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 III is ________ units.
A. 156
B. 141.5
C. 173.5
D. 172
E. none of the above
Answer: E
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As the price of video games is raised from $40 to $45, their quantity demanded fell from 1.5 million copies to 1.2 million copies. The elasticity of demand of video games is:
a. 0.25 b. 1.89 c. 1.66 d. 2.08
The price elasticity of demand for a good measures the responsiveness of:
A. price to a 1 percent change in the quantity demanded of that good. B. price to a 1 percent change in the demand for that good. C. quantity demanded to a 1 percent change in price of that good. D. demand to a 1 percent change in price of that good.
If GNP is $10,000 and depreciation is $2,000, what is NNP?
a. $5,000 b. $8,000 c. $12,000 d. $20,000
The part of consumption that is independent of disposable income is called
A. personal consumption. B. automatic consumption. C. fixed consumption. D. autonomous consumption.