Management
Marketing
Quantitative
Macroeconomics
Potpourri
100
What term is used to identify the best practices of other farms and then comparing those costs and physical efficiencies with your own farm practices?
Benchmarking
100
If the local cash price is $3.50 and the nearest futures contract price is $3.80, basis is ______.
30 under
100
Suppose a gardener produces both green beans and corn in her garden. If the opportunity cost of one bushel of corn is 3/5 bushel of green beans, then the opportunity cost of 1 bushel of green beans is _____ bushels of corn
5/3
100
Real GDP measures the value of goods and services produced at ____ prices.
Constant (or base year)
100
What iconic institution of country music was established in 1925 in Nashville, TN?
Grand Ole Opry
200
Cooperatives are based on what basic ideals originally set forth in England in the mid nineteenth century?
Rochdale Principles
200
The difference between the price that the consumer pay of the final product and the price received by producers for the raw product is known as the __________.
marketing margin
200
What is the probability of rolling two sixes (boxcars) with two six sided die?
1/36 or 2.78%
200
In the classical model, what does the long run aggregate supply curve look like?
A vertical line (perfectly inelastic)
200
Who is the most commercially successful country music singer
Garth Brooks
300
What are the three levels of the management heirarchy?
Low-level, mid-level, and top-level
300
The analysis identifies and analyzes competitive forces that shape every industry and helps determine an industry's weaknesses and strengths.
Porter's 5 forces
300
When income falls by 25%, demand falls by 30%, what is the income elasticity of demand?
-1.2%
300
If the GNP deflator is 345 in 2018 and 300 in 2017, what is the annual rate of inflation?
15%
300
_______________ was recognized as the birthplace of country music by Congress in 1998.
Bristol, TN
400
Short term goals or subgoals are often termed ______________.
Proximal goals
400
Oregon-based Tillamook is an important dairy coop and creamery. Its ________ includes butter, ice cream, yogurt, and cheese. Its ice cream_________________ includes premium, sandwiches, and special batch.
product mix, product lines.
400
What is the average fixed cost (AFC) for a level of production of Q=20, given the total cost function TC = 200 + 3Q + 2Q^2?
10
400
In many retail stores price markdowns are now determined by computers. The "middle managers" who used to make these decision have experience what type of unemployment?
Structural unemployment
400
What country music singer voiced a coyote on the Simpsons ninth episode of the 8th season in "The Mysterious voyage of Our Homer"
Johnny Cash
500
One of the risks associated with this advantage to a firm is that competitors can study and mimic its products before also entering the market. What is this advantage called?
first mover advantage
500
What are the four stages of the product life cycle?
Introduction, growth, maturity, and decline
500
The following production function, where Q is output and L is labor,
a. Exhibits stage 1 characteristics only
b. Exhibits stage 1 and stage 2 characteristics only
c. Exhibits all 3 stages of production
d. Not enough information
Exhibits all 3 stages of production
500
Whose law states that bad money will drive out good money?
Gresham's law
500
As of 2019, which country music artists was the most awarded artist in the history of the ACM awards?
Miranda Lambert