Resource/Policy
Water that is safe and palatable for human consumption is called _________.
potable
What area of economics applies mathematical and statistical techniques to economic problems?
Econometrics.
Cash owed by a firm to its suppliers for purchases made on credit is?
Accounts payable
What is the process of converting inputs into a good or service?
Production
Which US state produces the most pork?
Iowa
What do we call a professional determination of the value of farm real estate?
Appraisal
A person who seeks to enjoy the benefits of a public good without contributing to its cost is called?
Free rider
What does the acronym ANOVA stand for?
analysis of variance
The SAEA Company has Total Assets of $576,000 and Total Liabilities of $730,000. Based on these numbers, SAEA is financially _____.
Insolvent
Wages per unit of output is an example of what type of cost?
Average variable cost
What is the practice of producing fresh or saltwater animals and/or plant products?
Aquaculture
What does the acronym LLC as part of a company name stand for?
limited liability company
What immediate price effect would you expect in a nonrenewable resource market after a backstop technology is discovered?
Price would fall
What do we call a copy of a matrix where the rows and columns are interchanged?
Transpose
What do we call the nominal or face value of a bond?
Par value
What graphic device is most frequently used to illustrate the contract curve in an exchange economy?
Edgeworth box
When gassing tomatoes, what is the gas?
Ethylene
What term describes a farmer who intends to sell a corn crop in October and who sells a December futures contract today?
Hedger
What is it called when an asset stays in production even though its marginal value product is below its price?
asset fixity
What do we call a matrix of order 1xn?
Row vector
What is the pledge of specific firm assets to guarantee repayment of a loan?
collateral
If two goods were perfectly complementary, what functional form would demonstrate this relationship?
Leontief
Some plants have a horizontal underground stem, often enlarged for storage. What is this stem called?
Rhizome
A time period where at least one factor of production is considered by a manager as fixed would constitute a _____ run.
Short
What was the name of the bill introduced in the 1930s that placed tariffs on almost all imports to reduce the volume of imports into the US, in the hopes that this
would restore domestic employment?
Smoot-Hawley Act
The Student distribution is also known as the ___________ distribution.
t-distribution
A loan that is made for the purchase of inputs that generate sufficient cash income in use to repay the load are called __________________.
self-liquidating loans
The analysis of situations involving two or more decision makers with conflicting objectives is known as what.
Game theory
What economist is known for his application of mathematics and diagrams to economic principles and for his students, including A.C. Pigou and J.M. Keynes?
Alfred Marshall
What are the 3 general forms of depreciation, regardless of whether they are curable or incurable?
(1) Physical (deferred maintenance);
(2) Functional;
(3) External