Dummy variables are used in time-series forecasting models
A. to change the intercept of a regression in selected periods.
B. to account for random variation in the data.
C. to account for seasonal variation in the data.
D. both a and b
E. both a and c
Answer: E
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Suppose the following information describes the economy:Household saving300Business saving700Government purchases1,000Government transfers and interest payments500Government tax collections1,500GDP5,000Private saving equals ____and national saving equals ________.
A. 1,000; 1,000 B. 700; 0 C. 1,000; 2,000 D. 300; -200
Since Social Security benefits are paid from current contributions, the system is a
A) privatized system. B) overfunded system. C) "pay-as-you-go" system. D) defined contribution system.
At every point on the IS curve, the level of income on the horizontal axis equals
A) planned autonomous spending. B) planned autonomous spending times the multiplier. C) planned autonomous spending divided by the multiplier. D) planned expenditures times the multiplier.
A duopoly is:
A. a strategy that benefits both firms. B. an agreement, explicit or implied, between two firms. C. an oligopoly with two firms. D. two firms agreeing to act like a joint monopolist.