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For a monopoly in equilibrium:

Question 1 For a monopoly in equilibrium:

Question 1 options:

 

 MR = MC

 

 MC ≤ AC

 

 MR ≤ AR

 

 P ≥ AC

 

Question 2 A monopsony is a market with:

 

Question 2 options:

 

 many sellers

 

 one buyer

 

 many buyers

 

 one seller

 

Question 3 Generally speaking, population parameters are not known and must be estimated by the sample

 

Question 3 options:

 

 mean

 

 mode

 

 median

 

 statistics

 

Question 4 A multiple regression model involves two or more

 

Question 4 options:

 

 Y variables

 

 X variables

 

 intercept terms

 

 data points

 

Question 5 The standard deviation of the dependent Y variable after controlling for all X variables is the

 

Question 5 options:

 

 correlation coefficient

 

 coefficient of determination

 

 F statistic

 

 standard error of the estimate

 

Question 6 In a uniform distribution, the mode

 

Question 6 options:

 

 equals the median

 

 is less than the mean

 

 is less than the median

 

 is greater than the mean

 

Question 7 Incorrect rejection of a true hypothesis is called

 

Question 7 options:

 

 type I error

 

 type II error

 

 z statistic error

 

 t statistic error

 

Question 8 In a simple regression model, the correlation coefficient is

 

Question 8 options:

 

 greater than one

 

 less than one

 

 equal to one

 

 the square root of the coefficient of determination

 

Question 9 A roughly coincident indicator of business cycle peaks is given by

 

Question 9 options:

 

 new orders for consumer goods and materials

 

 the rate of change in sensitive materials prices

 

 the rate of change in stock prices

 

 personal income minus transfer payments

 

Question 10 A forecast method based on the informed opinion of several individuals is called

 

Question 10 options:

 

 personal insight

 

 panel consensus

 

 the Delphi method

 

 qualitative analysis

 

Question 11 A rhythmic annual pattern in sales or profits is called

 

Question 11 options:

 

 cyclical fluctuation

 

 secular trend

 

 trend analysis

 

 seasonal variation

 

Question 12 Lagging economic indicators include

 

Question 12 options:

 

 personal income

 

 the change in stock prices

 

 orders for new plant and equipment

 

 the average duration of unemployment

 

Question 13 The Delphi method

 

Question 13 options:

 

 employs interaction among experts in the hope that resulting forecasts embody all

 

available objective and subjective information

 

 can be influenced by the forceful personality of one or a few key experts

 

 employs an independent party to elicit a consensus opinion

 

 assumes that several experts arrive at forecasts that are inferior to those that

 

individuals generate

 

Question 14 A secular trend is the

 

Question 14 options:

 

 annual pattern in sales or profits caused by weather, habit, or social custom

 

 predictable shock to the pace of economic activity caused by wars, strikes, natural catastrophes, and so on

 

 long-run pattern of increase or decrease in a series of economic data

 

 rhythmic variation in economic series that is due to expansion or contraction in the overall economy

 

Question 15 The forecasting method that can be used when market data is unavailable

 

Question 15 options:

 

 time-series analysis

 

 regression analysis

 

 input-output analysis

 

 qualitative analysis

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