Micro
A period of time in which at least one of a firm's inputs is fixed in quantity is known as?
the short run
What is an economic system with private ownership of production capacity and output determined by markets called?
capitalism
What type of economy neither exports or imports goods and services?
Closed
What rental arrangement generally has the least risk to the landowner?
Cash rent.
What is a realized increase in the value of a capital asset called, as when a share is sold for more than the price at which it was purchased?
Capital gains.
What is the term for an array of number set out in rows and columns?
A matrix
What is a restriction on exports or imports?
An embargo
At what institution did Dr. Arnold and Dr. Shear meet?
Kansas State University
What cost is the difference between the cost of using an input and the value of the resource in the best alternative use?
Opportunity cost
What currency measure is allowed to fluctuate in the open market in response to the demand and supply of foreign currencies?
Flexible exchange rates
What do we call the portion of the consumer's food dollar that goes to food marketing firms?
Marketing margin
Laws that prevent "unfair" business practices that give rise to monopoly power.
Antitrust laws
A commitment by a lender to make a certain sum of money available to a firm at whatever time the firm needs the funds is typically called:
a line of credit
What statistical series on food marketing costs focuses on a specified set of goods purchased by the typical consumer?
Consumer Price Index (CPI).
A _________ sets an absolute limit on the quantity of a product that can be imported.
quota (or import quota)
At what university are most tractors tested and rated for performance?
University of Nebraska.
A commodity seller who is unable to affect the commodity price by changing the quantity it sells is referred to by what term?
Price taker
The Phillips Curve shows the relationship between the unemployment rate and what other economic factor ?
Rate of inflation.
What are the two largest cost components of the marketing bill?
Labor and packaging.
What is estimated total costs of production for a given enterprise divided by the estimated yield?
Break-even price
What is the most common method for a firm to increase its financial leverage?
Increase its debt.
A rule for determining the derivative of a function of the form y = f(g(x)), where f and g are functions.
Chain rule
What type of market exists when illicit trade in goods occurs in an economy?
Black Market
What is the 56th element on the periodic table?
Barium
When should a firm shut down in the short run?
When price falls below minimum average variable cost.
The phrase "a dollar today is worth more than a dollar next year" expresses what financial concept?
time value of money
Another name for pin-hooking is?
Arbitrage
What is the arrangement for financing the purchase of real estate where the buyer gets legal title and use of the property and the lender has the property as security on the loan?
Mortgage
If current assets of the firm are greater than current liabilities, then the firm is characterized as _________.
liquid
Selecting a group of subjects from a larger group in such a way that each subject is selected by chance, implying each member of the group has the same
probability of being selected is called:
random sampling
The exclusive legal right of the creator of a literary or artistic work to profit from that work
copyright
Which government agency is responsible for safe-guarding all bank deposits?
FDIC (Federal Deposit Insurance Company)
The amount that Total Cost changes with the addition of one extra unit of output defines _____.
Marginal cost
According to the Quantity Theory of Money, what will happen in response to an increase in the money supply?
prices will increase
In sales, what type of prospecting method has the lowest probability for success?
Cold call
Which principle states that an informed buyer will not pay more for a property than for another similar property?
Substitution
What is a provision under which a bond issuer may redeem the bond in whole prior to maturity?
Call provision
_________ ___________ is the difference between the result obtained from a sample and the result that would be obtained from a census of the population
elements.
Sampling error
The theory that once assets enter into agriculture they tend to be locked in by the fact they are worth little outside of agriculture.
Fixed asset theory
Name three of the "five C's of credit."
character, capacity, capital,
collateral, and conditions