Micro
When shipping goods, what does C.O.D. stand for?
Cash on Delivery
The total value of Yellowstone National Park is a composite of valuation components. Name two.
Use Value, Option Value, and Existence Value
What utility is created by firms that transport raw materials, intermediate products, and final goods to locations where they are desired by buyers?
Place
When government spending exceeds the amount of revenue brought in from taxes and user fees, the budget is said to be what?
In a deficit
The process whereby a manager assigns responsibility to others along with the needed authority is called?
Delegation
What is the denominator?
The bottom part of a fraction (divisor).
What does PIK stand for?
Payment-in-kind.
What warehouse membership club makes Wal-Mart a major grocery-retailing firm?
Sam's Club
A SWOT analysis is a component of what type of plan?
strategic plan
What term refers to beef that is sold by the meatpacker in primal, sub primal, or final retail cuts rather than as a carcass?
What is the inverse of discounting called?
compounding
What do we call money that does not have intrinsic value?
fiat money
A useful tool in strategic management to describe the forces that can put downward pressure on industry profit margins.
Porter's Five Forces Model
BLUE is the acronym for what phrase?
Best Linear Unbiased Estimator
In the earliest history of the US, all land belonged to whom?
Government or, public
What is the main component of milk?
water
Assume that TC (Q) = 100 + 25Q. What will be the change in total costs if a company decides to increase production from 100 to 110 units?
Total costs will increase by $250
What gives the holder the option to sell a futures contract at a specified price?
Put option
If (Total Assets/Total Liabilities) < 1, then the firm is what?
Insolvent
A narrow money supply measure that includes currency in circulation and the value of demand deposits.
M1
The compensation received by a firm for qualifying losses paid under an insurance program is called:
indemnity
What is the marginal product of labor given a production function of L^2K
The use of government spending and taxing for the specific purpose of stabilizing the economy.
Fiscal policy
The animal rights group PETA is an acronym for
People for the Ethical Treatment of Animals
What type of solution to an indifference curve problem exists if one product is not preferred at all?
Corner solution
What market does the abbreviation HRI Market refer to?
Hotel, restaurant, and institutional market for food
What is a fund of cash set aside for the payment of a future obligation?
Sinking fund
Consumption expenditures that are independent of income are called?
Autonomous expenditures
What depreciation method uses a constant rate applied to the book value until the salvage value is reached, and then no further depreciation is taken?
Double-Declining Balance Method
What term is used for a matrix with 1's in the diagonal and zeros elsewhere?
Unit or identity matrix
What type of tax is levied on minerals as they are extracted?
Severance Tax
What does TDN stand for in livestock rations?
Total digestible nutrients
For a firm in a monopolistically competitive market, price must equal _______________ in the long run.
Average Total cost
What name is given to a member of a marketing channel with the power to influence the behavior of other channel members?
Channel captain
When no one is found to be legally entitled, title to property reverts to the government. What is this doctrine called?
escheat
What term is used for the difference between the value of money and the cost of producing it?
Seigniorage
A farm sold for $500,000 and had an annual operating income of $50,000. What is the indicated capitalization rate?
(50,000/500,000) = 10%
_________ ___________ 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
Established in its current form in 1985, it pays farmers for retiring environmentally-sensitive cropland from production for 10-15 years.
Conservation Reserve Program (CRP)
How did the Montecristo cigar get its name?
The Count of Monte Cristo, a novel written by Alexandre Dumas père, which was allegedly a very popular novel among the torcedores (cigar rollers) in their factory to have read by the lector on the rolling floor.