Kansas
In agricultural policy, what are green payments?
Payments by the government to
farmers for engaging in
environmentally sound practices
(best management practices)
What is a restriction on exports or imports?
embargo
What is the rate used to convert future values to present value?
What was the name of the fixed exchange rate system established in 1944 to promote postwar exchange rate stability and coordinate international monetary
policies?
Bretton Woods System or Gold-
exchange System
Water that is safe and palatable for human consumption is called _________.
potable
Who was the famous nineteenth-century economist concerned with the economic concept of rent?
David Ricardo
What U.S. law was meant to facilitate the distribution of American farm products in underdeveloped countries?
Public Law 480
A country is said to have a(n) _______________ advantage when it can produce a product at less cost than another country.
absolute
Pollution emitted by a factory that affects the surrounding environment and the health of nearby residents is an example of a(n) _______ ___________
negative externaltity
The situation in which demand exceeds supply at a price of zero.
Riparian Rights and Prior Appropriation are examples of:
Water rights
List the DIRTI-5.
depreciation; interest; repairs;
taxes; insurance
The Latin term for a resource in its natural state
in situ
Consumers' willingness to pay for the opportunity to use some natural resource in the future, even if they do not use it now is callled the ________ ________ .
option value
Good defined as those that exhibit both consumption indivisibilities and nonexcludability are called____________.
Public goods
What U.S. act authorized farmer-cooperatives to issue capital stock and engage in interstate trade?
Capper Volstead Act
The undepreciated value of an asset is commonly called the asset's __________ __________.
Book value
What type of land ownership provides the greatest bundle of rights to the owner?
Fee simple
______________ policy deals with government taxation and government expenditures.
Fiscal
Resources owned in common rather than privately, such as ocean fish.
Common Property
What term is used to describe the set of macroeconomic policies that attempted to achieve economic growth by increasing productivity and shifting aggregate
supply?
Supply side economics
The ______ _______ is the maximum price anyone is willing to pay for any unit of a resource. At any price higher, the demand for the resource is zero.
choke price
If the CPI in the base year is 100 and the CPI in the current year is 433, how much have prices risen between the years?
333 percent
What is the public right to acquire property at the death of a person with no will or heirs?
escheat
The idea that a country should be self-sufficient and not take part in international trade is known as?
autarky