Seasonal or cyclical variation in a time series model
A. is regular in nature and can be accounted for by dummy variables.
B. can decrease the accuracy of a forecast if not accounted for by dummy variables.
C. exhibits irregular variation that can be accounted for by dummy variables.
D. both a and b
E. both b and c
Answer: D
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The demand for a monopoly's output is p = 100 - Q. The firm's production function is Q = 2L. Which of the following is the firm's demand for labor?
A) w = 200 - 8L B) w = 200 - 4L C) w = 100 - L D) w = 2L
In the short run, a monopolistically competitive firm
A) always earns positive economic profits. B) never earns positive economic profits. C) can earn positive, negative, or zero economic profits. D) always earns positive accounting profits.
Refer to the below information and table. What will be the equilibrium economic rent per acre?
Suppose that the quantity of a certain type of farmland available is 400,000 acres, and the demand for this land is given in the table below.
A. $100
B. $200
C. $300
D. $400
The labor force participation rate:
A. is used as an indication of the health of the overall economy. B. typically rises during times of recession, as more people need work. C. tells us what fraction of the working-age population wants to be working, whether or not they actually have a job. D. All of these are true.