ECO 550 Midterm Exam

Topics: Supply and demand, Marginal cost, Microeconomics Pages: 2 (488 words) Published: September 21, 2014

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ECO 550 Midterm Exam

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...
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