Changing the units of measurement, e.g. measuring testscores in 100s, will do all of the following EXCEPT for changing the
A) residuals
B) numerical value of the slope estimate
C) interpretation of the effect that a change in X has on the change in Y
D) numerical value of the intercept
Answer: C
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What is gained when people engage in specialization and trade?
A) Specialization and trade allow people to consume outside their individual production possibilities frontiers. B) Specialization and trade allow people to consume at a point on their production possibilities frontiers. C) Specialization and trade allow people to produce outside their individual production possibilities frontiers. D) Specialization and trade allow people to consume inside their production possibilities frontiers. E) There are no gains from specialization and trade.
The actions of speculators in a market tend to shift the ____ when the price of the good is low and thereby ____ the price
a. demand curve out; raise b. demand curve in; lower c. supply curve out; lower d. supply curve in; raise