A forecaster used the regression equationQt = a + bt + c1D1 + c2D2 + c3D3and quarterly sales data for 1996 I - 2013 IV (t = 1, ..., 64) for an appliance manufacturer to obtain the results shown below. Q is quarterly sales, and D1, D2 and D3 are dummy variables for quarters I, II, and III. 
Using the estimation results given above, the predicted level of sales in 2014 IV is ________ units.
A. 133.5
B. 132
C. 127.50
D. 125
E. none of the above
Answer: B
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In perfect competition, the demand faced by a single firm is perfectly
A. elastic, because many other firms produce the same standardized product. B. inelastic, because many other firms produce the same standardized product. C. inelastic, because the firm produces a differentiated product. D. elastic, because the firm produces a differentiated product.
An adverse supply shock would
A) shift the production function up and decrease marginal products at every level of employment. B) shift the production function down and decrease marginal products at every level of employment. C) shift the production function down and increase marginal products at every level of employment. D) shift the production function up and increase marginal products at every level of employment.
If at its current production level, a perfectly competitive firm's marginal revenue and long-run marginal cost are equal to $5 and its long-run average cost is $4, which of the following statements is true?
A) The firm should expect the market price of its product to increase. B) The firm should expect the market price of its product to fall. C) The firm should expect to earn positive economic profit indefinitely. D) The firm should expect the market supply curve to decrease.
Two goods are substitutes of each other if an increase in the price of one good causes the demand for the other good to increase
a. True b. False Indicate whether the statement is true or false