Micro
A good with a negative income elasticity is called a(n) _______ good?
Inferior
This statement shows the annual flow and timing of cash into and out of a business.
Cash Flow statement
The difference between the largest and the smallest value of data is called?
____________ has the properties of nonrivalry in consumption and nonexcludability.
Public good
A firm decides to offer a new product at a low introductory price to capture market share and then raise the price over time. What type of pricing strategy are they using?
Penetration
The percentage change in quantity demanded divided by the percentage change in price is also known as _______________.
Price elasticity of demand
An expense that has been incurred but not yet paid is called?
Account Payable or Debt
The statistical test used in regression analysis to assess the significance of a single parameter estimate is called?
t-test
An empirical methodology used in resource economics to value a nonmarket good that relies on distance traveled to the site and associated costs is called?
Travel cost method
An identifiable group or submarket within the total market is called:
Market Segment
What results from the horizontal summations of the portion of the marginal cost curve above average variable cost for all the firms in the industry?
Industry's short run supply curve
Name the four major functions of management.
Planning, Organizing, Directing, and Controlling
When there is sufficient evidence from the sample to indicate that the true value of a regression coefficient is not zero, the coefficient is said to be ___________.
Statistically significant
______________ is defined as a situation in which the independent pursuit of self-interest by two parties makes both worse off.
A general explanation of the inherent cyclic characteristics of the production system of some commodities has been given the name ______________ theorem.
Cobweb
The cross price elasticity between A and B is positive. These goods are said to be ___________.
Substitutes
Net worth, the debt-to-asset ratio, and the leverage ratio are all measures of:
A. Efficiency
B. Liquidity
C. Repayment Capacity
D. Solvency
What common statistical method tests for autocorrelation?
Durbin-Watson test
The overuse of a free access resource which may threaten the resource's existence refers to:
Tragedy of the Commons
In a perfect or textbook hedge, the basis is considered to be __________.
constant
If the price at which a firm can sell its product is equal to or greater than average variable cost, at what point will it maximize economic profit (or minimize losses)?
Where marginal revenue = marginal cost
A strawberry farmer has estimated her return on assets (ROA), return on equity (ROE), and average cost of debt (COD) from her pro forma financial statements. Which two of the three measures will decrease if the price of strawberries decline?
ROA and ROE
When the regression model's disturbance terms have violated the assumption of a constant variance, the model has a problem with ________ ?
heteroskedasticity
"As long as negotiation costs are negligible and affected consumers can negotiate freely with each other, the court could allocate the entitlements to either party, and an efficient allocation would result." This statement is attributable to what economist?
Ronald Coase
A mechanism used to avoid the risk of a decline in the future market of a commodity, usually by entering into futures markets is called ____________.
Hedging