The forecasting method that involves using an average of past observations to predict the future (if the forecaster feels that the future is a reflection of some average of past results) is the
A) moving average method.
B) econometric forecasting method.
C) exponential smoothing method.
D) Both A and B
E) Both A and C
E
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The cross elasticity of demand for good A with respect to good B is 0.2 . A 10 percent change in the price of good B will lead to a ____ percent change in the quantity of good A demanded. Goods A and B are _______
A. 2; substitutes B. 0.5; complements C. ?2; complements D. ?0.5; substitutes
Which of the following provides health-care coverage to people age 65 and over?
A) Medicaid B) Social Security C) Medicare D) Health-Aid
The change in cost resulting from producing one additional unit of output is
a. average total cost b. total variable cost c. average variable cost d. marginal cost e. total cost
Figure 7-2
In Figure 7-2, average cost at 500 units of output equals
a.
4,000.
b.
200.
c.
8.
d.
6.