Micro
The number, size, and market share of the firms in an industry are used to define ________________ _________________.
Market Structure
What term refers to the sorting of unlike lots of products into uniform categories, according to quality standards?
grading
A farmer pays $25 per acre-foot for irrigation water. At profit maximizing equilibrium, what is the marginal value product of water?
25
What exists when government spending is less than government receipts?
A Budget surplus
If set A and Set B are mutually exclusive, then the intersection of Set A and Set B equals _____ or _____.
Zero, or Empty set
What does ECR stand for?
Efficient consumer response
The National Grange, the NFO and the American Farm Bureau are examples of ____________
National Farmer Groups/Organizations
In what country did Valentine’s Day originate?
Italy (Ancient Rome)
If a firm doubles its inputs and its output more than doubles as a result, the firm has what kind of returns to scale?
increasing
What is the term for the action taken by an option holder to enter a futures position?
Exercise
A mixture of vertical integration and market exchange, say owning some retail outlets and franchising others, is called?
Tapered integration
What currency measure is allowed to fluctuate in the open market in response to the demand and supply of foreign currencies?
Flexible exchange rates.
What is a Type II error?
When a null hypothesis is accepted when it is in fact false
What do contingent valuation studies measure?
Willingness to pay
The price today that would give a unit of commodity the same purchasing power that prevailed in 1910-1914 is called:
parity price
Approximately how many roses are produced for Valentine’s Day each year worldwide?
Around 250 million+
The idea that as a goods price goes down, it is perceived as being of lower quality and people buy less of the good is called:
Veblen effect
How are futures prices established?
Open outcry of bids and offers
process of gathering information on the performance of other companies in an industry for comparisons and to set goals is known as?
benchmarking
What type of demand for money varies inversely with the rate of interest?
Asset demand or investment demand
What is the term for an indicator created as the percentage of the average value of a set of related items at some base period ?
Index number
What is the focus of the income approach to property appraisal?
to capitalize the income earning potential of the property
The situation in which demand exceeds supply at a price of zero.
scarcity
Which U.S. state produces the most roses for Valentine’s Day?
California
What can be said about returns to scale with a linearly homogeneous production function?
Constant returns to scale
What type of demand exists when many consumers share a strong need that is not satisfied by any existing product?
Latent
Which form of depreciation is almost always incurable?
External (not physical or functional)
What is the term for a product that reduces time, effort, or ingredients required of the consumer in home preparation?
Convenience food
What is the mean of the distribution of the Durbin-Watson test statistic?
2
What term is used for the worth of a firm determined by deducting all debts from the value of all property?
Equity
What is a fund resource?
One where quantities are finite, whose present use reduces the physical amount available in the future
What percentage of Valentine’s Day cards are purchased by women?
About 80–85%
An inferior good with an income effect larger in absolute value than the substitution effect is called?
Giffen good
The lobbying of government for preferential access to particular markets or tax advantages is referred to as what type of activity?
Rent-seeking
What is the most appropriate situation to use the cost approach for appraising the value of a barn?
When the barn is new (or close to it)
Featherbedding refers to what?
The requirement that unneeded workers be retained on a job
When using a double-log model to estimate a traditional demand model, what does the estimated parameter for own price represent?
Own price elasticity of demand
Assuming an interest rate of 10 percent, what is the approximate net present value of a $100 payment to be received in one year?
About (just under) $91 [(100/1.10) = $90.91]
Name two of the four property rights reserved for the public that are superior to private property rights.
taxation, eminent domain, police power, and escheats
What medieval belief helped connect Valentine’s Day with romance?
That birds began mating in mid-February