Laws, customs, conventions, and other institutional elements that sustain an economy fall under the category of

In the long run, when there is immigration of labor and all domestic factors of production are mobile:

a. resources move out of the laborintensive industry into the other sectors of the economy. b. the excess labor cannot be absorbed into the economy, and eventually workers will seek to emigrate. c. the excess labor is absorbed, but it raises the unemployment rate and drives down wages, and the owners of capital are the clear winners. d. the capitallabor ratio in each industry is unchanged, and the additional labor in the economy is fully employed.

When all relevant information is used to forecast inflation, the resulting forecast is called

A) a rational expectation. B) a natural expectation. C) an expected forecast. D) an expansionary expectation. E) the expected expectation.