Micro
What is measured by the vertical distance between the total cost and total revenue curves?
Profit
Butter and margarine are examples of product _________.
substitutes
What term refers to producing a good in the least costly way.
Production Efficiency.
What is the amount by which the value of total assets exceeds total liabilities, or the amount of the owner's own capital invested in a business?
Equity or net worth
Female before she has had a calf of her own and is under three years of age
Heifer
What term is used for a direct reduction in taxes owed?
A tax credit
What is the area above the supply curve but below price?
Producer surplus
What form of business is owned by its customers?
Cooperative
What is the accounting method that recognizes income when earned and expenses when incurred?
Accural Accounting
How many square feet in an acre?
46,560
What law states that as the amount of a good consumed increases, the marginal utility of that good tends to diminish.
Law of diminishing marginal utility
Which costs have already been incurred as a result of past decisions?
Sunk
What is the most common method for a firm to increase its financial leverage.
Increase its debt.
A level stream of cash flows for a limited number of years is called?
Annuity
What is the top ag commodity in Oklahoma?
Cattle and calves
When should a firm shut down in the short run?
When price falls below minimum average variable cost.
Assuming air travel and rental cars are complements, describe the demand for rental cars if ticket prices fall?
The demand will increase.
What term describes a reduction in the value of an asset?
Capital Loss
How would the earnings to sales ratio be calculated?
net income divided by sales
How many gallons are in an acre inch of water?
27,154
Total Physical Product is declining in production stage(s) _____.
Stage III
If marginal product is falling, marginal cost is ____________.
Rising
What business activity includes the purchase of one firm by another firm?
Acquisition
What is a provision under which a bond issuer may redeem the bond in whole prior to maturity?
Call provision
Tom Vilsack