31、The width of a confidence interval most likely will be smaller if the sample variance and number of observations, respectively, are:

Select exactly 1 answer(s) from the following:

A. AnswerA.

B. AnswerB.

C. AnswerC.

D. AnswerD.

32、Which of the following steps in hypothesis testing most likely follows collecting the data and calculating the test statistic?

Select exactly 1 answer(s) from the following:

A. Stating the hypotheses.

B. Stating the decision rule.

C. Making the statistical decision.

D. Specifying the significance level.

33、Which of the following is the most likely effect of an increase in output on the marginal cost in the short run?

Select exactly 1 answer(s) from the following:

A. AnswerA.

B. AnswerB.

C. AnswerC.

D. AnswerD.

34、A firm is said to be operating on its long-run average cost curve when:

Select exactly 1 answer(s) from the following:

A. it experiences constant returns to scale.

B. its long-run average cost curve is horizontal.

C. it produces a given output at the least possible cost.

D. it chooses a plant size that minimizes the average fixed cost.

35、Key factors that influence the levels of structural and frictional unemployment in an economy, respectively, are:

Select exactly 1 answer(s) from the following:

A. AnswerA.

B. AnswerB.

C. AnswerC.

D. AnswerD.

答案和详解如下：

31 Correct answer is B

“Sampling and Estimation,” RichardA. Defusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkel
2008 Modular Level I, Vol. 1, pp. 436-438
Study Session 2-10-j
calculate and interpret a confidence interval for a population mean, given a normal distribution with 1) a known population variance, 2) an unknown population variance, or 3) with an unknown variance and the sample size is large
The width of a confidence interval depends on the size of the standard error. The standard error will be smaller if the sample variance (standard deviation) is smaller and the sample size n is larger.

32 Correct answer is C

“Hypothesis Testing,” RichardA. Defusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkel
2008 Modular Level I, Vol. 1, pp. 456-466
Study Session 2-11-a
define a hypothesis, describe the steps of hypothesis testing, interpret and discuss the choice of the null hypothesis and alternative hypothesis, and distinguish between one-tailed and two-tailed tests of hypotheses
The seven steps in hypothesis testing are:
1) Stating the hypothesis.
2) Identifying the appropriate test statistic and its probability distribution.
3) Specifying the significance level.
4) Stating the decision rule.
5) Collecting the data and calculating the test statistic.
6) Making the statistical decision.
7) Making the economic or investment decision.

33 Correct answer is B

“Output and Costs,” Michael Parkin
2008 Modular Level I, Vol. 2, pp. 129-130
Study Session 4-17-d
explain the firm’s production function, its properties of diminishing returns and diminishing marginal product of capital, the relation between short-run and long-run costs, and how economies and diseconomies of scale affect long-run costs
Marginal cost decreases at low outputs because of economies from greater specialization. At higher levels of production, it eventually increases because of the law of diminishing returns.

34 Correct answer is C

“Output and Costs,” Michael Parkin
2008 Modular Level I, Vol. 2, pp. 136-138
Study Session 4-17-d
explain the firm’s production function, its properties of diminishing returns and diminishing marginal product of capital, the relation between short-run and long-run costs, and how economies and diseconomies of scale affect long-run costs
When a firm is producing a given output at the least possible cost, it is said to be operating on its long-run average cost curve.

35 Correct answer is B

“Monitoring Cycles, Jobs, and the Price Level,” Michael Parkin
2008 Modular Level I, Vol. 2, pp. 297-299
Study Session 5-22-c
explain the types of unemployment, full employment, the natural rate of unemployment, and the relation between unemployment and real GDP
Structural unemployment refers to the unemployment due to changes in technology, changes in skills needed to perform jobs or changes in the location of jobs. Frictional unemployment, on the other hand, is influenced by unemployment compensation.

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