The use of quarterly data to develop the forecasting model Yt = a +bYt?1 is an example of which forecasting technique?
a. Barometric forecasting
b. Time-series forecasting
c. Survey and opinion
d. Econometric methods based on an understanding of the underlying economic variables involved
e. Input-output analysis
b
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If real GDP was 100 in 2015 and 104.4 in 2016, the growth rate of real GDP between 2015 and 2016 was
A) 2.2 percent. B) 4.4 percent. C) 100 percent. D) 102.2 percent.
Pick the true statement
A) It is possible for economic profit to be greater than accounting profit. B) Accounting profit includes both the implicit and explicit costs of production. C) Accounting profit is always greater than economic profit. D) None of the above is a true statement.
To be a natural monopoly a firm must
A) have significant network externalities. B) control a key resource input. C) have economies of scale that are so large that it can supply the entire market at a lower cost than two or more firms. D) be in a government-regulated market.
We would expect that a fall in labor supply will have a proportionately larger effect on the market wage rate when
A) capital goods exist that can replace many of the workers. B) the product produced in the industry has several close substitutes. C) the product produced in the industry makes up a large portion of most families' budgets. D) labor represents a relatively small portion of total costs.