1. If Valdez wants to ensure that his customers wait an average of around 10 minutes, what should be his average service time? Assume that the standard deviation of service time remains at 15 minutes.

2. Customers arrive at an automated coffee vending machine at a rate of 4 per minute, following a Poisson distribution. The coffee machine dispenses a cup of coffee at a constant rate of 10 seconds.

(a) What is the average number of people waiting in line?

(b) What is the average number of people in the system?

(c) How long does the average person wait in line before receiving service?

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1. If the Ricardian Equivalence Theorem holds, then the timing of taxes ‘do not matter’ in the sense that there is no effect on consumer demand, desired national saving, the current account and (in a closed economy) the real rate of interest. However, the timing of taxes does have implications for the composition of desired national saving (between the private and public sectors). Explain how.

2. True, False or Uncertain and Explain. The Ricardian Equivalence Theorem states that government spending ‘does not matter.’

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1. If the currency exchange rate as of today is $1 U.S. equals .65 British pounds, and the XYZ Corp. signs a contract with a British company to exchange 6,450 pounds in 30 days for a cost of $10,000, what is the spot exchange rate?

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1. International trade is based on which principle?

2. What is the difference between absolute advantage and comparative advantage?

3. Why are exchange rates important?

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1. Industries such as media buying, energy management and advertising agencies are classified as A.geographical hubs B.functional hubs C.vertical hubs D.horizontal hubs 2. Process of allowing flexibility for unanticipated events is classified as A. adaption B.adaptation C.adoption D.communication 3.Recognition of extrinsic and interpersonal influences emphasize on strengthening of A. corporate brand B.competitor?s brand C.supplier?s brand D.initiator brand 4. Purchases of schools, nursing homes, prisons and other institutions are classified as A. government markets B.consumer markets C.institutional markets D.business markets 5. In modified rebuy, suppliers who want to protect their business are classified as A. modified suppliers B.new suppliers C.in-suppliers D.out-suppliers

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