Microeconomics
The assumption that all other factors are held constant when examining the influence of one particular variable in an economics model is called ____
ceteris paribus
What is a tax on imported goods called?
tariff
Listed on a farms income statement, what does NFI stand for?
Net Farm Income
____________ has the properties of nonrivalry in consumption and nonexcludability.
public good
A sampling design that involves partitioning the entire population of elements into sub-populations, and then selects elements separately from each sub-population.
Stratified sampling.
When the average product is falling, marginal product is ___?
falling
Which model shows how savings, population growth, and technological progress determine the level of growth in the standard of living
Solow model
What do you call a series of uniform, periodic payments received (or paid) for either a fixed number of periods or in perpetuity?
annuity
______________ is defined as a situation in which the independent pursuit of self-interest by two parties makes both worse off.
prisoner's dilemma
If two random variables are independent, the correlation between them equals?
zero
What do you call a market in which a very large number of firms sells a standardized product, into which entry is easy, and in which the seller has no control over the price which the product sells?
perfect competition
Who is responsible for the day-to-day administration of monetary policy in Canada?
Bank of Canada
What U.S. agribusiness is the largest producer of ready-to-cook chicken?
Tyson foods
________________ is a systemic concept, relating to the continuity of economic, social, institutional and environmental aspects of human society.
sustainability
What is Type II error?
Incorrectly accepting a false null hypothesis
What is the change in total cost divided by the change in output?
marginal cost
What law is defined as the negative relationship between unemployment and real GDP, according to which a decrease in unemployment of one percentage point is associated with additional growth in real GDp of approximately two percent?
Okun's Law
What are the two most common forms of farm land rental agreements?
cash lease and share rent
Historically, the two main laws covering toxic chemical substances introduced into the environment are the Toxic Substances Control Act of 1976 and the other is ____________________.
Federal Insecticide, Fungicide and Rodenticide Act (of 1947)
The feasible region of a linear programming model forms a(n) ________ set?
convex
What type of demand curve shows the relationship of price and quantity for a good on the assumption that other prices and utility are held constant?
compensated (Hicksian)
The one-for-one relationship between the inflation rate and the nominal interest rate is called ___
the Fisher effect
A cash outlay that has already occurred and cannot be recovered whether a project is continued or terminated is called?
sunk cost
What principle is defined by the following:
"those causing pollution should meet the costs to which it gives rise."
Polluter Pays Principle
When the regression model's disturbance terms have violated the assumption of a constant variance, the model has a problem with ________ ?
heteroskedasticity