Micro
What is the maximum monetary price a consumer is willing to pay for a unit of a product or service?
Reservation price
Shares of stock that have been repurchased by the company but not retired are generally called:
Treasury stock
Advertising a category or class of product rather than a particular brand, such as the "Got Milk?" and "Beef, It's What's for Dinner" campaigns, is known as?
generic advertising
What is the NLRB?
National Labor Relations Board
What is a durable good?
A good that is consumed over a period of several years
What three statistics measure the typical value that a variable takes on in a data set?
(1) Mean; (2) Median; (3) Mode
Water that lies beneath the earth's surface, typically in aquifers is called ___________ .
groundwater
What is the largest city in Kentucky?
Louisville
What term reflects the costs to society of imperfect competition?
Deadweight loss
The increased return on a security required to compensate investors for expected inflation is
___________________:
Inflation premium
What do we call a wholesale middleman who physically handles and takes title to products?
Merchant Wholesaler
What is the term for the rate at which inputs are converted into output?
Productivity
A measure of the skills, ability or productivity of human beings.
human capital
What is the fallacy of composition?
The belief that what is true for one entity in a population is true for the entire population
A decrease in the value of the domestic currency will, in general, cause domestic agricultural exports to do what?
Increase
What famous boxer, nicknamed “The Greatest,” was born in Louisville?
Muhammad Ali
The Engel Curve shows the relationship between quantity purchased of a particular good or service and _________.
Income
What are the bar codes that appear on virtually all products called?
UPC (Uniform product codes)
The dynamic process of searching for the equilibrium or market clearing price is called _____________.
price discovery
What is a formal written promise to pay on demand or at a future time an amount of money with interest?
Promissory note
What is the term for the estimated value of a good or service not sold in the marketplace, and therefore has no market price?
imputed value
What problem arises if a regression model's disturbance terms have increasing variance?
Heteroskedasticity
A ________________ loan means that if the farmer does not sell the commodity by the due date, the commodity becomes the property of CCC in full payment of the loan.
nonrecourse
What bourbon company headquartered in Louisville owns Old Forester and Woodford Reserve?
Brown-Forman
A price ________ will cause quantity demanded to exceed quantity supplied.
ceiling
Cooperatives that sell shares to members and require members to deliver product are commonly called:
limited membership cooperatives or new generation cooperatives
How do we refer to the number of contracts traded in 1 trading session?
Volume
What is known about a call option's strike price relative to the underlying futures price if the call is out of the money?
strike price is above the underlying futures price
____________ monetary policy is policy that tends to reduce interest rates and raise income
Expansionary
What do we call a matrix of order 1xn?
Row vector
Particularly important in agricultural agreements, what is the index used by the WTO that measures the monetary value of the extent of government support to a sector, abbreviated AMS?
Aggregate Measure of Support
What is the name of Kentucky’s state dance?
Clogging
What is the degree of homogeneity for a production function exhibiting constant returns to scale?
one
If a benefit cost ratio on a particular social investment is less than 1, then the rate of return on that investment must be _________ (>,<, or =) the market rate of interest.
less than
What are the five buyer categories of product adoption?
(1) Innovators; (2) Early adopters; (3) Early majority; (4) Late majority; (5) Laggards
What does PERT stand for AND describe what its use is?
Program Evaluation and Review Technique - planning and controlling a project with sequenced component activities
What would be an appropriate fiscal policy for severe demand-pull inflation?
Tax rate increase
The market demand for oranges is given by Q=12 - P. Supply is specified as Q=3P. What is the equilibrium price?
3
What function is used to represent the level of harm or damage resulting from the misuse or abuse of agrichemicals?
Marginal Damage Function
What year did Kentucky become the 15th U.S. state?
1792