Tony (micro)
If average variable costs are greater than average revenue, what should a perfectly competitive firm do?
Shut down the firm
What is a realized increase in the value of a capital asset called, as when a share is sold for more than the price at which it was purchased?
Capital gains.
What type of profit consists of economic costs paid to entrepreneurial ability?
Normal profit
What is the economic term for a situation where all the costs and benefits are not reflected in the price?
Market failure
What is a castrated lamb called?
Wether
A locus of points, or combinations of goods, each of which yields the same level of total utility or satisfaction.
Indifference curve
What is a legal entity (person, firm, or specified agency) chartered to do business by a state or federal government?
Corporation
What method of accounting is used by most farmers for federal income tax purposes?
Cash method of accounting.
What U.S. law was meant to facilitate the distribution of American farm products in underdeveloped countries?
Public Law 480.
What is the study of a complex system of natural resources, farms, agribusinesses, and government organizations that provide products for consumption?
Agricultural Economics
Which costs have already been incurred as a result of past decisions?
Sunk
When quoting interest rates, what is used to denote 1/100 of a percent?
Basis point
What is estimated total costs of production for a given enterprise divided by the estimated yield?
Break-even price
What is the discounted sum of the income and cost streams associated with an investment?
Net present value.
Which government official lives at 24 Sussex Drive?
Prime Minister of Canada
What is happening to the long-run average cost curve if economies of size exist?
It is declining.
What has been purchased if the investment returns a series of equal dollar payments for a specified time period?
an annuity
Adding additional enterprises to reduce income variability is a risk management strategy called?
Diversification
What is Pareto optimality?
When no person can be made
better off without making another
worse off.
Who is considered by many to be the first social scientist?
Plato
What term is used to describe the loss of consumer surplus incurred by buyers and not captured by sellers that is generally associated with imperfect competition?
deadweight loss
A monetary debt owed by a firm or an individual is a _____.
Liability
What Land Class is suitable only for wildlife or recreation?
Land Class VIII
The theory that once assets enter into agriculture they tend to be locked in by the fact they are worth little outside of agriculture.
Fixed asset theory
Curable depreciation could also be called:
deferred maintenance