Micro
What is the appropriate label for the vertical axis on the graph of the demand curve?
Price per unit; or dollars per unit
What is the term when two or more products are sold in one package?
Bundling
What is the accounting term commonly used to refer to a collection of accounts for a person or business?
ledger
A tax levied on the addition to a product's value at each level in the production and distribution process is called:
VAT or value added tax
What name do we give a distribution that displays a lack of symmetry?
Skewed distribution
The highest financial strength bond rating is?
AAA
What USDA agency administers grading, inspection, market order, and promotion programs related to agricultural commodities?
Agricultural Marketing Service.
What NFL QB guaranteed he win the Superbowl?
Joe Namath
A graph of various market baskets that provide a consumer with equal utility.
Indifference curve
The Herfindahl index for a monopolist equals?
(1)(1) = 1 or, in percent form, (100)(100) = 10,000
The __________ curve effect refers to the cost advantage that is associated with the accumulated experience and know-how of a firm's employees.
Learning
A macroeconomic policy that the government should not intervene in the operation of the national economy is _____.
Laissez faire
What type of data includes observations for different entities for which a common set of variables are measured at the same point in time?
Cross-sectional
What is the standard object used to facilitate the exchange of goods and services?
Money
A decrease in the value of the domestic currency will, in general, cause domestic agricultural exports to do what?
Increase
Which NFL team has the most Super Bowls appearances?
Patriots with 11
A change in demand is graphically represented by what change in the demand curve?
A shift
If deliveries are made through the futures market, who pays the delivery cost?
The seller
________ __________ is concerned with the analysis of decision-making under conflict caused by opposing interests, generally competitors.
Game Theory
Whose law states that bad money drives out good money
Gresham's Law
What is a deterministic relationship?
One without an error term
What do contingent valuation studies measure?
Willingness to pay
The amount of soil erosion that will allow production to be sustained indefinitely is known by what letter?
T
Which State has hosted the most Super Bowls?
Florida
Slopes of isoquants represent the Marginal Rate of _____.
Input substitution
What type of speculator will frequently buy and sell at one-tick movements?
Scalper
One of the earliest theories of leadership, which suggested that great leaders are born, not made
Great man theory
How many districts are included in the Federal Reserve System?
12
What do we call a matrix of order 1xn?
Row Vector
What is a measure of a stock's volatility relative to that of an average stock?
Beta
What conservation compliance provision requires highly erodible land brought into production to have an approved conservation plan before becoming eligible for program benefits?
Sodbuster
What Jeweler makes the Super Bowl Trophy?
Tiffany & Co
In production theory with one variable input, the decision rule for profit maximization is stated as _________.
MVP=MFC (marginal factor cost)
What type of pricing strategy is being used when a grocery store offers discounts to senior citizens on Wednesday morning?
Discriminatory pricing in general, or Customer-segment pricing in particular
What are the three components necessary for real property to have value?
Utility, scarcity, and demand
If the government outlawed sticky wages, what would likely happen to employment levels?
They would rise
How do we classify a matrix that does NOT have an inverse?
Using the remaining balance method, what is the interest cost of a $1,000 loan at a 12% annual rate for 6 months?
$60 (=1000*0.12*0.5)
The idea that a country should be self-sufficient and not take part in international trade is known as?
autarky
Average economic boost to a Super Bowl host city?
$300-$500 million