Econ 301 Exam 1 Questions

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P ( A 1 ) = . 60 , P ( A 2 ) = . 40 , P ( B 1 ∣ A 1 ) = . 05 P(A_1) = .60, P(A_2) = .40, P(B_1 | A_1) = .05 P ( A 1 ​ ) = .60 , P ( A 2 ​ ) = .40 , P ( B 1 ​ ∣ A 1 ​ ) = .05

P ( B 1 ∣ A 2 ) = . 10. P(B_1 | A_2) = .10. P ( B 1 ​ ∣ A 2 ​ ) = .10.

Use Bayes’ theorem to determine

P ( A 1 ∣ B 1 ) . P(A_1 | B_1). P ( A 1 ​ ∣ B 1 ​ ) .

How might wars between drug cartels affect the economy of Mexico ?

What account title is used to journalize the Total Earnings column of the payroll register?

Outdoor Leadership School is a newly organized business that teaches people how to inspire and influence others. The list of accounts to be opened in the general ledger is as follows:

 Accounts Payable   Miscellaneous Expense   Accounts Receivable   Prepaid Insurance   Cash   Rent Expense   Equipment   Supplies   Fees Earned   Supplies Expense   Lorri Ross, Capital   Unearned Rent   Lorri Ross, Drawing   Wages Expense  \begin{array}{ll}\text { Accounts Payable } & \text { Miscellaneous Expense } \\ \text { Accounts Receivable } & \text { Prepaid Insurance } \\ \text { Cash } & \text { Rent Expense } \\ \text { Equipment } & \text { Supplies } \\ \text { Fees Earned } & \text { Supplies Expense } \\ \text { Lorri Ross, Capital } & \text { Unearned Rent } \\ \text { Lorri Ross, Drawing } & \text { Wages Expense }\end{array}  Accounts Payable   Accounts Receivable   Cash   Equipment   Fees Earned   Lorri Ross, Capital   Lorri Ross, Drawing  ​  Miscellaneous Expense   Prepaid Insurance   Rent Expense   Supplies   Supplies Expense   Unearned Rent   Wages Expense  ​

List the accounts in the order in which they should appear in the ledger of Outdoor Leadership School and assign account numbers. Each account number is to have two digits: the first digit is to indicate the major classification ( 1 for assets, for example), and the second digit is to identify the specific account within each major classification ( 11 for Cash, for example).

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Economics 301 Assignment #1 (Show All Your Work!)

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