ECO 550 Week 5 Midterm Exam 5

ECO 550 Week 5 Midterm Exam 5

ECO 550 MIDTERM EXAM 5

1. Which of the following barometric indicators would be the most helpful for forecasting future sales for an industry?

2. The use of quarterly data to develop the forecasting model Yt = a +bYt−1 is an example of which forecasting technique?

3. Consumer expenditure plans is an example of a forecasting method. Which of the general categories best described this example?

4. The type of economic indicator that can best be used for business forecasting is the:

5. An example of a time series data set is one for which the:

6. If two alternative economic models are offered, other things equal, we would

7. European Union labor costs exceed U.S. and British labor costs primarily because

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?

9. If the British pound (₤) appreciates by 10% against the dollar

10. An appreciation of the U.S. dollar has what impact on Harley-Davidson (HD), a U.S. manufacturer of motorcycles?

11. Companies that reduce their margins on export products in the face of appreciation of their home currency may be motivated by a desire to

12. In an open economy with few capital restrictions and substantial import-export trade, a rise in interest rates and a decline in the producer price index of inflation will

13. Trading partners should specialize in producing goods in accordance with comparative advantage, then trade and diversify in consumption because

14. Marginal revenue product is defined as the amount that an additional unit of the variable input adds to ____.

15. The marginal product is defined as:

16. Which of the following is never negative?

17. The combinations of inputs costing a constant C dollars is called:

18. The marginal rate of technical substitution may be defined as all of the following except:
19. Marginal factor cost is defined as the amount that an additional unit of the variable input adds to ____.

20. If TC = 321 + 55Q – 5Q2, then average total cost at Q = 10 is:

21. The cost function is:

22. What method of inventory valuation should be used for economic decision-making problems?

23. For a short-run cost function which of the following statements is (are) not true?

24. According to the theory of cost, specialization in the use of variable resources in the short-run results initially in:

25. ____ are defined as costs which are incurred regardless of the alternative action chosen in a decision-making problem.