Micro
What is the process of converting inputs into a good or service?
Production
What are estimates of sales (in dollars and/or physical units) for a specific future period called?
Sales Forecasts
What is the generic name for computer programs that allow "what if" analyses to be easily accomplished?
Spreadsheet
What is a riparian area?
What language is "ceteris paribus"?
Latin
Which curve represents the combinations of two inputs that can be purchased with a given amount of money?
Isocost
What curve show different combinations of products that can be produced using a given bundle of resources, ceterus paribus?
Possible Production Curve/Frontier
What test checks the null hypothesis that all coefficients in the model (except the intercept) are equal to zero?
F Test
What policy tool as a tax levied on a commodity when it crosses a national boundary?
Tariff
What is the fee paid to a commodity broker for conducting a futures transaction?
Commission
The practice of selling a certain product of given quality and cost-per-unit at different prices to different buyers.
Price discrimination
Which accounting method recognizes and records revenue only when income is actually received?
Cash Accounting
Variables determined within the system are referred to as what type of variables?
Endogenous
Rachel Carson wrote "Silent Spring", a book highlighting the effect of what on the balance of nature?
Insecticides
How many US Presidents' fathers were also US Presidents?
2 (Adams and Bush)
Historically, Irish potatoes are examples of what type of inferior goods, which violate the law of demand?
Giffen Goods
A union arrangement with an employer that permits hiring only union employees.
Closed Shop
If two random variables have a covariance of zero, they are referred to as what type of variable?
Independent
What policy tool consists of government payments that reduce the price of a product for foreign buyers?
Export Subsidies
Some plants have a horizontal underground stem, often enlarged for storage. What is this stem called?
Rhizome
What is a model of cyclical supply and demand that depicts a lag between the response of producers to a change in price?
Cobweb Model
What Land Class is suitable only for wildlife or recreation?
Land Class VIII
Linear programming assumes divisibility; what type of programming can be used without this assumption?
Integer Programming
USDA agency whose mission is to promote, support, and regulate sound risk management solutions to preserve and
strengthen the economic stability of America’s
agricultural producers.
Risk Management Agency
Which 18th century moral philosopher recommended social security and child labor laws?
Karl Marx