Qualitative forecasting methods
A. use higher quality data than statistical methods.
B. are often the result of expert opinion.
C. cannot be replicated by another researcher.
D. both b and c
E. all of the above
Answer: D
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Firms in perfect competition are price takers because
A) each firm is too small relative to the market to be able to influence price. B) one firm determines the price that all other firms in the industry will charge. C) firms accept the price determined by the government. D) consumers have enough market power to set prices.
Which of the following examples are substitutes in production?
a. shoes; polish b. 2 percent milk; cream c. baseballs; footballs d. crude oil; motor oil
Which of the following is a method which can be used for estimation in simultaneous equations models?
A. Feasible generalized least squares estimation B. Prais-Winsten transformation C. Cochrane-Orcutt transformation D. Two stage least squares estimation
The graph shown best represents:
A. a missing market. B. a binding price floor. C. a market for an inferior good. D. a binding price ceiling.