Strayer Eco 550 Midterm Exam Part 1 & 2

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

Question **

Income tax ******** *** ** example of *****

*******

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

explicit costs

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

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

******** **

The ******* ********* ** * ********** **** is ** ___________

Answer

maximize agency ******

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

maximize ***** ********

*** output ***** total ******* ****** ***** *****

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

******** **

** ****** ****** ******** ********* ************ ****** be ******** ****

*******

****** ********** ** that managers act **** ****** ** *** *****

***** ****** the ********** *** shares ** *** ********

be ** ********** ******** of *** firm’s *********

** ** ********** ******** ** *** ***** revenue ******** by *** *****

Question 4

Possible ***** ** Not-For-Profit ***** *********** ******* *** ** *** ********* ********

*******

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

******** ****** ******* to * breakeven ***********

maximize *** ********* of *** ************** ** the *** ***********

maximize *** ******* ** the contributors

******** **

Economic profit ** ******* ** *** ********** ******* ******* *** ____

Answer

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

total economic *****

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

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

******** 6

The ***** hazard in team ********** ****** *****

*******

****** ******** **** membership

lack of ****** ********** ** ********** ******

*************** ** groups

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

insufficient ***********

******** **

*** ******* difference(s) between *** standard ********* and *** *********** ** variation ** ******** ** **** *****

*******

*** *********** ** variation ** easier ** compute

the ******** ********* is * ******* ** relative **** ******* *** *********** ** ********* ** * ******* ** ******** *****

*** coefficient ** ********* ** * ******* ** ******** **** whereas the standard deviation ** * ******* ** ******** *****

*** ******** deviation ** ****** **** ** ******** whereas the *********** ** ********* ** ****** *****

******** **

*** *********** *********** ** * ***** occurring that ** ******* than *** standard ********* **** *** mean is approximately (assuming * normal **************

*******

******

*****

****

******

******** **

The **** ** *** ***** ** **** to *** *****

*******

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

*********** of ********** ******** value; standard deviation

correlation coefficient; standard ********** ******** ******

*********** ** ********** ******** ********** ******** value

******** ***

A change in the level of ** ******** ******** ** ********* and should ** ********** ** long as *** ******** ******** ****** the *****

Answer

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

total costs

******** costs

average costs

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

******** ***

Based ** *********** tradeoffs observable in *** ********* *********** ***** ** *** following ********** would *** ****** ** ***** higher expected ******* than ********* *******

*******

** ********** bonds

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

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

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

******** 12

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

*******

General ****** ***** AT&T

commercial ****** US

Government ******** ****** ***

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

IOU **** **** ****** ******** to pay *** $100 ** * ******* ********

*** ********

******* **** ** ____ **** ***** ******* is ********** *******

greater

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

** **** ****

than zero
*****

** zero
equal

to ***** **** Question

*** *

***** ********** **** ** **** indicates that *** * **** ******** ** ***** ******** demanded **** **** ** ***** *******

***

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

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

percent; decrease; *** percent
***

***** ********* *** ******** ten

percent; ********* fifteen percent
********

*** **

****** were ********* then ** should ************* Answer

***

*** ****** keep

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

** the Nobel ***** ********* ** **** ** **** *** ***** ** find ** ****** ******* demand ****** stop

******* ** ***** it ** ********** *****

*** price
Question

*** *****

***** ****** * ********** ****** ********** **** is ******** are ******** *******

producers’

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

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

goods
nondurable

goods
Question

*** An

****** ********** **** of ** ********* **** *** * ____ increase ** ****** **** **** increase ** ***** *******

one

******** quantity ********* *** ****** ***

***** quantity ********* *** ****** ***

******** ******** ********* *** percent
one

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

******** quantity ********* *** ******** ********

18
***

********* which ******** a ******** ***** *** ****** ***** include(s):
*******

increase

** ***** ** advertising
********

in ***** of complementary goods
increase

** consumer ********** income
********

in price of *** **** ********* uestion

*** *****

** the ********* ***** tend ** **** ****** INELASTIC?
Answer

the

****** of **** ******** is ***** ***** *****

*** lots of *********** available
***

product is ****** durable
***

********** of the budget ***** ** *** **** is **** ****** **

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

*** ***

******** deviation of the ***** terms in an ********* regression ******** ** ***** as:
*******

coefficient

** determination
***********

coefficient
*************

statistic
********

***** ** the ********* uestion

*** **

***** ** the ********* *********** ******** ** ** **** ************* statistic ***** *** **** **** **** *******

***

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

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

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

******

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

22
When

using * ************** power function ** = a **** X2b2 ***** ** represent ** ******** relationship ********* ** the ********** (a *** *** b’s) ***** ****** ********** analysis *** ** ******** by ***** ******** a **** transformation to ******* *** ******** ** a linear ************* *******

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

double-logarithmic

***********

polynomial

cubic

********

*** The

****** ***** *** **** **** *********** ** ********** ****** of * product that ************ *** come ** market **** *******

***

consumer ******* market

experimentation
*

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

the ***** ***

********** method
********

*** ******

functions in *** ************** form are **** ****** *** *** ** the ********* reasons ******** Answer

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

are ******** over * range ** ***** ease

** ********** ** ************* exponents

** parameters *** the ************ ** ***** variables
marginal

****** ** * **** ****** ** an ********** variable ** ********* ********

*** ***

Identification ******* ** *** development ** a demand ******** ** * result **** Answer

***

variance ** *** demand *********** ***

*********** ** ******** ******** ** any ***** ****** ***

negative ***** ** the ****** ********* the

simultaneous ************ ******* *** demand *** ****** ********** ****

2
********

1
***

*** ** ********* data ** ******* *** *********** model *** * +bYt?1 is an ******* of which forecasting *********** *******

**********

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

forecasting
******

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

******* ***** ** ** understanding ** the ********** economic ********* involved
Input-output

********* Question

** Time-series

*********** ******** Answer

***

****** ******** ******* ***** ******* and wildly
are

**** ********* ** making long-run ********* **** ********* ********** are

***** ****** ** historical observations ** *** ****** of the variable ***** *********** *******

** explain *** underlying causal relationships ***** ******* *** observed ******** ********

3
********

*********** plans ** an ******* of * *********** ****** ***** ** the general ********** **** ********* **** example?
Answer

***********

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

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

techniques *** opinion polling
econometric

*********** input-output

analysis
********

4
*****

** *** following ********** indicators ***** ** *** most ******* for *********** ****** ***** *** ** ********** *******

lagging

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

economic indicators
**********

******** indicators
wishful

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

** *********

********** *** * **** ** **** techniques ***** ****** **** ***** ** an ********** pattern ** ** found ** *** ********** ****** ** * ******** that ** ***** forecast
*******

*******

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

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

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

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

6
The

variation ** an ******** *********** ***** is ****** by major ********** ** ************ usually ** greater **** * **** in duration ** ***** **** *******

*******

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

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

effect
*************

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

** **

** **** ******* with few ******* ************ and *********** ************* ***** * rise ** interest ***** *** * decline ** *** ******** price ***** of ********* ***** *******

*****

*** value ** the ********* *****

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

the ****** ** trading ** *** foreign ******** ******* *****

*** trade-weighted ******** rate
increase

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

** **

a recession the ***** ******* ***** ******** because
*******

*******

exports ****** ************ **** ******** banks

sell depressed ******* fewer

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

investment ****** declines
***

******* ******* ******* the current ******** ********

** An

appreciation ** the ** dollar *** **** impact ** *************** **** * ** manufacturer ** motorcycles?
*******

********

***** of HD *********** increase *** ******* ***** of ** *********** ********* ********

***** ** HD *********** ******** and ******* ***** ** ** *********** ********* domestic

***** ** ** *********** ******** and foreign ***** ** ** *********** ********* ********

sales ** HD *********** ******** *** foreign sales of ** *********** ********* ********

*** If

*** ******* ***** *** *********** ** 10% ******* *** dollar:
*******

****

*** ** ********* **** ******* *** ** ********* ** ******* **** ** ****** by *** appreciating ****** ***

** ********* **** find it ****** to **** ** ******* ********* ** ******** the

** importer ** ******* ***** **** **** ** **** **** ***** **** of ***** ***** ******* *** ****** ***** ****

** importers ** British ***** *** exporters ** ******* **** be unaffected by ******* ** ******* ******** ****** ********

11
European

***** ***** ***** ****** US *** ******* labor ***** primarily because
*******

worker

************ is ***** in the *** *****

***** *** higher ** the EU layoffs and

***** closings *** **** restrictive ** the ** *** Britain
the ******

** **** time *** ** ****** ** the EU
**************** relations

*** ****** ** the *** ******** ***

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

****** ** *** says *** ratios ******** **** ******* interest

rates

******* the ********* ** ******** rates
****** rates

******* *** ********* of ******** rates
********* *****

******* the ********* ** exchange ****** ******** *******

the ********* ******** rates
****** *******

***** explain *** direction of exchange ****** ******** 13

Trading ********

should ********** ** ********* goods ** accordance **** comparative ********* **** trade *** ********* ** *********** because
******* *************

*****

** production ******** free trade

***** ******* ****** industries
economies **

scale are ******** ************* ****

*********** ******** **** goods

are available for ************ ******** ***

***** *

************ ********** ******** ******** of Q = ************ * ***** ******** **** ******** ***** have:
******* increasing

*******

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

to ****** ********** *******

to ****** ******** *******

** scale
******** 15

******** factor

**** ** ******* ** *** ****** **** ** additional unit of the variable ***** adds to ***** ******* marginal

cost

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

marginal ****

** ********* substitution
total *****

******** ***

*** ********

**** ** ********* ************ *** ** defined as *** of *** following ******** ******* the

****

** ***** *** input *** ** substituted for ******* input ** *** ********** process while ***** ****** ******* ********* ***** **

*** ******** slope ** *** ******** ** *** ***** on *** ********* *** rate

at ***** *** ************ ** ****** have equal ***** costs
***** **

*** ratio of *** ******** ******** of * *** ** ******** ***

*** primary

******* ** *** ************ power ******** is to:
Answer
*****

***

** make ********* of *********** ************** ***** ***

** make predictions ***** * ********* increase ** output *** * ***** increase in the ******* aid ***

in ******* ******** ********* ****** *** ******** ********** calculate *

short-run ****** total cost ********* ******** 18

*** ********

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

ratio

** ***** ****** ** *** ****** ** the ******** ***** **** in ********* *** ******* The ***********

change ** total ****** **** *** ** ******** ** the *** ** *** more unit of *** ******** ***** ** *** ********** process
*** **********

change ** ****** resulting from * given ********** ****** in *** ******* *** ******

** fixed **** ********* Question 19

Which **

*** ********* ** ***** ********** Answer
********

********

******* product

********** elasticity

marginal rate

** ********* substitution
***** **

*** ******* lines
******** ***

____ ***

******* ** ***** ***** *** ******** ********** ** *** alternative ****** chosen in a decision-making problem
Answer
***********

******

******** costs

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

**** ******

******** ***

********* of

***** ****** ** ********** where per **** ***** are:
******* **********

****

two ** **** products are ********* ******* when

*** ** **** ******** *** ********* ********* when

*** or **** ******** *** ********* Demonstrating ********

returns ** scale
************* **********

******* to scale
******** 22

*** a

********* cost ******** ***** ** *** following ********** ** ***** *** ****** ******* ***

*******

***** **** ******** is ************* *********** *** marginal

**** ******** intersects the ******* ***** **** ******** where *** ******* ******** cost ******** ** * ******** *** ********

**** ******** intersects the average ******** **** function ***** *** ******* ******** **** ******** is a ******** The marginal

cost ******** ********** the ******* ***** **** ******** ***** the ******* ***** cost function ** * minimum
Question ***

If **

= 321 * *** – 5Q2 then ******* ***** **** at * * ** is:
******* ****

****

****

****

****

********

***

The *********

** ************ of ***** ****** *** the firm ** hypothesized ** ****** ****** ******* transportation

******

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

*** ***** market
************* **

*** ******* ******** problems **

************ *** control encountered ** *********** ******** 25

*** ****

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

*****

*** ********** ****** as * ******** ** ***** * ********

or ************ relationship showing *** total **** of ********* ******* ********** of output
******* **

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

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


Click here to download attached files:
Strayer ECO 550 Midterm Exam Part 1 & Part 2.docx







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