A Method of Smoothing a Time Series That Can Be

question 37

Multiple Choice

A method of smoothing a time series that can be used to identify the combined trend/cyclical component is

• A) the moving average.
• B) the percent of trend.
• C) exponential smoothing.
• D) the trend/cyclical index.

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Definitions:

Average Product

refers to the output per unit of input, calculated by dividing the total product by the quantity of input used to produce this product.

Marginal Product

The surplus production derived from enhancing a specific input by a single unit, keeping all else equal.

Δq/ΔL

The change in quantity produced per unit change in labor, often related to the marginal product of labor.

Marginal Product

The additional output generated by employing one more unit of a particular input, holding other inputs constant.