Macroeconomics
What law is defined as the negative relationship between unemployment and real GDP, according to which a decrease in unemployment of one percentage is associated with additional growth in real GDP of approximately two percent?
Okun's law
In the futures market, a ___________ enters with an intent to earn a profit and bears the risk of the market
speculator
A firms has a debt to asset ratio of 49%. What is the firms equity to asset ratio?
51% or .51
_______ is a provision of the Food Security Act of 1985 that discourages the conversion of wetlands to cropland use
swampbuster
Texas is the largest producer of which nut?
Pecans
What is the slope of a Keynesian aggregate supply curve?
Zero or Horizontal
The type of traders who buys from farmers and sell directly to retailers in large volumes is known as a
wholesaler
According to the USDA ERS, in 2018, what entity held the largest amount of farm real estate debt
Farm Credit System
EPA was created by which president
Texas is home to the largest cattle population in the U.S., with over __________ million head as of 2021.
13
The monetarist aggregate supply curve is relatively ___________, while the Keynesian aggregate supply curve is relatively ____________.
Steep, flat
A seed company that targets advertising to only large farms in a particular geographic area is engaged in market __________.
segmentation
___________________ is linking successive states in the production and/or marketing processes into one decision making entity
vertical integration
The ______ act provided federal funds to state land-grant instituions in order to create a series of experimentation stations
Hatch Act
Texas agriculture employs 1 in _____ Texans
In what situation would a high tariff on imported good X reduce the domestic employment in industry Y?
A market with a single buyer and many sellers is known as a(n)....
Monopsony
A farmer bought a new tractor in 2019. The value of the tractor in 2020 was significantly lower than the original sticker price. The price difference reflects ....
depreciation
Polluter pays principle
125 million
Suppose that the CPI in 2018 equals 396 and the CPI in 2017 equals 400. What is the inflation rate between the two years?
-1.0%
The forecasting technique that estimates the quantity of a commodity at a specific point in the future based on observation at various points during the production cycle is known as the ____________.
pipeline approach
_________________ are debts with terms greater than 10 years
long term liabilities
In the 2018 farm bill the Food Insecurity Nutrition Incentive was renamed as _____________
Gus Schumacher Nutrition Incentive Program
The economic impact of the Texas food and fiber sector totals about __________ billion.
$100 billion