Question Details

Marginal factor cost is defined as the amount that an additional unit of the variable input adds to 


1.	Marginal factor cost is defined as the amount that an additional unit of the variable input adds to ____.
A.	marginal cost
B.	variable cost
C.	marginal rate of technical substitution
D.	total cost
E.	none of the above
2.	The primary purpose of the Cobb-Douglas power function is to:
A.	allow one to make estimates of cost-output relationships
B.	allow one to make predictions about a resulting increase in output for a given increase in the inputs
C.	aid one in gaining accurate empirical values for economic variables
D.	calculate a short-run linear total cost function
E.	a and b
3.	The approximate probability of a value occurring that is greater than one standard deviation from the mean is approximately (assuming a normal distribution)
Answer
A.	68.26%
B.	2.28%
C.	34%
D.	15.87%
4.  In regression analysis, the existence of a significant pattern in successive values of the error term constitutes:
Answer
A.	Heteroscedasticity
B.	Autocorrelation
C.	Multicollinearity
D.	Nonlinearities
E.	a simultaneous equation relationship


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

A.	F-test
B.	Durbin-Watson test
C.	t-test
D.	z-test




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