Micro
Ag Biz
Marketing
Resource/Policy
Potpourri
100
A demand curve that is perfectly horizontal, we would say that the elasticity of demand is ____________.
Perfectly elastic.
100
Owners equity is sometimes referred to as what?
Net worth
100
According to the Boston Consulting Group Matrix, a product that has a high market growth rate and high market share would be classified as what?
Star
100
Which agency is responsible for protecting US environmental resources
EPA
100
The number of years it takes to recover the initial cash outflow of an investment is calculated using what?
Payback period
200
A farmer can produce corn or soybeans. He can produce 200 bu/acre of corn or 50 bu/acre of soybeans. What is the opportunity cost of producing 1 bu of soybeans?
4 bu corn
200
How many owners are required to form a limited liability company?
Atleast 1
200
What are the four utilities of marketing
form, place, time, posssession
200
Inferring the value of a recreational site by analyzing how much people are willing to spend to travel to the site is referred to as what
Travel cost method
200
According to the classical model, in the long run, the aggregate supply curve is _________________.
vertical
300
In which stage of production in the marginal product curve above the average product curve?
Stage 1
300
Which budget is best used to assess whole-farm profitability?
Whole farm budget
300
Name 3 of the 5 barriers to consumer satisfaction
Ownership separation, time separation, space separation, value separation, information separation
300
Fisheries and groundwater are examples of what type of good?
a. Private
b. Common pool resource
c. Club good
d. Public goods
Common pool resource
300
The phillips curve shows the negative relationship between what two factors?
inflation and unemployment
400
When the price of eggs increases by 10%, the quantity demanded of bacon decreases by 5%. What is the cross price elasticity of demand of bacon with respect to the price of eggs? Are the good complements or substitutes?
-0.5%. Complements
400
The profit before taxes is $100,000. Taxes are $8,000. Total sales was $1,500,000. What is the profit as a percentage of sales?
6.67%
400
What is the ticker symbol for feeder cattle futures on the board?
GF
400
Farmers benefiting from a pest control they did not fund is an example of what type of problem?
Free rider problem
400
Name at least 3 of the points on the STAR model of business organization
Strategy, structure, people, reward, processes
500
Calculate consumer surplus
$400
500
To calculate gross margin on an income statement, we subtract __________ from revenue from sales.
Cost of goods sold
500
The right to buy an underlying asset at a predetermined price is referred to as what.
Call option
500
If property rights are clearly defined and transactions costs are low, private bargaining can solve externality problems. This is known as ___________________.
Coase Theorum
500
What test do we use to evaluate endogeneity in regression modelling?
Hausman test