ECO 550 Midterm Part 2
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ECO 550 Midterm Part 2
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Question 1
The forecasting technique which attempts to forecast short-run changes and makes use of economic
indicators known as leading, coincident or lagging indicators is known as:
Question 2
Consumer expenditure plans is an example of a forecasting method. Which of the general categories
best described this example?
Question 3
Which of the following barometric indicators would be the most helpful for forecasting future sales
for an industry?
Question 4
The use of quarterly data to develop the forecasting model Yt = a +bYt−1 is an example of which
forecasting technique?
Question 5
If two alternative economic models are offered, other things equal, we would
Question 6
Smoothing techniques are a form of ____ techniques which assume that there is an underlying
pattern to be found in the historical values of a variable that is being forecast.
Question 7
In Chinese coastal provinces, brick housing for a fast expanding middle class is very comparable in
size to housing in the U.S. for a family with median income of $51,000 because
Question 8
If Ben Bernanke, Chair of the Federal Reserve Board, begins to tighten monetary policy by raising US
interest rates next year, what is the likely impact on the value of the dollar?
Question 9
Companies that reduce their margins on export products in the face of appreciation of their home
currency may be motivated by a desire to
Question 10
Trading partners should specialize in producing goods in accordance with comparative advantage,
then trade and diversify in consumption because
Question 11
If the British pound (₤) appreciates by 10% against the dollar:
Question 12
An appreciation of the U.S. dollar has what impact on Harley-Davidson (HD), a U.S. manufacturer of
motorcycles?
Question 13
The optimal currency area involves a trade-off of reducing transaction costs but the inability to use
changes in exchange rates to help ailing regions. If the US, Canada, and Mexico had one single
currency (the Peso-Dollar) we would tend to see all of the following EXCEPT:
Question 14
The isoquants for inputs that are perfect substitutes for one another consist of a series of:
Question 15
Which of the following is never negative?
Question 16
The marginal rate of technical substitution may be defined as all of the following except:
Question 17
If the marginal product of labor is 100 and the price of labor is 10, while the marginal product of
capital is 200 and the price of capital is $30, then what should the firm?
Question 18
Marginal factor cost is defined as the amount that an additional unit of the variable input adds to
____.
Question 19
The combinations of inputs costing a constant C dollars is called:
Question 20
According to the theory of cost, specialization in the use of variable resources in the short-run
results initially in:
Question 21
If TC = 321 + 55Q - 5Q2, then average total cost at Q = 10 is:
Question 22
Economies of Scope refers to situations where per unit costs are:
Question 23
Economies of scale exist whenever long-run average costs:
Question 24
What method of inventory valuation should be used for economic decision-making problems?
Question 25
The existence of diseconomies of scale (size) for the firm is hypothesized to result from:
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