A Key Insight into Macroeconomics Is That in the Short

question 37

Multiple Choice

A key insight into macroeconomics is that in the short run the combined effect of individual decisions:

• A) is always the same as what one individual intended.
• B) may be very different from what any one individual intended.
• C) is always beneficial to the economy as a whole.
• D) is always detrimental to the economy as a whole.

Recognize the effect of increasing sample size on reducing the margin of error for a given confidence level.

Understand the central limit theorem and its role in forming confidence intervals from various distributions.

Realize the importance of framing the research question correctly to choose the appropriate type of hypothesis test.

Comprehend the relationship between sample size, standard deviation, and the z* value when computing the margin of error.

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Definitions:

Rough Riders

A volunteer cavalry regiment commanded by Theodore Roosevelt during the Spanish-American War, noted for their diverse backgrounds and bravery.

Filipino Insurrection

The Filipino Insurrection, also known as the Philippine-American War, was a conflict fought between the United States and Filipino revolutionaries from 1899 to 1902, following the U.S. acquisition of the Philippines from Spain.

Free Silver

A political movement in the late 19th and early 20th centuries advocating for the unrestricted minting of silver coins to increase the money supply.

Chinese Immigrants

Individuals from China who have moved to another country, historically significant in the 19th and early 20th centuries for their role in labor and the building of the Transcontinental Railroad in the United States.