The statistics are not representative because a smaller sample is needed to represent the population. b. the statistics are representative because the standard deviation of the sample data is less than 1. c. the statistics are representative because they are taken from a random sample. d. since the measurements were made in 1988, it is not necessarily representative of the population today.

Mankiw attributes – chapter 1 and his 10 principles – differences in living standards within a countryover time and across countries at a moment in time to: a. the presence or absence of inflation and unemployment.b. the allocation of resources between private markets and the public sector.c. those that have dealt successfully with the efficiency v. equality tradeoff and those that haven’t.d. differences in productivity.e. ones that think at the margin and respond to incentives and those that don’t.