Macro
What would a macroeconomist call a fall in either private consumption or investment resulting from a rise in government expenditure?
crowding out
What is the method of prospecting for sales that involves contacting every farm or Agribusiness in an area without prior selection criteria called?
cold calling
A rationally managed monopoly would result in a market price that is _____ and level of output that is _____ than the pure competition market outcomes.
Higher; Lower
By hedging, a farmer has eliminated price risk by taking on __________ risk.
basis
In the long run, all inputs are ________________ .
variable
What does 4! (i.e., four factorial) equal?
4x3x2x1=24
Water that is safe and palatable for human consumption is called _________.
potable
Which branch of the U.S. military is the oldest, created in 1775?
U.S. Army
What will happen to aggregate demand if M1 is decreased?
It will shift to the left
The SAEA Company has Total Assets of $576,000 and Total Liabilities of $730,000. Based on these numbers, SAEA is financially _____.
Insolvent
A diagram that shows the employees involved in a business and the lines of authority and communication among them
Organizational Chart
What do we call a market intermediary that buys, sells, ships, and/or holds inventories of commodities (i.e., actually takes ownership of the commodity)?
A merchant
The personal income forgone by someone going to college is what kind of cost?
Opportunity Cost (or implicit costs)
What is the derivative of the natural log of x?
1/x (one over x)
An underground rock formation that stores and yields significant quantities of water is called a(n) _________ .
Aquifer
What flower is commonly worn to honor veterans, inspired by World War I?
The red poppy
Who is responsible for the labor theory of value?
Karl Marx
Which approach to property appraisal focuses on the earnings potential of the property?
Farm management requires three key production decisions, name two of them
What to produce? How to produce? How much to produce?
Sunday newspaper coupons for food products are an example of what type of promotional effort?
a "pull strategy" (or demand pull strategy)
A net loss in total surplus is called a(n) ____________ loss.
deadweight
What is the second derivative of f(x) = 5x ?
zero
Consumers' willingness to pay for the opportunity to use some natural resource in the future, even if they do not use it now is callled the ________ ________ .
option value
Which war ended on November 11, 1918, the date that later became Veterans Day?
WW1
In many retail stores price markdowns are now determined by computer. The "middle managers" that used to make these decisions have experienced what type of unemployment?
Structural unemployment
What term refers to a group of plants engaged in different stages of the production of a final product in a single firm?
Vertical Integration
What type of management attempts to centrally control or link the production, shipment, and distribution of a product?
supply chain
Walmart’s recent entrance into organic foods and more upscale clothing and home furnishings is an example of what concept?
Wheel of Retailing
The curve that contacts the two diagonal corners of an Edgeworth's Box is called the ___________curve.
Contact curve
If the first derivative equals zero, and the second derivative equals zero, then this is a(n) _____________ point.
an inflection point
LISA is an alternative method of agriculture that reduces the application of purchased inputs such as fertilizer, pesticides, and herbicides. Give the complete name represented by the acronym.
Low-Input Sustainable Agriculture
What economic policy after World War II provided veterans with tuition, housing loans, and unemployment benefits. Massively expanding the U.S. middle class?
The GI Bill
What happens to the net export curve if the government imposes trade restrictions on imported goods?
Shifts to the right (or shifts out)
What is the actuarial rate of interest on a loan of $1,000 repaid one year later with a payment of $1,120?
i = (1,120/1000) - 1 = 0.12 = 12%
What are wages set at higher-than-market clearing for such purposes as encouraging employee loyalty and discouraging shirking?
efficiency wages
Name the five forces in Michael Porter's Five Forces Model.
Rivalry among existing firms, Bargaining power of suppliers, Bargaining power of buyers, Threat of new entrants, Threat of substitute products
What market structure can be illustrated by the Bertrand, Cournot and Stackelberg models?
Duopoly
What is the sum of the area under the normal distribution?
One
It has been possible to buy and sell options contracts for agricultural commodities traded on futures markets since what year?
1984
What is the name of the famous WWII photograph showing six Marines raising a flag on Mount Suribachi?
Raising the Flag on Iwo Jima