An autoregression is a regression
A) of a dependent variable on lags of regressors.
B) that allows for the errors to be correlated.
C) model that relates a time series variable to its past values.
D) to predict sales in a certain industry.
Ans: C) model that relates a time series variable to its past values.
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The Bretton Woods system required countries to actively buy and sell dollars to maintain fixed exchange rates when:
a. a country experienced a severe bout of inflation. b. the free market equilibrium exchange rate differed from the fixed rate. c. a country experienced serious unemployment. d. the threat of recession began to spread from one country to another. e. worldwide trade began to deteriorate.
For more than a thousand years, the Catholic Church required its members to abstain from meat on Fridays. Catholics customarily ate fish on Friday. After 1966 abstinence from meat on Fridays was no longer required. Consequently, the
a. demand curve for fish shifted to the right. b. demand curve for fish shifted to the left. c. demand for meat decreased. d. price of fish increased.
Which one of the following people is cyclically unemployed?
A) a Nova Scotia fishery worker who is searching for a better job closer to home B) a Saskatchewan welder who lost her job when her company relocated to B. C. and is currently looking for a job C) a steel worker who is laid off but who expects to be called back soon D) an office worker who has lost her job because of a general slowdown in economic activity E) none of the above
The laissez-faire philosophy held that
A) Establish export laws to stimulate the economy. B) Little or no government control of the economy. C) Strict government control of all economic activity was necessary. D) None of the above.