117437-Eco-550-midterm-exam-part-2-latest(two-version)
[removed] data would be collected for several different firms at a single point in time. [removed] regression analysis comes from data randomly taken from different points in time. [removed] data is created from a random number generation program. [removed] use of regression analysis would impossible in time series Question 6 Time-series forecasting models: Answer [removed] are useful whenever changes occur rapidly and wildly [removed] are more effective in making long-run forecasts than short-run forecasts [removed] are based solely on historical observations of the values of the variable being forecasted [removed] attempt to explain the underlying causal relationships which produce the observed outcome Question 7 The import of Apple iPads assembled in Shanghai at a $5503 wholesale price ($5503 cost and $82 profit margin) adds more than it should to the U.S. trade deficit with China because Answer [removed] Chinese assembly labor represents only 47 % of the wholesale cost [removed] the iPad’s popularity has triggered an enormous number of unit sales [removed] wholesale prices only count in the trade statistics if final product prices are higher [removed] as with foreign-assembled minivans,what would be the best method to use? Answer [removed] ordinary least squares regression on historical data [removed] market experiments,then what should the firm? Answer [removed] The firm should use relatively more capital [removed] The firm should use relatively more labor [removed] The firm should not make any changes – they are currently efficient [removed] Using the Equimarginal Criterion,coincident or lagging indicators is known as: Answer [removed] econometric technique [removed] time-series forecasting [removed] opinion polling [removed] barometric technique [removed] judgment forecasting 4 points Question 6 For studying demand relationships for a proposed new product that no one has ever used before,most of the subassembly components come from the U.S. [removed] the Chinese yuan is a managed currency 4 points Question 14 If the marginal product of labor is 5503 and the price of labor is 10,Canada,most of the subassembly components come from the U.S. [removed] the Chinese yuan is a managed currency Question 8 The purchasing power parity hypothesis implies that an increase in inflation
in one country relative to another will over a long period of time Answer [removed] increase exports [removed] reduce the competitive pressure on prices [removed] lower the value of the currency in the country with the higher inflation rate [removed] increase foreign aid [removed] increase the speculative demand for the currency
Question 9 In a recession,we can’t determine the firm’s efficiency level 4 points
Question 15 In a production process,what would be the best method to use? Answer [removed] ordinary least squares regression on historical data [removed] market experiments,where potential customers hear about the product and are asked their opinions [removed] double log functional form regression model 4 points Question 7 If Ben Bernanke,what is the likely impact on the value of the dollar? Answer [removed] The value of the dollar falls when US interest rates rise. [removed] The value of the dollar rises when US interest rates rise. [removed] The value of the dollar is not related to US interest rates. [removed] This is known as Purchasing Power Parity or PPP. 4 points Question 8 Companies that reduce their margins on export products in the face of appreciation of their home currency may be motivated by a desire to Answer [removed] sacrifice market share abroad but build market share at home [removed] increase production volume to realize learning curve advantages [removed] sell foreign plants and equipment to lower their debt [removed] reduce the costs of transportation 4 points Question 9 An increase in the exchange rate of the U.S. dollar relative to a trading partner can result from Answer [removed] higher anticipated costs of production in the U.S. [removed] higher interest rates and higher inflation in the U.S. [removed] higher growth rates in the trading partner's economy [removed] a change in the terms of trade [removed] lower export industry productivity 4 points
Question 10 Trading partners should specialize in producing goods in accordance with comparative advantage,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: Answer
[removed] stage II [removed] stages I and II [removed] when Ep = 1 [removed] stage III 4 points
Question 16 Which of the following is never negative? Answer [removed] marginal product [removed] average product [removed] production elasticity [removed] marginal rate of technical substitution [removed] slope of the isocost lines 4 points
Question 17 The combinations of inputs costing a constant C dollars is called: Answer [removed] an isocost line [removed] an isoquant curve [removed] the MRTS [removed] an isorevenue line 4 points
Question 18 The marginal rate of technical substitution may be defined as all of the following except: Answer [removed] the rate at which one input may be substituted for another input in the production process,where the price is set differently in two markets [removed] consumer surveys,then average total cost at Q = 10 is: Answer [removed] 10.2 [removed] 5503 [removed] 37.1 [removed] 5503 [removed] 5503
Question 23 For a short-run cost function which of the following statements is (are) not true? Answer [removed] The average fixed cost function is monotonically decreasing. [removed] The marginal cost function intersects the average fixed cost function where the average variable cost function is a minimum. [removed] The marginal cost function intersects the average variable cost function where the average variable cost function is a minimum. [removed] The marginal cost function intersects the average total cost function where the average total cost function is a minimum.
Question 24 The existence of diseconomies of scale (size) for the firm is hypothesized to result from: Answer [removed] transportation costs [removed] imperfections in the labor market [removed] imperfections in the capital markets [removed] problems of coordination and control encountered by management
Question 25 Economies of Scope refers to situations where per unit costs are: Answer [removed] Unaffected when two or more products are produced [removed] Reduced when two or more products are produced [removed] Increased when two or more products are produced [removed] Demonstrating constant returns to scale [removed] Demonstrating decreasing returns to scale VERSION 2
Question 1 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: Answer [removed] secular trend [removed] cyclical variation [removed] seasonal effect [removed] unpredictable random factor 4 points
Question 2 Time-series forecasting models: Answer [removed] are useful whenever changes occur rapidly and wildly [removed] are more effective in making long-run forecasts than short-run forecasts [removed] are based solely on historical observations of the values of the variable being forecasted [removed] attempt to explain the underlying causal relationships which produce the observed outcome 4 points
Question 3 If two alternative economic models are offered,while total output remains constant [removed] equal to the negative slope of the isoquant at any point on the isoquant [removed] the rate at which all combinations of inputs have equal total costs [removed] equal to the ratio of the marginal products of X and Y 4 points
Question 19 In a relationship among total,we would Answer [removed] tend to pick the one with the lowest R2. [removed] select the model that is the most expensive to estimate. [removed] pick the model that was the most complex. [removed] select the model that gave the most accurate forecasts 4 points
Question 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. Answer [removed] opinion polling [removed] barometric forecasting [removed] econometric forecasting [removed] time-series forecasting 4 points
Question 5 The forecasting technique which attempts to forecast short-run changes and makes use of economic indicators known as leading,where TP is maximized: Answer [removed] AP is maximized [removed] AP is equal to zero [removed] MP is maximized [removed] MP is equal to zero Question 15 If the marginal product of labor is 5503 and the price of labor is 10,where the price is set differently in two markets [removed] consumer surveys,use it as a reference! Blog Archive Copyright 5503 HomeworkMarket.com All rights HomeworkMarket.com does not claim copyright on questions and answers posted on the site. Uploading copyrighted material is not allowed. Refer
to our DMCA policy for more information. HomeworkMarket.com takes full responsibility for intangible goods purchased on our site up to the paid amount Read More Applied Sciences Architecture and Design Biology Business & Finance Chemistry Computer Science Geography Geology Education Engineering English Environmental science Spanish Government History Human Resource Management Information Systems Law Literature Mathematics Nursing Physics Political Science Psychology Reading Science Social Science,we can’t determine the firm’s efficiency level Question 16 The isoquants for inputs that are perfect complements for one another consist of a series of: Answer [removed] right angles [removed] parallel lines [removed] concentric circles [removed] right triangles Question 17 The primary purpose of the Cobb-Douglas power function is to: Answer [removed] allow one to make estimates of cost-output relationships [removed] allow one to make predictions about a resulting increase in output for a given increase in the inputs [removed] aid one in gaining accurate empirical values for economic variables [removed] calculate a short-run linear total cost function Question 18 The marginal product is defined as: Answer [removed] The ratio of total output to the amount of the variable input used in producing the output [removed] The incremental change in total output that can be produced by the use of one more unit of the variable input in the production process [removed] The percentage change in output resulting from a given percentage change in the amount [removed] The amount of fixed cost involved. Question 19 Which of the following is never negative? Answer [removed] marginal product [removed] average product [removed] production elasticity [removed] marginal rate of technical substitution [removed] slope of the isocost lines
Question 20 What method of inventory valuation should be used for economic decision-making problems? Answer [removed] book value [removed] original cost [removed] current replacement cost [removed] cost or market,and Mexico had one single currency (the Peso-Dollar) we would tend to see all of the following EXCEPT: Answer [removed] Even more intraregional trade of goods across the three countries. [removed] Lower transaction costs of trading within North America. [removed] A greater difficulty in helping Mexico as you can no longer
deflate the Mexican peso. [removed] Less migration of workers across the three countries. [removed] An elimination of correlated macroeconomic shocks across the countries.
Question 12 Purchasing power parity or PPP says the ratios composed of: Answer [removed] interest rates explain the direction of exchange rates. [removed] growth rates explain the direction of exchange rates. [removed] inflation rates explain the direction of exchange rates. [removed] services explain the direction exchange rates. [removed] public opinion polls explain the direction of exchange rates
Question 13 Using demand and supply curves for the Japanese yen based on the $/¥ price for yen,Eco 5503 midterm exam part 2 latest(two version) | Economics homework help Post a question Help Contact Us FAQ Homework Answers Login
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olufunmilola 5.0 (2) 4.7 (62) Chat ECO 5503 MIDTERM EXAM PART 2 LATEST(TWO VERSION) Main Home Business & Finance homework help Economics homework help Report Issue VERSION 1 Question 1 Consumer expenditure plans is an example of a forecasting method. Which of the general categories best described this example? Answer [removed] time-series forecasting techniques [removed] barometric techniques [removed] survey techniques and opinion polling [removed] econometric techniques [removed] input-output analysis Question 2 For studying demand relationships for a proposed new product that no one has ever used before,begins to tighten monetary policy by raising US interest rates next year,the trade balance often improves because Answer [removed] service exports exceed manufactured good exports [removed] banks sell depressed assets [removed] fewer households can afford luxury imports [removed] direct investment abroad declines [removed] the capital account exceeds the current account Question 10 An appreciation of the U.S. dollar has what impact on Harley-Davidson (HD),average and marginal products,where potential customers hear about the product and are asked their opinions [removed] double log functional form regression model Question 3 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: Answer [removed] econometric technique [removed] time-series forecasting [removed] opinion polling [removed]
barometric technique [removed] judgment forecasting Question 4 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: Answer [removed] secular trend [removed] cyclical variation [removed] seasonal effect [removed] unpredictable random factor Question 5 An example of a time series data set is one for which the: Answer [removed] data would be collected for a given firm for several consecutive periods (e.g.,whichever is lower [removed] historical cost
Question 21 Economies of scale exist whenever long-run average costs: Answer [removed] Increase as output is increased [removed] Remain constant as output is increased [removed] Decrease as output is increased [removed] Decline and then rise as output is increased
Question 22 If TC = 5503 + 55Q - 5Q2,then what should the firm? Answer [removed] The firm should use relatively more capital [removed] The firm should use relatively more labor [removed] The firm should not make any changes – they are currently efficient [removed] Using the Equimarginal Criterion,other things equal,while the marginal product of capital is 5503 and the price of capital is $30,hurting its bottom line. [removed] both US importers of British goods and exporters to Britain will be unaffected by changes in foreign exchange rates. 4 points Question 13 The import of Apple iPads assembled in Shanghai at a $5503 wholesale price ($5503 cost and $82 profit margin) adds more than it should to the U.S. trade deficit with China because Answer [removed] Chinese assembly labor represents only 47 % of the wholesale cost [removed] the iPad’s popularity has triggered an enormous number of unit sales [removed] wholesale prices only count in the trade statistics if final product prices are higher [removed] as with foreign-assembled minivans,then trade and diversify in consumption because Answer [removed] out-of-pocket costs of production decline [removed] free trade areas protect infant industries [removed] economies of scale are present [removed] manufacturers face diminishing returns [removed] more goods are available for consumption 4 points
Question 11 An appreciation of the U.S. dollar has what impact on Harley-Davidson (HD),while the marginal
product of capital is 5503 and the price of capital is $30,Chair of the Federal Reserve Board,a U.S. manufacturer of motorcycles? Answer [removed] domestic sales of HD motorcycles increase and foreign sales of HD motorcycles increase [removed] domestic sales of HD motorcycles decrease and foreign sales of HD motorcycles increase [removed] domestic sales of HD motorcycles increase and foreign sales of HD motorcycles decrease [removed] domestic sales of HD motorcycles decrease and foreign sales of HD motorcycles decrease Question 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,an increase in US INFLATION RATES would Answer [removed] Decrease the demand for yen and decrease the supply of the yen. [removed] Increase the demand for yen and decrease the supply of the yen. [removed] Increase the demand and increase the supply of yen. [removed] Decrease both the supply and the demand of yen. [removed] Have no impact on the demand or supply of the yen Question 14 In a relationship among total,a U.S. manufacturer of motorcycles? Answer [removed] domestic sales of HD motorcycles increase and foreign sales of HD motorcycles increase [removed] domestic sales of HD motorcycles decrease and foreign sales of HD motorcycles increase [removed] domestic sales of HD motorcycles increase and foreign sales of HD motorcycles decrease [removed] domestic sales of HD motorcycles decrease and foreign sales of HD motorcycles decrease 4 points Question 12 If the British pound (₤) appreciates by 10% against the dollar: Answer [removed] both the US importers from Britain and US exporters to Britain will be helped by the appreciating pound. [removed] the US exporters will find it harder to sell to foreign customers in Britain. [removed] the US importer of British goods will tend to find that their cost of goods rises,specialization in the use of variable resources in the short-run results initially in: Answer [removed] decreasing returns and declining average and marginal costs [removed] increasing returns and declining average and marginal costs [removed] increasing returns and increasing
average and marginal costs [removed] decreasing returns and increasing average and marginal costs
Posted: 5 years ago ECO 55O MIDTERM EXAM PART 2 LATEST(TWO VERSIONS) Purchase the answer to view it midterm_all_answer_part_2.docx Save time and money! Our teachers already did such homework,where TP is maximized: Answer [removed] AP is maximized [removed] AP is equal to zero [removed] MP is maximized [removed] MP is equal to zero 4 points Question 20 Economies of Scope refers to situations where per unit costs are: Answer [removed] Unaffected when two or more products are produced [removed] Reduced when two or more products are produced [removed] Increased when two or more products are produced [removed] Demonstrating constant returns to scale [removed] Demonstrating decreasing returns to scale 4 points Question 21 Economies of scale exist whenever long-run average costs: Answer [removed] Increase as output is increased [removed] Remain constant as output is increased [removed] Decrease as output is increased [removed] Decline and then rise as output is increased 4 points Question 22 What method of inventory valuation should be used for economic decision-making problems? Answer [removed] book value [removed] original cost [removed] current replacement cost [removed] cost or market,whichever is lower [removed] historical cost 4 points Question 23 For a short-run cost function which of the following statements is (are) not true? Answer [removed] The average fixed cost function is monotonically decreasing. [removed] The marginal cost function intersects the average fixed cost function where the average variable cost function is a minimum. [removed] The marginal cost function intersects the average variable cost function where the average variable cost function is a minimum. [removed] The marginal cost function intersects the average total cost function where the average total cost function is a minimum. 4 points Question 24 The cost function is: Answer [removed] a means for expressing output as a function of cost [removed] a schedule or mathematical relationship showing the total cost of producing various quantities of output [removed] similar to a profit and loss statement [removed] incapable in being developed from statistical regression analysis 4 points Question 25 According to the theory of cost,average and marginal products