Micro
A situation that exists when only one buyer and one seller trade input (output) services in a market.
Bilateral monopoly
What is any institution or mechanism that brings together the buyers and the sellers of a good or service?
Market
What does the acronym ESOP stand for?
Employee Stock Ownership Program
The acronym IMF stands for?
International monetary fund
What is the generic name for computer programs that allow "what if" analyses to be easily accomplished?
Spreadsheet
Which of the following are not typically cash outflows?
Tax payments, family living withdrawals, or depreciation?
depreciation
What is the term for someone who is able to benefit from a good or service without paying for it?
Free rider
What farm animal is most associated with producing wool?
Sheep
What axiom of preferences means that indifference curves cannot cross?
Transitivity
What type of movement is it when consumers refuse to purchase a product in an attempt to influence price or other market conditions?
Consumer boycott
If an increase in the production of one enterprise increases output from another enterprise, the two enterprises have what type of relationship?
Complementary
Buying and selling government securities by the Fed as a monetary policy tool is called:
open market operations
If your model is characterized by multicollinearity, what is wrong?
Some of your independent variables are linearly related
What type of association is an organization of firms whose objective is favorable economic conditions for member firms?
Bargaining
Who was the famous nineteenth-century economist concerned with the economic concept of rent?
David Ricardo
In what country did soybeans originate?
China
What will result in a change in demand?
A change in ceteris paribus conditions (e.g., change in price of alternative goods, income, tastes and preferences, population)
Non-personal sales presentations addressed to large numbers of consumers for the purpose of altering the demand curve.
Advertising
What is the name of the process whereby a competitor's product is dismantled in order to enhance your own firm's product?
reverse engineering
What is the term for an exogenous change in an economic relationship, such as an aggregate demand or aggregate supply curve?
Shock
What does the Gauss-Markov theorem guarantee under classical assumptions about regression?
That OLS estimators are BLUE (best linear unbiased estimators)
What kind of financial statement is prepared on the basis of some assumed future events?
Pro forma
What is the term for an agreement among nations to unify all social, agricultural, tax, monetary, and fiscal policies, including the acceptance of a common currency?
Economic union
What is the net weight of a bale of cotton using the International Cotton Advisory Committee standard?
478 lbs
The most commonly used demand curve that reflects both the income and substitution effects is formally called:
Marshallian demand
A local store has a Christmas sale and anyone who comes in the store after 10:00 p.m. receives a 50% discount. What type of price discrimination is this?
Third Degree
What do we call the system that allows managers to compute costs by alternative methods and provides the means for monitoring and controlling those costs?
Management Information System (MIS)
What do open market activities (or operations) by the Federal Reserve consist of?
The purchase and sale of commercial bonds in an effort to affect the money supply
For a mathematical demand equation, what would show the change in quantity for a change in price, ceteris paribus?
The partial derivative of quantity with respect to price
The name of the internal rate of return on a bond when held to maturity?
Yield to maturity (or yield)
What is a flow resource?
One for which the use in one time period does not affect its availability for use in another time period
Which presidents' faces are on Mount Rushmore?
Washington; Jefferson; Lincoln; Teddy Roosevelt
If a person prefers Coke to Sprite and Sprite to Dr. Pepper, and if they are indifferent between Coke and Pepsi, what is their preference between Pepsi and Dr. Pepper?
Pepsi is preferred to Dr. Pepper
An order to buy or sell a commodity futures position that becomes a market order if the specified price level is reached is called:
A market if touched order
What is net farm income minus family living expenses and income taxes called?
Addition to owner equity
What term is used for the difference between the value of money and the cost of producing it?
Seigniorage
In addition to being descriptive, what is another common use of indexes?
To deflate price or income series
What business activity includes the purchase of one firm by another firm?
Acquisition
Who was one of the earliest (1766-1834) contributors to modern environmental thought and depicted an unhappy world with growing population and declining food supplies?
Thomas Malthus
A barrow is created by surgically neutering a _____.
Boar (swine)