Eco 550 Midterm Exam

Eco 550 Midterm Exam

All Possible Questions with Correct Answers for Midterm Exam

Question 1

Possible goals of Not-For-Profit (NFP) enterprises include all of the following EXCEPT:

Question 2

The primary objective of a for-profit firm is to ___________.

Question 3

Income tax payments are an example of ____.

Question 4         

Economic profit is defined as the difference between revenue and ____.

Question 5

A change in the level of an economic activity is desirable and should be undertaken as long as the marginal benefits exceed the ____.

Question 6

The standard deviation is appropriate to compare the risk between two investments only if

Question 7

The level of an economic activity should be increased to the point where the ____ is zero.

Question 8

The net present value of an investment represents

Question 9

An income elasticity (Ey) of 2.0 indicates that for a ____ increase in income, ____ will increase by ____.

Question 10

A price elasticity (ED) of −1.50 indicates that for a ____ increase in price, quantity demanded will ____ by ____.

Question 11

Marginal revenue (MR) is ____ when total revenue is maximized.

Question 12

An increase in each of the following factors would normally provide a subsequent increase in quantity demanded, except:

Question 13

When using a multiplicative power function (Y = a X1b1 X2b2 X3b3) to represent an economic relationship, estimates of the parameters (a, and the b"s) using linear regression analysis can be obtained by first applying a ____ transformation to convert the function to a linear relationship.

Question 14

The method which can give some information in estimating demand of a product that hasn’t yet come to market is:

Question 15       

When two or more "independent" variables are highly correlated, then we have:

Question 16       

One commonly used test in checking for the presence of autocorrelation when working with time series data is the ____.

Question 17

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

Question 18

Time-series forecasting models:

Question 19

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 20

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

Question 21

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

Question 22

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

Question 23

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 24

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

Question 25

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

Question 26

Given a Cobb-Douglas production function estimate of Q = 1.19L.72K.18 for a given industry, this industry would have:

Question 27

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 28

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

Question 29

Which of the following statements concerning the long-run average cost curve of economic theory is true?

Question 30

The cost function is:

Question 31

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

Question 32

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

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Eco 550 Midterm Exam