Assuming Conventional Supply and Demand Curves, Changes in the Determinants

question 163

Multiple Choice

Assuming conventional supply and demand curves, changes in the determinants of both supply and demand will generally

• A) alter both equilibrium price and quantity.
• B) alter equilibrium quantity but not equilibrium price.
• C) alter equilibrium price but not equilibrium quantity.
• D) have no effect on equilibrium price or quantity.

Apply the formula to calculate the 99% confidence interval.

Distinguish between different levels of confidence intervals (90%, 95%, 99%).

Interpret the effects of sample size on the width of the confidence interval.

Recognize the impact of the standard deviation and standard error on confidence intervals.

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Definitions:

Income Distribution

The way in which total income is shared among individuals or groups within an economy.

Utilitarians

A group of philosophers who believe that the best action is the one that maximizes utility, often defined as the well-being of the greatest number of people.

Liberals

A political ideology emphasizing the importance of individual liberties, democracy, and supporting social and economic interventions to promote social justice.

Libertarians

Individuals who advocate for minimal government intervention in the personal and economic lives of citizens.