Micro
If the government imposes an excise tax on a good that has a perfectly inelastic demand, who will bear the burden of the tax?
The consumer
A new or modified product launched under an already successful brand name is called:
Brand extension
In 2006, Burger King was among a number of companies to launch an IPO; what is an IPO?
initial public offering
What would a macroeconomist call a fall in either private consumption or investment resulting from a rise in government expenditure?
crowding out
What are estimates of sales (in dollars and/or physical units) for a specific future period called?
sales forecast
What is a bar graph of a frequency distribution known as?
a histogram
What is any restriction, charge, or policy other than a tariff that limits access of imported goods?
a non-tariff barrier
What is the name of Louisville’s MLB minor league baseball team?
Louisville Bats
What do we call the demand for inputs used to produce goods and services?
Derived demand
Name three types of integration found in food markets.
(1)Vertical; (2) Horizontal; (3) Conglomerate
The interest rate specified on interest coupons attached to bonds is the:
Coupon rate
What is a rate of interest that large banks charge their best customers?
Prime rate
What is an agreement in which the owner of farmland allows a tenant to farm it in exchange for a portion of the crop?
Crop share lease
How would an econometrician account for a freeze in Florida when using regression to estimate the price of oranges?
Use a dummy variable
A situation of economic isolation where no trade occurs is called:
Autarky
What river runs along Louisville’s northern border?
The Ohio River
What characterizes a normal good?
A positive relationship between quantity and income or income elasticity >=1
In product promotion activities, what is a POP display?
Point of purchase display
On a farm inventory, the value of livestock held for sale shows $50,000 on 12/31/2002 and $60,000 on 12/31/2003. What is the entry for market livestock inventory on the 12/31/2003 income statement?
+ $10,000
Recession, fiscal recovery, growth, and fiscal decline are the four stages of the?
business cycle
What is the term that gives a firm's relative mix of investments or market share of products?
portfolio mix or portfolio analysis
What type of simulations randomly generates values for the probabilistic model components?
Monte Carlo
What immediate price effect would you expect in a nonrenewable resource market after a backstop technology is discovered?
Price would fall
What is the capital of Kentucky?
Frankfort
The "compensated" demand curve shows only what effect of a price change?
Substitution effect only
Another name for pin-hooking is?
Arbitrage
If a firm understates depreciation, overstates sales or ignores new liabilities, what is the effect on firm profitability?
Profits are overstated
What are two factors that shift aggregate demand?
Foreign income; Expectations; Exchange rates; Distribution of income; Monetary & fiscal policy
A specific isocline representing a set of input price ratios the manager believes relevant can be called the firm's
Expansion path
For the following matrix, provide the formula for finding the determinant:
2 2
5 6
12 - 10 = 2
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.
LISA Low-Input Sustainable Agriculture
Louisville and Kentucky have one of college basketball’s biggest rivalries — what is it commonly called?
The Governor’s Cup
In Stage III of the classical production function, what measure of variable inputs is negative?
Marginal Physical Product
For an option that is "in-the-money," the difference between the strike price and the futures price is known as the option’s _________ value.
intrinsic
A form of corporate ownership where the corporation is not taxed, rather the profits are taxed as income to the stockholders.
Subchapter S
What happens to the net export curve if the government imposes trade restrictions on imported goods?
Shifts to the right (or shifts out)
What does PERT stand for AND describe what its use is?
Program Evaluation and Review Technique - planning and controlling a project with sequenced component activities
What form of mathematical programming is used for making a sequence of interrelated decisions?
Dynamic programming
What type of rents is associated with upward sloping marginal cost curves?
Ricardian rents
What famous country singer from Kentucky is known for hits like “Coal Miner’s Daughter”?
Loretta Lynn