Economists Conclude That the Effect on Our World's

question 13

Multiple Choice

Economists conclude that the effect on our world's
Standard of living as a result of labor and capital
Migration has been:

• A)negative overall.
• B)positive overall as resources move to their highest­ valued use.
• C)positive in some respects but very harmful in the long run to workers.
• D)so small worldwide that the effect is not worth measuring.

Recognize the relationship between a stock's beta and its standard deviation.

Understand the concepts of short-run and long-run equilibriums in the aggregate demand-aggregate supply model.

Explain the mechanisms that move an economy from short-run to long-run equilibrium.

Identify and describe the characteristics of expansionary and recessionary gaps.

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Definitions:

Prediction Interval

An estimated range of values within which a future observation is expected to fall, with a certain probability.

Independent Variable

A variable in an experiment or model that is manipulated or changed to assess its effects on a dependent variable.

Probability Distribution

A mathematical function that describes the likelihood of obtaining the possible values that a random variable can assume.

Uncertainty

The state of having limited knowledge where it is impossible to exactly describe an existing state or future outcome.