Micro
The difference between market price and price a producer will sell at is called?
Producer Surplus
During the fall of 1993, prices were increasing by 1% an hour in Bosnia. This is an example of
hyperinflation
Which element of the marketing mix is considered to be more transparent as a result of internet availability?
Price
What financial statement summarizes or provides a snapshot of a firm's financial position at a given point in time?
Balance Sheet
Who wrote "An Inquiry into Nature and Causes of the Wealth of Nations"?
Adam Smith
Market power refers to the ability of firms to raise its price above _________ cost without fear of other firms entering the market.
Marginal
A price ceiling creates a
shortage
Which promotional method is the most suitable if a complex technical argument is required?
Personal Selling
The statement of financial position is also called the?
Balance Sheet
There is a basketball court in the Supreme Court. What is its nickname?
The Highest Court in the Land
In game theory, the outcome or consequence of a strategy is referred to as the what?
Payoff
When your income falls and you starting consuming less milk, then milk would be considered a _______ good.
normal
Segmentation pricing is where varying prices are set for different groups of customers. What do economists call this approach?
Price discrimination
The principal amount of a bond is called?
Par value
What is the longest-running game show in US TV history?
The Price is Right
If demand for a good is perfectly elastic and a tax is imposed who pays 100% of the tax?
Producers
Store of value
Setting a high price when a product is first introduced and then gradually lowering its price over time is referred to as price ______________.
skimming
A person willing to for-go $100 today in order to receive $100 next year is said to have a ________ time preference.
advanced
neutral
delayed
neutral
The underside of a horse's hoof is called the?
Frog
A Bertrand oligopoly will result in ____________ as a market that is in perfect competition.
Lower price
Same Price
Higher Price
Same
If there are 12,000 people employed, 3,000 unemployed, and 5,000 not in the labor force, what is the labor force participation rate?
75%
What is the concept that states new retailers begin as low price and low margin retailers and then convert into high price retailers they replace?
Wheel of Rationing
Which of the following is not a financial intermediary:
credit union
insurance company
mutual fund
investment banker
investment banker
What year were the first Nobel Prizes awarded?
1878
1894
1901
1909
1901