ECO 550 Midterm Part 2 / ECO 550 Midterm Part 2

******** **

*********** forecasting ********

Answer

*** useful whenever ******* ***** ******* and wildly

*** **** effective ** ****** ******** ********* **** ********* **********

*** based ****** ** ********** ************ ** *** ****** ** *** ******** ***** ***********

******* to ******* *** ********** ****** ************* ***** ******* the observed outcome ******** 2

********* techniques *** * **** ** **** ********** which ****** **** ***** ** an underlying ******* ** ** found in *** ********** values of a ******** **** ** ***** forecast

*******

******* ********

barometric forecasting

*********** ************

time-series forecasting

******** **

******** *********** ***** ** ** ******* ** a forecasting ****** ***** of *** ******* ********** **** ********* this *********

Answer

*********** forecasting ***********

********** ***********

****** techniques *** ******* ********

*********** ***********

************ *********

******** **

*** **** ** ******** ********* that *** **** be used *** ******** *********** ** *****

*******

******* **********

********** **********

lagging **********

current ******** ********* **********

****************** indicator

******** **

The *********** ********* which ******** to ******** ********* ******* and makes *** of economic ********** ***** as ******* ********** ** ******* ********** is known *** *******

*********** **********

*********** forecasting

opinion ********

********** **********

******** ************

Question **

*** *** of quarterly **** to develop *** forecasting model Yt * * ************ ** ** ******* of ***** *********** ********** *******

********** forecasting

*********** ************

****** *** ********

*********** ******* ***** ** an understanding ** the underlying ******** ********* involved

************ *********

******** 7

********** ***** ****** or *** **** the ****** composed *** Answer

interest rates ******* *** ********* of ******** rates

growth ***** ******* *** ********* ** ******** rates

********* rates explain *** direction ** exchange ******

services explain *** ********* exchange ******

public ******* ***** explain *** direction ** ******** ******

******** 8

** *** ******* ***** ***** *********** by *** ******* the dollar: *******

**** *** ** importers **** Britain *** ** exporters ** ******* **** ** ****** by *** ************ ******

*** US ********* will find ** ****** to **** ** ******* ********* in ********

*** ** ******** of ******* ***** will tend ** **** **** ***** cost ** ***** rises ******* *** ****** line

**** ** ********* of ******* ***** and ********* to Britain will be ********** ** ******* in foreign ******** ******

******** 9

** *** ******** ***** of *** ******* Reserve ***** ****** ** ******* ******** policy ** ******* ** ******** ***** **** year **** ** *** ****** ****** ** *** ***** of *** ******* Answer

*** ***** ** *** dollar ***** when ** interest ***** *****

*** value ** *** ****** ***** **** US ******** ***** rise

*** ***** of the ****** ** not ******* to US ******** ******

**** ** ***** as Purchasing ***** ****** ** ****

******** ***

** ******** ** *** ******** **** ** the ** ****** relative ** * trading ******* *** ****** from *******

****** anticipated ***** ** production ** the ***

****** ******** ***** and ****** ********* ** *** ***

****** ****** ***** ** the ******* ************* economy

* ****** in *** ***** ** trade

lower export ******** *************

******** 11

*** ****** ** Apple ***** ********* ** Shanghai ** * **** ********* ***** ($213 cost *** *** profit ******* adds **** **** ** ****** ** the ** trade ******* with ***** ********

*******

Chinese ******** ***** ********** **** ** % ** *** ********* *****

the ************ ********** *** ********* ** ******** number of **** ******

wholesale ****** **** ***** in the trade statistics if ***** product prices *** higher

as with ***************** ******** **** of *** *********** ********** **** **** the ***

*** Chinese **** ** * ******* *********

******** 12

In * ********* the trade ******* ***** improves ******* *******

******* ******* ****** ************ **** ********

***** **** depressed *******

***** households *** ****** luxury imports

direct ********** ****** declines

the ******* account ******* *** current ********

Question 13

In * production process an excessive ****** ** *** ******** ***** ******** ** *** ***** ***** is ***** used ** ******* *** desired ****** This ********* ** **** for: *******

***** ***

****** * *** ***

**** ** = **

***** ****

******** ***

***** of the ********* ** ***** ********* *******

marginal ********

average ********

********** elasticity

******** rate ** ********* substitution

***** ** *** ******* ******

Question 15

*** ******** **** of ********* ************ *** ** defined ** *** ** the following except:

*******

the **** ** which *** input *** ** substituted for ******* ***** in *** ********** ******* ***** ***** ****** remains *********

***** ** *** ******** ***** ** the ******** ** any point ** *** isoquant

*** rate ** which all ************ of inputs **** ***** ***** ******

***** to the ratio ** *** ******** ******** of * and **

******** ***

Marginal factor **** ** ******* ** *** amount **** ** additional unit ** *** ******** ***** **** ** ____

*******

marginal *****

variable *****

******** rate ** ********* *************

total *****

Question ***

*** ******* ******* of *** ************ ***** function ** ****

Answer

***** *** ** **** ********* of *********** relationships

***** *** ** make predictions ***** * resulting ******** ** ****** *** a given increase ** *** *******

aid *** ** gaining ******** ********* ****** *** economic variables

********* * ********* ****** total **** *********

******** 18

*** ********* *** ****** **** are ******* *********** *** *** ******* ******* of * ****** *** *******

***** *******

parallel ******

concentric ********

right **********

******** 19

*** cost ******** ****

Answer

* means for expressing ****** as * ******** ** *****

a schedule ** ************ ************ ******* *** ***** **** of ********* ******* ********** of output

similar to * profit and loss **********

********* ** ***** ********* from *********** regression *********

Question 20

**** method ** ********* ********* should ** **** for ******** *************** ********* Answer

**** ******

original *****

current *********** *****

**** or market whichever ** ******

********** *****

******** ***

********* of Scope ****** to ********** ***** per unit ***** *****

*******

Unaffected **** *** ** **** ******** *** *********

Reduced **** *** ** **** ******** are produced

********* **** *** ** **** ******** *** produced

************* ******** ******* ** ******

Demonstrating ********** ******* ** ******

Question 22

********* ** the ****** of **** ************** ** *** *** of ******** ********* ** the short-run ******* ********* ****

*******

********** ******* *** declining ******* and ******** ******

********** ******* *** ********* ******* *** ******** ******

********** returns *** ********** ******* *** marginal ******

********** returns *** ********** ******* *** ******** ******

Question ***

Economies of ***** ***** ******** ******** ******* *******

*******

******** ** ****** ** **********

****** constant ** ****** ** increased

Decrease as ****** is **********

******* *** **** **** ** output is **********

******** ***

If ** * 321 + 55Q – *** **** ******* ***** **** ** * * ** *** Answer

****

****

****

****

****

******** 25

** example of a **** ****** data set is *** *** ***** *****

*******

****

***** ** ********* *** * ***** firm *** several *********** periods (eg ******** ****

would

** ********* *** ******* different firms ** * single ***** ** ***** ********** ********

comes

from **** ******** ***** **** ********* ****** ** time
**** is *******

****

a ****** ****** ********** program
*** ** ********** analysis

would

********** in **** ******


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ECO 550 Midterm Part 2.docx







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