Time-Series Models

question 46

Multiple Choice

Time-series models

• A)cannot be replicated by another researcher.
• B)use dummy variables to control for cyclical variation.
• C)use dummy variables to control for time trend.
• D)both a and b
• E)both b and c

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Definitions:

Short Run

A period in which at least one factor of production is fixed, constraining the ability of a firm to adjust its output levels.

TVC

Total Variable Cost, which refers to the total of all costs that vary with the level of output or production activity.

Short Run

A period in economics during which at least one input, such as plant size, is fixed, and only some factors of production can be varied.

TC

Total Cost, which refers to the aggregate amount of expenses incurred by a business in producing goods or services.