Micro
For supply, what is the relationship between price and quantity
Positively related
Give the first derivative of 7X + 3 with respect to X.
7
What traces a producer's development over the four stages: introduction, growth, maturity, and decline ?
Product life cycle
What does USDA stand for?
The most popular breed of dairy cattle in the United States and Canada is:
Holstein
A locus of points, or combinations of goods, each of which yields the same level of total utility or satisfaction.
Indifference curve
If two random variables are independent, the correlation between them equals?
0
The current cash price is called the _______ price.
spot
What federal legislation administered by the U.S. EPA serves as the primary means of protecting and regulating the surface water quality of the United States?
Clean Water Act
India is home to the world's largest national cattle herd. Which country in number two?
Brazil
What is the difference between a consumer's willingness to pay and the market price?
Consumer surplus
What common statistical method tests for autocorrelation?
durbin watson test
The share of an industry's output accounted for by the four largest firms in the industry is called the:
4 Firm concentration ratio
What do we call the major agricultural legislation in the U.S. that expires every 4 or 5 years?
The Farm Bill
What type of data includes observations for different entities for which a common set of variables are measured at the same point in time?
Cross sectional
What type of demand exists when the demand for an input is caused by the demand for a product produced with that input?
Derived demand
The White Test is used in econometrics to test for
Heteroskedasticity
If the cross price elasticity between good X and Y was -0.5, this would mean that an increase in the price of good X would __________ the demand for good Y
decrease
Suppose that a large tree on Sarah's property is blocking Pam's view of the lake below. Sarah accepts Pam's offer to pay Sarah $500 for the right to cut down the tree. This situation describes?
Coase Thereom
How many squarre feet are in one acre of land?
43,560 Square Feet
What market structure maximizes society's welfare?
Perfect competition
What is the result of dropping the oldest observed value, incorporating the most recent observed value, summing all observations, and dividing by n called?
Moving average
What does it mean for cattle to be priced on a grid-basis?
Beef carcasses are assigned premiums and discounts according to its quality (or something close)
A method of analysis in which the costs (e.g., gas, hotel, road tolls) that individuals have incurred to get to an unpriced environmental resource are used to estimate the value of the resource is called the _________ _______ method.
travel cost
What is the name given to an equation in which one term is rasied to a power greater than 1?