Managerial Economics Applications Strategies And Tactics 14th Edition by James - Test Bank Instant Download - Complete Test Bank With Answers Sample Questions Are Posted Below Multiple Choice 1. Time-series forecasting models: a. are useful whenever changes occur rapidly and wildly b. are more effective in making long-run forecasts …
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Managerial Economics Applications Strategies And Tactics 14th Edition by James – Test Bank
Instant Download – Complete Test Bank With Answers
Sample Questions Are Posted Below
| Multiple Choice |
1. Time-series forecasting models:
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2. The forecasting technique which attempts to forecast short-run changes and makes use of economic indicators known as leading, coincident or lagging indicators is known as:
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3. The use of quarterly data to develop the forecasting model Yt = a +bYt−1 is an example of which forecasting technique?
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4. Variations in a time-series forecast can be caused by:
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| 5. The variation in an economic time-series which is caused by major expansions or contractions usually of greater than a year in duration is known as:
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6. The type of economic indicator that can best be used for business forecasting is the:
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7. Consumer expenditure plans is an example of a forecasting method. Which of the general categories best described this example?
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8. In the first-order exponential smoothing model, the new forecast is equal to a weighted average of the old forecast and the actual value in the most recent period.
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9. Simplified trend models are generally appropriate for predicting the turning points in an economic time series.
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10. Smoothing techniques are a form of ____ techniques which assume that there is an underlying pattern to be found in the historical values of a variable that is being forecast.
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11. Seasonal variations can be incorporated into a time-series model in a number of different ways, including:
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12. For studying demand relationships for a proposed new product that no one has ever used before, what would be the best method to use?
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13. Which of the following barometric indicators would be the most helpful for forecasting future sales for an industry?
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14. An example of a time series data set is one for which the:
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| 15. Examine the plot of data.
Sales
♥ ♥ ♥
Time It is likely that the best forecasting method for this plot would be:
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| 16. Emma uses a linear model to forecast quarterly same-store sales at the local Garden Center. The results of her multiple regression is:
Sales = 2,800 + 200•T – 350•D
where T goes from 1 to 16 for each quarter of the year from the first quarter of 2006 (‘06I) through the fourth quarter of 2009 (‘09 IV). D is a dummy variable which is 1 if sales are in the cold and dreary first quarter, and zero otherwise, because the months of January, February, and March generate few sales at the Garden Center. Use this model to estimate sales in a store for the first quarter of 2010 in the 17th month; that is: {2010 I}. Emma’s forecast should be:
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17. Select the correct statement.
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18. If two alternative economic models are offered, other things equal, we would
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| 19. Mr. Geppetto uses exponential smoothing to predict revenue in his wood carving business. He uses a weight of ω = .4 for the naïve forecast and (1-ω) = .6 for the past forecast. What revenue did he predict for March using the data below? Select closet answer.
MONTH REVENUE FORECAST Nov 100 100
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| 20. Suppose a plot of sales data over time appears to follow an S-shape as illustrated below.
Sales ♦ ♦
Time Which of the following is likely that the best forecasting functional form to use for sales data above?
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21. Regarding forecasting, which of the following statements is NOT true?
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22. All of the following are criteria used to select a forecasting technique EXCEPT:
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| Subjective Short Answer |
| 23. The Accuweather Corporation manufactures barometers and thermometers for weather forecasters. In an attempt to forecast its future needs for mercury, Accuweather’s chief economist estimated average monthly mercury needs as:
N = 500 + 10X where N = monthly mercury needs (units) and X = time period in months (January 2008= 0). The following monthly seasonal adjustment factors have been estimated using data from the past five years:
What seasonal adjustment factor should the firm use for November?
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24. Milner Brewing Company experienced the following monthly sales (in thousands of barrels) during 2010:
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