Micro
What is the economic term used for consumer satisfaction?
utility
What is the ability to advantageously influence markets, market behavior or market results?
Market power
What are the four functions of management?
Planning, Organizing, Controlling, Directing
What type of market exists when illicit trade in goods occurs in an economy?
Black market
How does a firm increase its financial leverage?
Increase debt
What is the term for an array of number set out in rows and columns?
Matrix
The "Tragedy of the Commons" refers to
the overuse of a free access resource that may threaten the resource's existence
Which US state produces the most peanuts?
Wages per unit of output is an example of what type of cost?
Average variable cost
What is an overt cooperation between oligopolists to set common policies?
Collusion
What form of business is owned by its customers?
Cooperative
The price of one nation's currency in terms of another nation's currency.
Foreign exchange rate
In what process is the buildup of salt in soils due to the evaporation of irrigation water?
Salinization
Regular price movement observed year after year within a 12-month period is referred to by what term?
Seasonality
What policy tool provides a level of gross returns per unit of commodity guaranteed to participants in farm programs?
target price
What is the most widely grown fruit in the world?
Grapes
The slope of the indifference curve is called:
Marginal rate of substitution (MRS)
Hedging one commodity in the futures market of another commodity is referred to by what phrase?
Cross hedging
What measure refers to the percentage of the total sales of an industry made by the four (or some other number) largest sellers (firms) in the industry?
Concentration ratio
Who is responsible for the labor theory of value?
Karl Marx
What is the use of borrowed capital to supplement and extend the use of equity capital?
leveraging or leverage
What statistic is calculated by dropping the oldest observation, incorporating the most recent observation into the numerator, and dividing by a constant number of observations?
Moving Average
A tax on imports of agricultural goods is known as a(n) _____.
tariff
What does BTU stand for?
British Thermal Unit
Historically, Irish potatoes are examples of what type of inferior goods, which violate the law of demand?
Giffen goods
The combination of price, product, promotion, and distribution strategies is called the firm's ________ ________.
marketing mix
What has been purchased if the investment returns a series of equal dollar payments for a specified time period?
an annuity
What is another term for the paper money in the U.S.?
Federal Reserve notes
What are the four factors of production?
Land, labor, capital, and management.
If the dependent variable in a regression analysis were a dummy or binary or zero-one variable, the econometrician would opt for a ____________ model
Logit or Probit
The exclusive legal right of the creator of a literary or artistic work to profit from that work
copyright
What does FCOJ stand for?
Frozen concentrate orange juice
As Marginal Product becomes negative, what happens to Total Product?
It begins to decrease
The practice of driving prices down to unprofitable levels in order to weaken or eliminate existing competitors is called
Predatory pricing
A loan that is made for the purchase of inputs that generate sufficient cash income in use to repay the loan are called __________________.
self-liquidating loans
The total number of open positions in a specific futures contract is called:
open interest
Assume the total cost equation is given by TC = 100 + 10Q. If total output is 100 units, what is the breakeven price?
$11 per unit
In an OLS regression, the number of observations minus the number of regressors minus one equals _________
Degrees of freedom
Relative to the competitive outcome, a land diversion program ____________ market price and ___________ the level of commodity production.
Increases; Decreases
Which US state contains the most national parks?
Utah