Micro
The additional revenue from selling one more unit of goods/services is called the ________________.
Marginal revenue
If government receipts minus government spending is positive, the result would be called:
budget surplus
For a firm, the properties and economic resources it owns are known as
assets
What President signed into law the act which created the the United States Department of Agriculture?
Abraham Lincoln
What is the #1 ag commodity in CO
Beef
What is the term for a good whose level of consumption is directly related to income?
Normal good
The transaction demand for money is related to money functioning as a?
medium of exchange
What does LLP stand for?
Limited liability partnership
A(n) __________ is the effect of a decision on a third party not taken into account by the agent or decision maker.
externality
What does Colorado rank in terms of sheep production
#1!
The profit maximizing decision rule is
Marginal revenue = marginal cost
This index is the primary measure of inflation facing individuals in an economy?
Consumer Price Index (CPI)
What is the interest rate banks charge their best customers?
Prime interest rate
The analogy of criminal behavior that is used to demonstrate how rational behavior at the micro-level leads to an apparently irrational macro-outcome is called:
Prisoner's dilemma
What was the first year of the Colorado State fair?
1872
Given a price elasticity of demand of -1.5 and price decreases, what will happen to total revenue?
Increases
The assumption of "sticky prices" is central to what macro-economic model?
Keynesian macro-economics
Changes in accounts receivable, accounts payable, inventory values, and prepaid expenses are examples of ________________ adjustments on an income statement.
accural
The exercise of what government power requires property owners to receive "just compensation" and that their property be used for "public use"?
eminent domain
The Centennial State
Inverse industry demand is given by P = 20 - 5Q. Marginal revenue equals?
20 - 10Q
If the Federal Reserve wanted to pursue a(n) ___________ monetary policy, it could raise the discount rate.
contractionary
Economic Order Quantity
The purpose of the pigou tax is to __________ the negative externalities associated with the use of the good in question.
internalize
What Famous Wild West gunslinger died of tuberculosis in Glenwood Springs in 1887
Doc Holliday