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Question 1Time-series forecasting models: Answerare useful whenever changes occur rapidly and wildlyare more effective in making long-run forecasts than short-run forecastsare based solely on historical observations of the values of the variable being forecastedattempt to explain the underlying causal relationships which produce the observed outcome Question 2Smoothing 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. Answeropinion pollingbarometric forecastingeconometric forecastingtime-series forecasting Question 3Consumer expenditure plans is an example of a forecasting method. Which of the general categories best described this example? Answertime-series forecasting techniquesbarometric techniquessurvey techniques and opinion pollingeconometric techniquesinput-output analysisQuestion 4The type of economic indicator that can best be used for business forecasting is the: Answerleading indicatorcoincident indicatorlagging indicatorcurrent business inventory indicatoroptimism/pessimism indicator Question 5The 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: Answereconometric techniquetime-series forecastingopinion pollingbarometric techniquejudgment forecasting Question 6The use of quarterly data to develop the forecasting model Yt = a +bYt−1 is an example of which forecasting technique? AnswerBarometric forecastingTime-series forecastingSurvey and opinionEconometric methods based on an understanding of the underlying economic variables involvedInput-output analysis Question 7Purchasing power parity or PPP says the ratios composed of: Answerinterest rates explain the direction of exchange rates. growth rates explain the direction of exchange rates. inflation rates explain the direction of exchange rates. services explain the direction exchange rates. public opinion polls explain the direction of exchange rates. Question 8If the British pound (₤) appreciates by 10% against the dollar: Answerboth the US importers from Britain and US exporters to Britain will be helped by the appreciating pound. the US exporters will find it harder to sell to foreign customers in Britain. the US importer of British goods will tend to find that their cost of goods rises, hurting its bottom line. both US importers of British goods and exporters to Britain will be unaffected by changes in foreign exchange rates. Question 9If 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? AnswerThe value of the dollar falls when US interest rates rise. The value of the dollar rises when US interest rates rise. The value of the dollar is not related to US interest rates. This is known as Purchasing Power Parity or PPP. Question 10An increase in the exchange rate of the U. S. dollar relative to a trading partner can result from Answerhigher anticipated costs of production in the U. S. higher interest rates and higher inflation in the U. S. higher growth rates in the trading partner’s economya change in the terms of tradelower export industry productivity Question 11The import of Apple iPads assembled in Shanghai at a $295 wholesale price ($213 cost and $82 profit margin) adds more than it should to the U. S. trade deficit with China because AnswerChinese assembly labor represents only 47 % of the wholesale costthe iPad’s popularity has triggered an enormous number of unit saleswholesale prices only count in the trade statistics if final product prices are higheras with foreign-assembled minivans, most of the subassembly components come from the U. S. the Chinese yuan is a managed currency Question 12In a recession, the trade balance often improves because Answerservice exports exceed manufactured good exportsbanks sell depressed assetsfewer households can afford luxury importsdirect investment abroad declinesthe capital account exceeds the current account Question 13In a production process, an excessive amount of the variable input relative to the fixed input is being used to produce the desired output. This statement is true for: Answerstage IIstages I and IIwhen Ep = 1stage III Question 14Which of the following is never negative? Answermarginal productaverage productproduction elasticitymarginal rate of technical substitutionslope of the isocost lines Question 15The marginal rate of technical substitution may be defined as all of the following except: Answerthe rate at which one input may be substituted for another input in the production process, while total output remains constantequal to the negative slope of the isoquant at any point on the isoquantthe rate at which all combinations of inputs have equal total costsequal to the ratio of the marginal products of X and Y Question 16Marginal factor cost is defined as the amount that an additional unit of the variable input adds to ____. Answermarginal costvariable costmarginal rate of technical substitutiontotal cost Question 17The primary purpose of the Cobb-Douglas power function is to: Answerallow one to make estimates of cost-output relationshipsallow one to make predictions about a resulting increase in output for a given increase in the inputsaid one in gaining accurate empirical values for economic variablescalculate a short-run linear total cost function Question 18The isoquants for inputs that are perfect complements for one another consist of a series of: Answerright anglesparallel linesconcentric circlesright triangles Question 19The cost function is: Answera means for expressing output as a function of costa schedule or mathematical relationship showing the total cost of producing various quantities of outputsimilar to a profit and loss statementincapable in being developed from statistical regression analysis Question 20What method of inventory valuation should be used for economic decision-making problems? Answerbook valueoriginal costcurrent replacement costcost or market, whichever is lowerhistorical cost Question 21Economies of Scope refers to situations where per unit costs are: AnswerUnaffected when two or more products are producedReduced when two or more products are producedIncreased when two or more products are producedDemonstrating constant returns to scaleDemonstrating decreasing returns to scale Question 22According to the theory of cost, specialization in the use of variable resources in the short-run results initially in: Answerdecreasing returns and declining average and marginal costsincreasing returns and declining average and marginal costsincreasing returns and increasing average and marginal costsdecreasing returns and increasing average and marginal costsQuestion 23Economies of scale exist whenever long-run average costs: AnswerIncrease as output is increasedRemain constant as output is increasedDecrease as output is increasedDecline and then rise as output is increased Question 24If TC = 321 + 55Q – 5Q2, then average total cost at Q = 10 is: Answer10. 210237. 1371321Question 25An example of a time series data set is one for which the: Answer 
data would be collected for a given firm for several consecutive periods (e. g. , months
data would be collected for several different firms at a single point in time.
regression analysis comes from data randomly taken from different points in time.
data is created from a random number generation program.
use of regression analysis would impossible in time series. “

 

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