# ECO 550 MIDTERM EXAM

## ECO 550 MIDTERM EXAM

ECO 550 MIDTERM EXAM
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ECO 550 MIDTERM EXAM
All Possible Questions with Correct Answers for Midterm Exam
Question 1
Possible goals of Not-For-Profit (NFP) enterprises include all of the following EXCEPT:
Question 2
The primary objective of a for-profit firm is to ___________.
Question 3
Income tax payments are an example of ____.
Question 4
Economic profit is defined as the difference between revenue and ____.
Question 5
A change in the level of an economic activity is desirable and should be undertaken as long as the marginal benefits exceed the ____.
Question 6
The standard deviation is appropriate to compare the risk between two investments only if
Question 7
The level of an economic activity should be increased to the point where the ____ is zero.
Question 8
The net present value of an investment represents
Question 9
An income elasticity (Ey) of 2.0 indicates that for a ____ increase in income, ____ will increase by ____.
Question 10
A price elasticity (ED) of −1.50 indicates that for a ____ increase in price, quantity demanded will ____ by ____.
Question 11
Marginal revenue (MR) is ____ when total revenue is maximized.
Question 12
An increase in each of the following factors would normally provide a subsequent increase in quantity demanded, except:
Question 13
When using a multiplicative power function (Y = a X1b1 X2b2 X3b3) to represent an economic relationship, estimates of the parameters (a, and the b's) using linear regression analysis can be obtained by first applying a ____ transformation to convert the function to a linear relationship.
Question 14
The method which can give some information in estimating demand of a product that hasn’t yet come to market is:
Question 15
When two or more "independent" variables are highly correlated, then we have:
Question 16
One...