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ECO 550 Midterm Exam 3

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ECO 550 MIDTERM EXAM 3

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

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

3. Income tax payments are an example of ____.

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

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

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

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

8. The net present value of an investment represents

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

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

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

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

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

14. The method which can give some information in estimating demand of a product that hasn’t yet come to market is: 15. When two or more "independent" variables are highly correlated, then we have:

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

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

18. Time-series forecasting models:

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:

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

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

22. If the British pound (£) appreciates by 10% against the dollar:

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

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

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

ECO 550 MIDTERM EXAM 3 1. Possible goals of Not-For-Profit (NFP) enterprises include all of the following EXCEPT: 2. The primary objective of a for-profit firm is to ___________. 3. Income tax payments are an example of ____. 4. Economic profit
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