Micro
Two products that are consumed together are considered to be ____________ .
complements
At the Federal level, who controls fiscal policy in the economy?
The US Congress
Financing for new, often high-risk ventures often comes from VC. What does "VC" stand for?
venture capitalist (or venture
capital)
A payment made ot an employee in addition to the normal salary, based on superior performance or other criteria
a bonus
By hedging, a farmer has eliminated price risk by taking on __________ risk.
basis
What does 4! (i.e., four factorial) equal?
24
Non-renewable sources of energy such as coal, natural gas, and petroleum products that were formed from the decayed bodies of animals and plants that died
millions of years ago are called ________ __________
"fossil fuels"
The practice by monopolists of charging different prices to different consumers is called _________ __________.
price discrimination
For a small open economy, the real interest rate is assumed to equal ______________.
the world real interest rate
An annuity for which the cash flows occur at the beginning of the period is called a(n) ______________ .
annuity due
The _______________ are the stratgy-related action approaches, competitive capabilities and business outcomes that every firm must be competent at doing in a
given industry (hint "KSFs")
Key Success Factors
Interviewing customers, focus groups and consumer surveys are examples of _____________ market research.
primary
What is the derivative of the natural log of x?
1/x (one over x)
The legal limit set on the quantity of a pollutant any single source may emit is called a _________ ________.
Emission standard
If France can produce a good at a lower opportunity cost than Canada, then France is said to have a(n) ____________ advantage in the production of that good.
comparative
Name two types of unemployment?
Any two: Frictional, Structural,
Cyclical and Seasonal
In publicly held companies, the equity that does not have priority for dividends nor in bankruptcy proceedings is called ______________.
common stock
Low-cost leadership and broad differentiation are examples of _____________________ .
Competitive Strategies
The Act of Congress in 1922 that held codify the legal status of agricultural cooperatives.
The Capper-Volstead Act
What do we call a variable that can only have integer values?
A discrete variable
Power generated from renewable energy sources, such as wind, solar, geothermal power, and hydropower is called ________ power.
green
The curve that contacts the two diagonal corners of an Edgeworth's Box is called the ___________curve.
Contract curve
What do we call a recession with rising prices?
Stagflation
The process of accumulating interest in an investment over time in order to earn more interest is called __________ .
compounding
Corporations that have eliminated both hierarchy and functional/departmental boundaries are called __________ corporations.
horizontal
The general need for which there is no present product.
latent demand
If the first derivative equals zero, and the second derivative equals zero, then this is a(n) _____________ point.
an inflection point
_____________ is the characteristic of a good such that one person's use of the good does not preclude another person's use of the same good.
Nonrival
What market structure can be illustrated by the Bertrand, Cournot and Stackelberg models?
Duopoly
What is disinflation?
A reduction in the rate at which
prices are rising.
A cost that has already been incurred and cannot be recouped and therefore should not be considered in an investment decision is called a ____________ .
sunk cost
Something a firm does especially well in comparison to rival companies, and hence is a source of competitive advantage for the firm.
a core competency
When shipping ag commodities by rail, ___________ is the charge/cost for extra loading or unloading time.
"demurrage"
What is the sum of the area under the normal distribution?
One
The _______ _______ ________ hypothesis asserts that food production keeps up with population growth, but the supply curve is sufficiently steep that food prices increase faster than other prices, thus food affordability is the central concern.
Weak global scarcity hypothesis