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ECO 550 Midterm Exam 11

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ECO 550 Midterm Exam 11

1) For studying demand relationships for a proposed new product that no one has ever used before, what would be the best method to use?

2) 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:

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

4) 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 forecast.

5) 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:

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

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

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

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

10) 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

11) 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

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

13) 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?

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

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

16) The marginal product is defined as:

17). The isoquants for inputs that are perfect complements for one another consist of a series of:

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

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

20) Economies of scale exist whenever long-run average costs:

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

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

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

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

25) The cost function is

ECO 550 Midterm Exam 11 1) For studying demand relationships for a proposed new product that no one has ever used before, what would be the best method to use? 2) The forecasting technique which attempts to forecast short-run changes and makes use
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