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. An example of a time series data set is one for which the:
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:
Question 4. The type of economic indicator that can best be used for business forecasting is the:
Question 5. 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 forecas
Question 6. Which of the following barometric indicators would be the most helpful for forecasting future sales for an industry?
Question 7. 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 8. If the British pound (£) appreciates by 10% against the dollar:
Question 9. In a recession, the trade balance often improves because
Question 10. Trading partners should specialize in producing goods in accordance with comparative advantage, then trade and diversify in consumption because
Question 11. Purchasing power parity or PPP says the ratios composed of:
Question 12. European Union labor costs exceed U.S. and British labor costs primarily because
Question 13. The 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
Question 14. In 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:
Question 15. Which of the following is never negative?
Question 16. The combinations of inputs costing a constant C dollars is called:
Question 17. Marginal factor cost is defined as the amount that an additional unit of the variable input adds to ____.
Question 18. Given a Cobb-Douglas production function estimate of Q = 1.19L.72K.18 for a given industry, this industry would have:
Question 19. The marginal product is defined as:
Question 20. Economies of scale exist whenever long-run average costs:
Question 21. Economies of Scope refers to situations where per unit costs are:
Question 22. For a short-run cost function which of the following statements is (are) not true?
Question 23. According to the theory of cost, specialization in the use of variable resources in the short-run results initially in:
Question 24. What method of inventory valuation should be used for economic decision-making problems?