation? In other words, what is the monetary policy transmission mechanism? 2. What is the importance of financial market prices in Taylor’s view? 3. What is the importance of rational expectations and rigidities in the prices of labor and goods? 4. What is a reaction function? Why is a reaction function important? 5. What is an “optimal monetary policy rule?” 6. Has the monetary transmission mechanism changed? How? 7. What are the criticisms of Taylor’s views? How does he respond? What do you think? Read Mishkin’s article about global financial instability. http://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.13.4.3 1. What is a financial crisis? 2. How did adverse selection and moral hazard contribute to the financial crisis in Mexico and East Asia in the 1990s? What are adverse selection and moral hazard? 3. Did irresponsible monetary and fiscal policy contribute to the crisis in the 90s? Why or why not? 4. How is it possible for the IMF to help in a crisis when a domestic central bank might not be able to help. 5. What should the US learn (or have learned??) from the crisis in the 90s? Read Rogoff’s article about global financial instability. http://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.13.4.21 http://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.13.4.21 Answer the questions and place the answers in the appropriate drop box in WTClass. 1. According to Rogoff, is the status quo in international lending viable or not? Explain. 2. Can the IMF handle international financial crises? Why or why not? 3. Rogoff gives six solutions to save the global financial system (deep pockets lender of last resort, an international financial crisis manager, an international bankruptcy court, an international regulator, international deposit insurance corporation, and a world monetary authority.) What is wrong with all of these? 4. Can developing economies cope with speculative capital flows without help? Explain. 5. What will be (should be) the role that equity financing play in developing country projects? Read Obstfeld on Global Capital Markets: http://www.nber.org/papers/w6559.pdf 1. Look at table 1 and figure 1. How does Obstfeld use the data in that table to suggest that 1) markets became less open then more open in the 20th century. 2. What is the “openness trilemma?” What are the economic and/or policy trade-offs with having a global, open and integrated financial system? 3. How does economic integration impact a nation’s ability to tax capital? Can you think of some high profile cases in the news lately that illustrate this fact? (Hint: you should be able to.) 4. What is the international diversification puzzle? What market failures have arisen (if any) have arisen due to more integration and openness? Comparing Obstfeld, Miskin, and Rogoff 1. Would the authors’ advice about policies to reduce the costs of financial integration be the same? Why or why not? 2. Would the authors’ agree that we need an international regulatory body to stave off international financial crises? Why or why not? 3. What is your opinion? Is it good to have a global financial market? Why or why not? Assignment Four Due Date August 7 Straight forward assignment: Read and answer the questions. Read Arnold Kling’s history of the policies that created the great recession http://mercatus.org/publication/not-what-they-had-mind-history-policies-produced-financial-crisis-2008 1. Using only the executive summary, what does Kling think caused the Financial Crisis of 2008? (Use only one sentence.) 2. One page 5, what is “the fact?” and what does this “fact” mean to you? 3. Briefly summarize the four components of the Financial Crisis? 4. On page 10, Kling states, “These property bubbles (in the U.K. and Spain) cannot be blamed on U.S. policy.” How confident are you on that point? Is Kling wrong? 5. Kling’s matrix of causes, gives almost all weight to what two factors? What three factors are almost completely not responsible? 6. Many have blamed designer financial (my term) like CDS and CDO and the shadow banking system for the collapse. How do these fit into Kling’s narrative? 7. Outline the progression of policy that caused/responded to economic conditions in the 30s, 70s and 80s and 00s. 8. What role did the mortgage interest deduction have on housing market? 9. What institution invented and allowed the expansion of mortgage-backed securities? 10. What is regulatory arbitrage? 11. Why did the Basel agreement create an advantage for mortgage securitization? 12. Did the Federal Reserve (and presumably other regulatory agencies know and even encourage regulatory capital arbitrage? What author does Kling cite to establish this? 13. What did the 2002 modification of the Basel Rules do to capital requirements? (See figure 4) 14. Summarize the Shadow Regulatory Committee’s statement 160. 15. Did non market institutions, such as the IMF and Bernanke, think, in 2006, that financial innovation had make the banking sector more or less fragile? 16. What is time inconsistency? (You can look this up elsewhere.) 17. How might “barriers to entry” by related to “safety and soundness?” 18. A Curmudgeon is an old man who is easily annoyed and angered. He also complains a lot. (I had to look it up.) I think I’ll change my xbox gamertag to this word, but I’ll bet it is taken. 19. How did credit scoring and credit default swaps enlarge the mortgage securities market? 20. Why, up until 2007, did we think that monetary expansion was all that was needed to mitigate the impact of financial crises? 21. Suppose that financial markets are inherently unstable. What does this mean are two goals of regulation and regulators? 22. Why are type two errors so problematic? (Two reasons.) 23. How could we make the banking sector easy to fix? Assignment Five Due August 13 Read the linked lectures and answer the questions. Lecture 1 http://econlog.econlib.org/archives/2008/11/lectures_in_mac.html 1.1 Why do you think macroeconomic realities must be reconciled with microeconomic analysis? (This is not a rhetorical question, but it will be hard for you to answer. There is no “wrong” answer you could give. Just think about it for a few minutes.) Lecture 2 http://econlog.econlib.org/archives/2008/11/lectures_in_mac_1.html 2.1 Consider this article after you have read Hayek. How do prices and wages perform the function of “central planning?” 2.2 Kling makes that claim that, because most workers do not do manual labor anymore, the economy is different that it was in 1930. Assuming he is correct, do you think central planning would be harder today or easier? Why? Lecture 3 http://econlog.econlib.org/archives/2008/11/lectures_on_mac.html 3.1 Give a one sentence definition of structural unemployment, of frictional unemployment and of cyclical unemployment. Lecture 4 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_1.html 4.1 So, why does the economy adjust employment rather than wages? Lecture 5 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_2.html 5.1 Kling gives 5 reasons the DotCom recession was worse than the previous two recessions (at least in duration). Which reason do you think is the most compelling? Lecture 6 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_3.html 6.1 Why are Keynesian remedies (blunt fiscal and monetary policy measures) less appropriate in a post industrial economy, according to Kling? Lecture 7 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_4.html 7.1 Why is it so hard to separate finance and government, according to Kling? Lecture 8 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_5.html 8.1 Why is American Express Travelers Checks so interesting? Do credit cards work in a similar way? (I really don’t know the answer to this one. I just know that credit cards have made travelers checks obsolete.) Lecture 9. http://econlog.econlib.org/archives/2008/12/lectures_on_mac_6.html 9.1 According to this article, why do we have banks (financial sector or financial intermediation?) Lecture 10 http://econlog.econlib.org/archives/2008/12/lectures_on_mac_7.html 10.1 Why are banks better than barter, according to this leture? 10.2 Politics tends to favor bailouts of failed firms. Why is this exactly wrong?

Assignment One Suggested Due Date: July 17th In this assignment you will read three articles You will answer questions about Hayek, Lucas, and Mankiw et. al. which consider just those particular articles. Then at the end of the assignment there is a cluster of questions that deal with both Lucas and Mankiw et al where you will have an opportunity to compare and contrast those two articles. When you have completed the assignment, place it in the appropriate drop box in WTClass. Hayek: The Use of Knowledge in Society http://www.econlib.org/library/Essays/hykKnw1.html Adapted from Michael K. Salemi “The Use of Knowledge in Society” F. A. Hayek Discussion Questions 1.1. “The peculiar character of the problem of a rational economic order is determined precisely by the fact that the knowledge of the circumstances of which we must make use never exists in concentrated or integrated form, but solely as the dispersed bits of incomplete and frequently contradictory knowledge which all the separate individuals possess (H.3)” a. What does Hayek mean by a “rational economic order”? b. What does Hayek mean by “dispersed bits of incomplete and frequently contradictory knowledge”? c. Why is Hayek critical of the common assumptions in economic analysis that buyers, sellers, producers and the economist all know every relevant thing about the economy? d. What, in summary, does Hayek mean by the quoted statement? 1.2. What, according to Hayek, is the information needed to operate effectively in a complex market economy? a. What does Hayek mean by “planning”? b. What is the minimum information needed by economic planners and individuals? c. Does the minimum differ for planners and for individuals? How? Why? d. What happens when some individuals possess more information than other individuals? e. What does Hayek mean when he says (H.16) “…the sort of knowledge with which I have been concerned is knowledge of the kind which by its nature cannot enter into statistics and therefore cannot be conveyed to any central authority in statistical form”? f. Why, according to Hayek, can the “information problem” be solved by “the price system”? 1.3. Why, according to Hayek, is the true function of the price system the communication of information? a. Why does Hayek use the term ‘marvel’ in his discussion of the economy of knowledge? b. What does Hayek mean when he says (H.26) “…man has been able to develop that division of labor on which our civilization is based because he happened to stumble upon a method which made it possible”? Read Robert Lucas’ “Some Macroeconomics for the 21st Century” in the Journal of Economic Perspectives. (Skip the appendix.) All four of these links go to the same article. Some of the links might not be accessible to you, but I think that at least one of them should work for all of you. https://www.aeaweb.org/articles.php?doi=10.1257/jep.14.1.159 http://www.jstor.org/stable/2647059 http://www.econ.psu.edu/~aur10/Econ%20570%20Fall%202009/Lucas%20JEP%202000.pdf http://faculty.georgetown.edu/mh5/class/econ102/readings/Macro_21st_Century.pdf 1. According to Lucas, why has the world’s economy grown so much since 1960? 2. According to Lucas, why do some nations grow faster than others? 3. According to Lucas, why will growth and inequality decrease in the next 100 years? 4. Is Lucas’ model in this paper “economics?” Read Greg Mankiw, Romer and Wiel’s article in The Quarterly Journal of Economics. http://www.econ.nyu.edu/user/debraj/Courses/Readings/MankiwRomerWeil.pdf 1. Many economists think the Solow Growth Model is of limited use. (One of my professors at OU stated that it took economists 50 years to figure out that their growth model has nothing to do with growth.) But does the Solow model give “…the right answer to the questions it is designed to address?” 2. Why is human capital important when testing the Solow model against the data? 3. Explain how the authors conclude that the incomes of the world’s nations are converging? Now that you’ve answered questions about Lucas and Mankiw et al separately, consider this question: Both of these papers develop the notion that the economies of the world’s nations will tend to “converge” over time. Compare and contrast the way(s) in which the papers advance the idea of convergence. Assignment Two Due Date July 24th This assignment is very straight forward. You’ll read two papers and answer questions about each of them. Read Krugman’s paper on unemployment http://www.kc.frb.org/PUBLICAT/ECONREV/EconRevArchive/1994/4Q94KRUG.pdf 1. What is the difference between structural and cyclical unemployment? In this context, what is the difference between Europe and the US? What is the evidence that Krugman uses to back his opinion? 2. What is the natural rate of unemployment? Why is it higher/rising in Europe? Again, what is the evidence? 3. What is the relationship between the rising unemployment in Europe and the rise in inequality in the US. (What does Krugman mean by inequality?) 4. What is NOT to blame for either the rise in unemployment or inequality? 5. What policies, if any, can be put into place to combat rising inequality/unemployment? 6. Are you convinced by Krugman’s argument which rules out globalization as the likely cause for high European unemployment and high US wage inequality? 7. Consider Table 2 in Krugman. Why does Krugman include Table 2 in his paper? In other words, what point is strengthened by the data in Table 2 and why is it crucial to Krugman’s larger thesis? NOW, recreate the data for Table 2 for either the UK or US for the latest year possible. Has anything changed as a result of the Great Recession? Read Thomas Sargent’s paper about the credibility of “Reaganonomics.” http://minneapolisfed.contentdm.oclc.org/cdm/ref/collection/p15334coll1/id/366 http://minneapolisfed.contentdm.oclc.org/cdm/singleitem/collection/p15334coll1/id/366/rec/1 You might like this: http://www.ispot.tv/ad/7Lj9/ally-bank-predictions-featuring-thomas-sargent 1. What is a dynamic game? 2. Why should we think of monetary and fiscal policy as dynamic game? Who are the players and what are the strategies? 3. When are government budgets inflationary? (Again, think in terms of a game.) 4. What are the consequences if the monetary authority does not coordinate with fiscal policy agents? 5. Has Sargent done of good job characterizing the interplay between policymakers in the government, the central bank, and the public? 6. What is the connection between policy coordination and credibility? 7. Why, according to Sargent, were Reagan’s fiscal and monetary policy regimes “incredible?” Explain carefully. Assignment Three Due Date July 31 Read Taylor, Miskin, Obstfeld and Rogoff. Answer the questions for each article, then answer the final cluster that requires you to consider Miskin, Obstfeld and Rogoff. Suggested due date: January 2nd. Read John Taylor’s article about monetary transmission mechanisms. http://web.econ.unito.it/bagliano/ecmon_readings/taylor_jep95.pdf Also, to understand traditional monetary policy, listen to this: http://www.econtalk.org/archives/2008/08/john_taylor_on.html These questions refer to the article, not the podcast. 1. How does monetary policy (or changes in monetary policy) affect output and inflation? In other words, what is the monetary policy transmission mechanism? 2. What is the importance of financial market prices in Taylor’s view? 3. What is the importance of rational expectations and rigidities in the prices of labor and goods? 4. What is a reaction function? Why is a reaction function important? 5. What is an “optimal monetary policy rule?” 6. Has the monetary transmission mechanism changed? How? 7. What are the criticisms of Taylor’s views? How does he respond? What do you think? Read Mishkin’s article about global financial instability. http://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.13.4.3 1. What is a financial crisis? 2. How did adverse selection and moral hazard contribute to the financial crisis in Mexico and East Asia in the 1990s? What are adverse selection and moral hazard? 3. Did irresponsible monetary and fiscal policy contribute to the crisis in the 90s? Why or why not? 4. How is it possible for the IMF to help in a crisis when a domestic central bank might not be able to help. 5. What should the US learn (or have learned??) from the crisis in the 90s? Read Rogoff’s article about global financial instability. http://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.13.4.21 http://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.13.4.21 Answer the questions and place the answers in the appropriate drop box in WTClass. 1. According to Rogoff, is the status quo in international lending viable or not? Explain. 2. Can the IMF handle international financial crises? Why or why not? 3. Rogoff gives six solutions to save the global financial system (deep pockets lender of last resort, an international financial crisis manager, an international bankruptcy court, an international regulator, international deposit insurance corporation, and a world monetary authority.) What is wrong with all of these? 4. Can developing economies cope with speculative capital flows without help? Explain. 5. What will be (should be) the role that equity financing play in developing country projects? Read Obstfeld on Global Capital Markets: http://www.nber.org/papers/w6559.pdf 1. Look at table 1 and figure 1. How does Obstfeld use the data in that table to suggest that 1) markets became less open then more open in the 20th century. 2. What is the “openness trilemma?” What are the economic and/or policy trade-offs with having a global, open and integrated financial system? 3. How does economic integration impact a nation’s ability to tax capital? Can you think of some high profile cases in the news lately that illustrate this fact? (Hint: you should be able to.) 4. What is the international diversification puzzle? What market failures have arisen (if any) have arisen due to more integration and openness? Comparing Obstfeld, Miskin, and Rogoff 1. Would the authors’ advice about policies to reduce the costs of financial integration be the same? Why or why not? 2. Would the authors’ agree that we need an international regulatory body to stave off international financial crises? Why or why not? 3. What is your opinion? Is it good to have a global financial market? Why or why not? Assignment Four Due Date August 7 Straight forward assignment: Read and answer the questions. Read Arnold Kling’s history of the policies that created the great recession http://mercatus.org/publication/not-what-they-had-mind-history-policies-produced-financial-crisis-2008 1. Using only the executive summary, what does Kling think caused the Financial Crisis of 2008? (Use only one sentence.) 2. One page 5, what is “the fact?” and what does this “fact” mean to you? 3. Briefly summarize the four components of the Financial Crisis? 4. On page 10, Kling states, “These property bubbles (in the U.K. and Spain) cannot be blamed on U.S. policy.” How confident are you on that point? Is Kling wrong? 5. Kling’s matrix of causes, gives almost all weight to what two factors? What three factors are almost completely not responsible? 6. Many have blamed designer financial (my term) like CDS and CDO and the shadow banking system for the collapse. How do these fit into Kling’s narrative? 7. Outline the progression of policy that caused/responded to economic conditions in the 30s, 70s and 80s and 00s. 8. What role did the mortgage interest deduction have on housing market? 9. What institution invented and allowed the expansion of mortgage-backed securities? 10. What is regulatory arbitrage? 11. Why did the Basel agreement create an advantage for mortgage securitization? 12. Did the Federal Reserve (and presumably other regulatory agencies know and even encourage regulatory capital arbitrage? What author does Kling cite to establish this? 13. What did the 2002 modification of the Basel Rules do to capital requirements? (See figure 4) 14. Summarize the Shadow Regulatory Committee’s statement 160. 15. Did non market institutions, such as the IMF and Bernanke, think, in 2006, that financial innovation had make the banking sector more or less fragile? 16. What is time inconsistency? (You can look this up elsewhere.) 17. How might “barriers to entry” by related to “safety and soundness?” 18. A Curmudgeon is an old man who is easily annoyed and angered. He also complains a lot. (I had to look it up.) I think I’ll change my xbox gamertag to this word, but I’ll bet it is taken. 19. How did credit scoring and credit default swaps enlarge the mortgage securities market? 20. Why, up until 2007, did we think that monetary expansion was all that was needed to mitigate the impact of financial crises? 21. Suppose that financial markets are inherently unstable. What does this mean are two goals of regulation and regulators? 22. Why are type two errors so problematic? (Two reasons.) 23. How could we make the banking sector easy to fix? Assignment Five Due August 13 Read the linked lectures and answer the questions. Lecture 1 http://econlog.econlib.org/archives/2008/11/lectures_in_mac.html 1.1 Why do you think macroeconomic realities must be reconciled with microeconomic analysis? (This is not a rhetorical question, but it will be hard for you to answer. There is no “wrong” answer you could give. Just think about it for a few minutes.) Lecture 2 http://econlog.econlib.org/archives/2008/11/lectures_in_mac_1.html 2.1 Consider this article after you have read Hayek. How do prices and wages perform the function of “central planning?” 2.2 Kling makes that claim that, because most workers do not do manual labor anymore, the economy is different that it was in 1930. Assuming he is correct, do you think central planning would be harder today or easier? Why? Lecture 3 http://econlog.econlib.org/archives/2008/11/lectures_on_mac.html 3.1 Give a one sentence definition of structural unemployment, of frictional unemployment and of cyclical unemployment. Lecture 4 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_1.html 4.1 So, why does the economy adjust employment rather than wages? Lecture 5 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_2.html 5.1 Kling gives 5 reasons the DotCom recession was worse than the previous two recessions (at least in duration). Which reason do you think is the most compelling? Lecture 6 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_3.html 6.1 Why are Keynesian remedies (blunt fiscal and monetary policy measures) less appropriate in a post industrial economy, according to Kling? Lecture 7 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_4.html 7.1 Why is it so hard to separate finance and government, according to Kling? Lecture 8 http://econlog.econlib.org/archives/2008/11/lectures_on_mac_5.html 8.1 Why is American Express Travelers Checks so interesting? Do credit cards work in a similar way? (I really don’t know the answer to this one. I just know that credit cards have made travelers checks obsolete.) Lecture 9. http://econlog.econlib.org/archives/2008/12/lectures_on_mac_6.html 9.1 According to this article, why do we have banks (financial sector or financial intermediation?) Lecture 10 http://econlog.econlib.org/archives/2008/12/lectures_on_mac_7.html 10.1 Why are banks better than barter, according to this leture? 10.2 Politics tends to favor bailouts of failed firms. Why is this exactly wrong?

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Question 6 (1 point) The genetic influence of some personality traits may not be seen unless a specific combination of genes in inherited. Such complex influences are known as Question 6 options: 1) monozygotic influences. 2) nonadditive effects. 3) combinatorial effects. Question 7 (1 point) The twin study method is used by researchers to get around which methodological problem? Question 7 options: 1) biased samples 2) a confound between genetic and environmental influences 3) questions about generalizability Question 8 (1 point) Which assumption is made by researchers using the twin study method? Question 8 options: 1) Dizygotic twins share an environment that is more similar than the environment shared by monozygotic twins. 2) Monozygotic twins share an environment that is more similar than the environment shared by dizygotic twins. 3) Dizygotic twins share an environment that is just as similar as the environment shared by monozygotic twins. 4) Monozygotic twins will be treated more alike than dizygotic twins. Question 9 (1 point) Research on extraversion introversion has found Question 9 options: 1) consistent evidence for a genetic component to extraversion introversion. 2) some evidence for a genetic component to extraversion introversion, but a significant amount of research that disputes this. 3) almost no evidence for a genetic component to extraversion introversion. Question 10 (1 point) As reported in the textbook, research demonstrating a genetic influence on a person’s level of extraversion-introversion comes primarily from research Question 10 options: 1) using the twin-study method. 2) comparing adopted children and biological children to their parents. 3) comparing strength of relationship with similarity of personality scores. 4) comparing adopted children’s personalities with the personalities of their biological parents.

Question 6 (1 point) The genetic influence of some personality traits may not be seen unless a specific combination of genes in inherited. Such complex influences are known as Question 6 options: 1) monozygotic influences. 2) nonadditive effects. 3) combinatorial effects. Question 7 (1 point) The twin study method is used by researchers to get around which methodological problem? Question 7 options: 1) biased samples 2) a confound between genetic and environmental influences 3) questions about generalizability Question 8 (1 point) Which assumption is made by researchers using the twin study method? Question 8 options: 1) Dizygotic twins share an environment that is more similar than the environment shared by monozygotic twins. 2) Monozygotic twins share an environment that is more similar than the environment shared by dizygotic twins. 3) Dizygotic twins share an environment that is just as similar as the environment shared by monozygotic twins. 4) Monozygotic twins will be treated more alike than dizygotic twins. Question 9 (1 point) Research on extraversion introversion has found Question 9 options: 1) consistent evidence for a genetic component to extraversion introversion. 2) some evidence for a genetic component to extraversion introversion, but a significant amount of research that disputes this. 3) almost no evidence for a genetic component to extraversion introversion. Question 10 (1 point) As reported in the textbook, research demonstrating a genetic influence on a person’s level of extraversion-introversion comes primarily from research Question 10 options: 1) using the twin-study method. 2) comparing adopted children and biological children to their parents. 3) comparing strength of relationship with similarity of personality scores. 4) comparing adopted children’s personalities with the personalities of their biological parents.

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