Test 2

Suppose you needed $ 23,000 to maintain a particular standard of living in 1979 .How much would you have needed in 2000 to maintain the same standard of​ living? Assume that all prices have risen at the same rate as the CPI.

54554

Find the scale ratio for the following map. 1 inch on the map represents 10 miles

633600

What is a tax​ deduction?

A tax deduction is any amount of money which gets subtracted from a​ person's taxable income.

Why is a tax credit more valuable than a tax​ deduction?

Since a tax credit gets subtracted from a​ person's tax​ bill, it reduces their bill by that amount of​ money, where a tax deduction gets subtracted from their taxable​ income, so their bill is only reduced by a fraction of that amount.​ So, a tax credit saves them money.

Explain how a state could score lower in both categories and still have a higher overall average. Choose the correct answer below.

The state could have a higher percentage of students in the category that highest average score

Find the absolute change and the relative change in the following case. The number of daily newspapers in a country decreased from 2124 in 1900 to 1250 in 2010.

absolute change -874 relative change -47%

Make an order of magnitude estimate of the following quantity. Explain the assumption used in your estimation. The number of times the average​ person's heart beats in a day

​86,400; assuming an average​ person's heart beats once a second

The retail cost of a TV is 15 ​% more than its wholesale cost.​ Therefore, the retail cost is​ ____ times the wholesale cost.

-15

Decide whether the following statement makes sense or does not make sense. Explain your reasoning. An​ 18th-century philosopher once​ said, "A penny saved is a penny​ earned," but if he were alive​ today, he would be talking about a dollar rather than a penny

. The statement makes sense. Due to​ inflation, a penny in the 18th century has about the same purchasing power as a dollar today.

Before taking​ off, a pilot is supposed to set the aircraft altimeter to the elevation of the airport. A pilot leaves Denver​ (altitude 5280​ ft) with her altimeter set to 2753 feet. Explain how this affects the altimeter readings throughout the flight.

. This is a systematic error. All altitude readings will be about 2527 feet too low.

Now consider the table below that gives the actual percentages of males and females in each state. Use these percentages to verify that the overall average test score in state A is 276, as claimed in the first table.

276

At the end of a​ year, the gross debt of a country stood at about $15 trillion. Express this amount in dollars per person, assuming that the population of the country is about 309 million.

48500

What is a tax​ credit?

A tax credit is any amount of money which gets subtracted from a​ person's tax bill.

Explain the apparent inconsistency in these results. Choose the correct answer below.

Although State A had lower scores in each​ category, it had a higher percentage of people in the higher scoring​ category, so the overall average is higher.

Decide whether the following statement makes sense​ (or is clearly​ true) or does not make sense​ (or is clearly​ false). Explain your reasoning. The interest rate on my student loan is only​ 7%, yet more than half of my payments are currently going toward interest rather than principal.

The statement does not make sense. Principal is always paid off entirely before any payments go toward interest.

Decide whether the following statement makes sense​ (or is clearly​ true) or does not make sense​ (or is clearly​ false). Explain your reasoning. In many developing​ nations, official estimates of the population may be off by​ 10% or more.

The statement makes sense because it is difficult to estimate populations.

Decide whether the following statement makes sense​ (or is clearly​ true) or does not make sense​ (or is clearly​ false). Explain your reasoning. If John earns​ 20% more than Mary​ does, then Mary must earn​ 20% less than John does.

The statement makes sense because the relative difference is​ 20% and it does not change by switching the reference value and the compared value.

Compare the given​ P/E ratio to the historical average. Choose the correct answer

if the stocks p/e is less than the historical average then the stock would seem underpriced and if the stocks p/e is greater than the historical average then the stock would seem overpriced

The accompanying table shows federal minimum wages over the past 70 years. Explain why the minimum wage for 1996 is the same as 1996 dollars.

since the federal minimum wage in 1996 is in 1996 dollars, the actual dollars are 1996 dollars