Micro
A price elasticity of demand equal to 1 is known as what kind of elasticity?
unitary
What is an overt cooperation between oligopolists to set common policies?
Collusion
What do we call a professional determination of the value of farm real estate?
Appraisal
The increase in welfare to the world economy or an individual country as a result of engaging in international commerce is commonly called:
Gains from trade
Another name for the rectangular coordinate system used in graphing is the ____________ coordinate system
Cartesian
Financing for new, often high-risk ventures often comes from VC. What does "VC" stand for?
venture capitalist
What was the name of the fixed exchange rate system established in 1944 to promote postwar exchange rate stability and coordinate international monetary policies?
Bretton Woods System or Gold-exchange System
What groundhog predicts the weather each February 2?
Punxsutawney Phil
What axiom of preferences means that indifference curves cannot cross?
Transitivity
What term refers to the number of products that a firm offers within one category or line?
length
Laws that prevent "unfair" business practices that give rise to monopoly power.
Antitrust laws
The number of Federal Reserve districts in the U.S.
12
If y equals 1 over (1+x), what restriction must be placed on the value of x?
x cannot equal negative one
A(n) __________________ exists when someone ("the principal") hires another person ("the agent") to do a job, but the agent does not act in the best interest of the principal.
agency problem
The wastewater, treated or untreated, that flows out of a treatment plant, sewer, or industrial outfall is called _________ .
Effluent
Which ancient civilization originally developed the calendar system that led to February having 28 days?
The Romans
What term refers to the specific cost of hiring one worker for one hour?
wage
As opposed to a national brand, a retailer's brand name for products only distributed in its stores is called?
private label
What financial document best indicates the repayment capacity of a firm?
Cash flow
If we observe a one-for-one adjustment of the nominal interest rate to the inflation rate, we have evidence of what market phenomenon?
The Fischer Effect
The symmetrical curve associated with the normal distribution is commonly called:
a bell-shaped or bell curve
A(n) __________ ___________ is the mechanism by which unhappy stockholders can act to replace existing management
proxy fight
A principle stated by English philosopher William of Occam which says the simplest theory that explains the observed facts should be selected when several theories are available.
Occam's Razor
In the Julian calendar, how often did leap years originally occur?
every 4 years
What is the primary distinction between nominal GDP and real GDP?
nominal GDP is in current dollars; real GDP is adjusted for changes in the price level
What marketing law states that the territorial boundary between two or more markets is a locus of points such that the final selling prices are equal for sellers in each market?
Law of market areas
What type of taxes are those estimated to be due if assets were liquidated at the market value shown on the balance sheet?
Contingent Income Tax
From what curve can we determine that at some point an increase in marginal tax rates will cause total tax revenues to decrease?
Laffer curve
If the first derivative equals zero, and the second derivative equals zero, then this is a(n) _____________ point.
an inflection point
The portion of a nominal interest rate that represents compensation for expected future inflation is called the _________ ___________
Inflation premium
Particularly important in agricultural agreements, what is the index used by the WTO that measures the monetary value of the extent of government support to a sector, abbreviated AMS?
Aggregate Measure of Support
Before January was added, which month was originally the first month of the Roman year?
March
What type of price discrimination, also known as block pricing, involves selling different quantities of goods at different prices?
second-degree
What is the name of the curve that shows the relationship between the tax rate and tax revenue?
Laffer Curve
When a firm has more profitable or acceptable investment projects than its has available funds, it must engage in ______________.
capital rationing
How do banks create money?
By making loans with excess reserves
In addition to being descriptive, what is another common use of indexes?
To deflate price or income series
Taxable income that results from selling a depreciable asset for more than its adjusted tax basis is called _________.
Depreciation Recapture
What asserts that, as long as well-defined property rights exist (and no transaction costs), externalities will not cause a breakdown in the allocation of resources?
the Coase theorem
What was the total number of days in the Roman calendar before Julius Caesar’s reform?
355 days