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Suppose the index of prices received by farmers in 1975 was 0.77 and the base year of this index was 2019.  Then:

Ceteris paribus, which characteristic makes monopolistic competition (ie. branded products) distinct market structures?

Ceteris paribus, which market has the lowest control over product price?

What is the best way for a country to get out of an economic depression?

USDA estimates that approximately _________ of the US food supply is being wasted.

A demand curve _____.

Asset fixity means an asset does not have many alternative uses.

A 40-year-old female in the U.S. has a 0.2% risk of dying during the next year. An insurance company charges $280 per year for a life-insurance policy that pays a $200,000 death benefit. What is the expected value for the person buying the insurance? Round your answer to the nearest dollar.

A bag contains 4 blue and 7 red M&Ms.  You randomly select two M&Ms from the bag without replacement (you eat the M&Ms). Find the probability that the first is blue and the second is red.  Write your final answer as decimal, rounded to three decimal places.

Right now, show all of your work to the Honorlock proctor by holding up each piece of paper in front of your camera, that you intend to upload in Canvas after the exam.   Within 30 minutes after completing the​ exam, scan or take a picture of each paper containing relevant work and upload each under the appropriate test in the Canvas drop box attached to the study guide.  You do not need to upload your study notes.  ​By uploading your​ work, I am able to give partial credit on missed problems.  Some problems may require work to be shown for any credit.   ​Finally, please note that the automated grade for this test is NOT correct. I will be grading these exams by hand and providing feedback below the problems.  You may view this feedback by clicking on the test in Canvas Gradebook. It may take roughly one week after you take the exam to receive your official score.