Microeconomics
A minimum price set by law is called a...
Price floor
What are total liabilities for a firm with $500,000 of equity and $750,000 of total assets?
$250,000
Consider the regression equation: Y = 2+3x. If the forecast of X is 3, what is the forecast of Y?
11
Which president signed the agricultural adjustment act?
Dallas/Arlington TX is home to which NFL team
Dallas Cowboys
Which is likely to be more elastic - demand for a good making up a small share of a consumer's budget or a good making up a large share of a consumer's budget?
large share of budget
What does the acronym for EBITDA stand for?
Earnings before taxes, depreciation, and amortization
If a gamble has a 60% chance of a $1 million pay off and a 40% change of a $20 payoff, what is the expected payoff?
$600,008
How many titles are in the 2018 farm bill?
12
What popular gas station franchise started in Dallas TX
7-Eleven
In which stage of production is marginal product declining but positive?
2
____________ is a series of uniform, periodic payments received (or paid) for either a fixed number of periods or in perpetuity.
Annuity
What is the equilibrium price in the following market? Qs = -5 + 3P
Qd = 10 - 2P
P = 3
Which government agency is responsible for the regulation of food labelling?
FDA
What is the name of the stadium where the Dallas NFL team plays?
AT&T Stadium
If income elasticity is 1.5, and quantity falls by 20%, what happened to income?
decline by 13.33%
John is conducting an analysis to determine how change in the price of an output impacts the proposed investment's net present value. What type of analysis is this called?
Sensitivity analysis
What is the name of the situation that occurs when there is an exact linear relationship between two or more independent variables in a regression model?
Perfect Multicollinearity
The _______ act provided federal funds to states to support the teaching of vocational agriculture.
Smith-Hughes Act
Dallas is the _______ largest city in the U.S.
9th
The ____________ path connect optimal input combinations as the scale of production expands
expansion
Lenders typically are concerned about a firm's debt-to-equity ratio when it exceeds what value?
1:1 (debt is greater than equity)
At 50 units of output, total cost is $4,000 and total variable cost is $3,000. At 50 units of output, what is the value of average total cost (ATC), average variable cost (AVC), and average fixed cost (AFC), respectively?
ATC = 80, AVC = 60, and AFC = 20
The ____________ was a long series of English Laws that developed, promoted, and regulated English ships, shipping, trade and commerce between other countries and with its own colonies
Navigation Acts (or Acts of Trade and Navigation)
How tall is the Big Tex statue that greets visitors at the State Fair of Texas?
52-feet tall