Question Details

ECO 550 Midterm Exam Part 1
•  Question 1 
Shirking of one- duties is often encountered in team production settings because

			
•  Question 2 
To reduce Agency Problems, executive compensation should be designed to:

			
•  Question 3 
Income tax payments are an example of ____.

			
•  Question 4 
The moral hazard in team production arises from

			
•  Question 5 
Economic profit is defined as the difference between revenue and ____.

			
•  Question 6 
Possible goals of Not-For-Profit (NFP) enterprises include all of the following EXCEPT:
Answer 			

			
•  Question 7 
The primary difference(s) between the standard deviation and the coefficient of variation as measures of risk are:

			
•  Question 8 
The ____ is the ratio of ____ to the ____.

			
•  Question 9 
The level of an economic activity should be increased to the point where the ____ is zero.

			
•  Question 10 
Generally, investors expect that projects with high expected net present values also will be projects with

			
•  Question 11 
The standard deviation is appropriate to compare the risk between two investments only if

			
•  Question 12 
A change in the level of an economic activity is desirable and should be undertaken as long as the marginal benefits exceed the ____.

			
•  Question 13 
The factor(s) which cause(s) a movement along the demand curve include(s):

			
•  Question 14 
An increase in each of the following factors would normally provide a subsequent increase in quantity demanded, except:

			
•  Question 15 
Which of the following would tend to make demand INELASTIC?

			
•  Question 16 
A price elasticity (ED) of −1.50 indicates that for a ____ increase in price, quantity demanded will ____ by ____.

			
•  Question 17 
When demand is ____ a percentage change in ____ is exactly offset by the same percentage change in ____ demanded, the net result being a constant total consumer expenditure.

			
•  Question 18 
Those goods having a calculated income elasticity that is negative are called:

•  Question 19 
Producers' goods are:

			
•  Question 20 
In regression analysis, the existence of a high degree of intercorrelation among some or all of the explanatory variables in the regression equation constitutes:

			
•  Question 21 
In which of the following econometric problems do we find Durbin-Watson statistic being far away from 2.0?

			
•  Question 22 
In testing whether each individual independent variables (Xs) in a multiple regression equation is statistically significant in explaining the dependent variable (Y), one uses the:

			
•  Question 23 
When two or more "independent" variables are highly correlated, then we have:

			
•  Question 24 
One commonly used test in checking for the presence of autocorrelation when working with time series data is the ____.

•  Question 25 
The standard deviation of the error terms in an estimated regression equation is known as:

			

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