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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: econometric technique time-series forecasting opinion polling barometric technique judgment forecasting Question 2 If two alternative economic models are offered, other things equal, we would tend to pick the one with the lowest R2. select the model that is the most expensive to estimate. pick the model that was the most complex. select the model that gave the most accurate forecasts Question 3 The variation in an economic time-series which is caused by major expansions or contractions usually of greater than a year in duration is known as: secular trend cyclical variation seasonal effect unpredictable random factor Question 4 Consumer expenditure plans is an example of a forecasting method. Which of the general categories best described this example? time-series forecasting techniques barometric techniques survey techniques and opinion polling econometric techniques input-output analysis Question 5 The type of economic indicator that can best be used for business forecasting is the: leading indicator coincident indicator lagging indicator current business inventory indicator optimism/pessimism indicator Question 6 The use of quarterly data to develop the forecasting model Yt = a +bYt?1 is an example of which forecasting technique? Barometric forecasting Time-series forecasting Survey and opinion Econometric methods based on an understanding of the underlying economic variables involved Input-output analysis Question 7 Purchasing power parity or PPP says the ratios composed of: interest 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 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? The 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 9 If the British pound (?) appreciates by 10% against the dollar: both 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 10 Trading partners should specialize in producing goods in accordance with comparative advantage, then trade and diversify in consumption because out-of-pocket costs of production decline free trade areas protect infant industries economies of scale are present manufacturers face diminishing returns more goods are available for consumption Question 11 Using demand and supply curves for the Japanese yen based on the $/¥ price for yen, an increase in US INFLATION RATES would Decrease the demand for yen and decrease the supply of the yen. Increase the demand for yen and decrease the supply of the yen. Increase the demand and increase the supply of yen. Decrease both the supply and the demand of yen. Have no impact on the demand or supply of the yen. Question 12 An increase in the exchange rate of the U.S. dollar relative to a trading partner can result from higher 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 economy a change in the terms of trade lower export industry productivity Question 13 The purchasing power parity hypothesis implies that an increase in inflation in one country relative to another will over a long period of time increase exports reduce the competitive pressure on prices lower the value of the currency in the country with the higher inflation rate increase foreign aid increase the speculative demand for the currency Question 14 The isoquants for inputs that are perfect substitutes for one another consist of a series of: right angles parallel lines concentric circles right triangles Question 15 Marginal factor cost is defined as the amount that an additional unit of the variable input adds to ____. marginal cost variable cost marginal rate of technical substitution total cost Question 16 The combinations of inputs costing a constant C dollars is called: an isocost line an isoquant curve the MRTS an isorevenue line Question 17 Given a Cobb-Douglas production function estimate of .72K.18 for a given industry, this industry would have: increasing returns to scale constant returns to scale decreasing returns to scale negative returns to scale Question 18 Which of the following is never negative? marginal product average product production elasticity marginal rate of technical substitution slope of the isocost lines Question 19 The primary purpose of the Cobb-Douglas power function is to: allow one to make estimates of cost-output relationships allow one to make predictions about a resulting increase in output for a given increase in the inputs aid one in gaining accurate empirical values for economic variables calculate a short-run linear total cost function Question 20 According to the theory of cost, specialization in the use of variable resources in the short-run results initially in: decreasing returns and declining average and marginal costs increasing returns and declining average and marginal costs increasing returns and increasing average and marginal costs decreasing returns and increasing average and marginal costs Question 21 What method of inventory valuation should be used for economic decision-making problems? book value original cost current replacement cost cost or market, whichever is lower historical cost Question 22 For a short-run cost function which of the following statements is (are) not true? The average fixed cost function is monotonically decreasing. The marginal cost function intersects the average fixed cost function where the average variable cost function is a minimum. The marginal cost function intersects the average variable cost function where the average variable cost function is a minimum. The marginal cost function intersects the average total cost function where the average total cost function is a minimum. Question 23 The existence of diseconomies of scale (size) for the firm is hypothesized to result from: transportation costs imperfections in the labor market imperfections in the capital markets problems of coordination and control encountered by management Question 24 Economies of Scope refers to situations where per unit costs are: Unaffected when two or more products are produced Reduced when two or more products are produced Increased when two or more products are produced Demonstrating constant returns to scale Demonstrating decreasing returns to scale Question 25 The cost function is: a means for expressing output as a function of cost a schedule or mathematical relationship showing the total cost of producing various quantities of output similar to a profit and loss statement incapable in being developed from statistical regression analysis

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:

econometric technique

time-series forecasting

opinion polling

barometric technique

judgment forecasting

Question 2

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

tend to pick the one with the lowest R2.

select the model that is the most expensive to estimate.

pick the model that was the most complex.

select the model that gave the most accurate forecasts

Question 3

The variation in an economic time-series which is caused by major expansions or contractions usually of greater than a year in duration is known as:

secular trend

cyclical variation

seasonal effect

unpredictable random factor

Question 4

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

time-series forecasting techniques

barometric techniques

survey techniques and opinion polling

econometric techniques

input-output analysis

Question 5

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

leading indicator

coincident indicator

lagging indicator

current business inventory indicator

optimism/pessimism indicator

Question 6

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

Barometric forecasting

Time-series forecasting

Survey and opinion

Econometric methods based on an understanding of the underlying economic variables involved

Input-output analysis

Question 7

Purchasing power parity or PPP says the ratios composed of:

interest 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 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?

The 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 9

If the British pound (?) appreciates by 10% against the dollar:

both 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 10

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

out-of-pocket costs of production decline

free trade areas protect infant industries

economies of scale are present

manufacturers face diminishing returns

more goods are available for consumption

Question 11

Using demand and supply curves for the Japanese yen based on the $/¥ price for yen, an increase in US INFLATION RATES would

Decrease the demand for yen and decrease the supply of the yen.

Increase the demand for yen and decrease the supply of the yen.

Increase the demand and increase the supply of yen.

Decrease both the supply and the demand of yen.

Have no impact on the demand or supply of the yen.

Question 12

An increase in the exchange rate of the U.S. dollar relative to a trading partner can result from

higher 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 economy

a change in the terms of trade

lower export industry productivity

Question 13

The purchasing power parity hypothesis implies that an increase in inflation in one country relative to another will over a long period of time

increase exports

reduce the competitive pressure on prices

lower the value of the currency in the country with the higher inflation rate

increase foreign aid

increase the speculative demand for the currency

Question 14

The isoquants for inputs that are perfect substitutes for one another consist of a series of:

right angles

parallel lines

concentric circles

right triangles

Question 15

Marginal factor cost is defined as the amount that an additional unit of the variable input adds to ____.

marginal cost

variable cost

marginal rate of technical substitution

total cost

Question 16

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

an isocost line

an isoquant curve

the MRTS

an isorevenue line

Question 17

Given a Cobb-Douglas production function estimate of .72K.18 for a given industry, this industry would have:

increasing returns to scale

constant returns to scale

decreasing returns to scale

negative returns to scale

Question 18

Which of the following is never negative?

marginal product

average product

production elasticity

marginal rate of technical substitution

slope of the isocost lines

Question 19

The primary purpose of the Cobb-Douglas power function is to:

allow one to make estimates of cost-output relationships

allow one to make predictions about a resulting increase in output for a given increase in the inputs

aid one in gaining accurate empirical values for economic variables

calculate a short-run linear total cost function

Question 20

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

decreasing returns and declining average and marginal costs

increasing returns and declining average and marginal costs

increasing returns and increasing average and marginal costs

decreasing returns and increasing average and marginal costs

Question 21

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

book value

original cost

current replacement cost

cost or market, whichever is lower

historical cost

Question 22

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

The average fixed cost function is monotonically decreasing.

The marginal cost function intersects the average fixed cost function where the average variable cost function is a minimum.

The marginal cost function intersects the average variable cost function where the average variable cost function is a minimum.

The marginal cost function intersects the average total cost function where the average total cost function is a minimum.

Question 23

The existence of diseconomies of scale (size) for the firm is hypothesized to result from:

transportation costs

imperfections in the labor market

imperfections in the capital markets

problems of coordination and control encountered by management

Question 24

Economies of Scope refers to situations where per unit costs are:

Unaffected when two or more products are produced

Reduced when two or more products are produced

Increased when two or more products are produced

Demonstrating constant returns to scale

Demonstrating decreasing returns to scale

Question 25

The cost function is:

a means for expressing output as a function of cost

a schedule or mathematical relationship showing the total cost of producing various quantities of output

similar to a profit and loss statement

incapable in being developed from statistical regression analysis

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