Micro
The number, size, and market share of the firms in an industry are used to define ________________ _________________.
Market Structure
What term refers to the sorting of unlike lots of products into uniform categories, according to quality standards?
grading
Fees charged by livestock merchants and marketing organizations for services to buyers and sellers are referred to as _____.
Piece rate
Who was the first president on a coin?
Lincoln
If set A and Set B are mutually exclusive, then the intersection of Set A and Set B equals _____ or _____.
Zero, or Empty set
What does ECR stand for?
Efficient consumer response
The National Grange, the NFO and the American Farm Bureau are examples of ____________
National Farmer Groups/Organizations
Who is playing in Super Bowl LX?
Seahawks vs Patriots
What is total revenue of a firm less all of the economic costs?
Economic profit or economic rent
What is the term for the action taken by an option holder to enter a futures position?
Exercise
If an increase in the production of one enterprise increases output from another enterprise, the two enterprises have what type of relationship?
Complementary
What currency measure is allowed to fluctuate in the open market in response to the demand and supply of foreign currencies?
Flexible exchange rates.
What is a Type II error?
When a null hypothesis is accepted when it is in fact false
What is the original, or face amount of a loan?
Principal
The price today that would give a unit of commodity the same purchasing power that prevailed in 1910-1914 is called:
parity price
What sport is the University of Kentucky most famous for?
Basketball
The idea that as a goods price goes down, it is perceived as being of lower quality and people buy less of the good is called:
Veblen effect
Supplies of commodities left over from one marketing season to the next are called?
Carryover stocks or grain inventories
process of gathering information on the performance of other companies in an industry for comparisons and to set goals is known as?
benchmarking
What type of demand for money varies inversely with the rate of interest?
Asset demand or investment demand
Data that show the fluctuations in a variable over time.
Time series data
Which approach to property appraisal focuses on the earnings potential of the property?
Income approach
What term is used when a country has the ability to produce a product at less cost than another country?
Absolute advantage
What bourbon brand is named after a Kentucky county?
Woodford Reserve
What can be said about returns to scale with a linearly homogeneous production function?
Constant returns to scale
What type of demand exists when many consumers share a strong need that is not satisfied by any existing product?
Latent
What are the two major classes of stockholders?
common and preferred
What is the term for a product that reduces time, effort, or ingredients required of the consumer in home preparation?
Convenience food
What is the mean of the distribution of the Durbin-Watson test statistic?
2
The Farm Service Agency (FSA) has moved away from direct loans from congressional appropriations toward more loan ________________.
guarantees
What is a fund resource?
One where quantities are finite, whose present use reduces the physical amount available in the future
Kentucky was the _____ state to join the U.S.
15th
An inferior good with an income effect larger in absolute value than the substitution effect is called?
Giffen good
Fees charged by livestock merchants and marketing organizations for services to buyers and sellers are referred to as _____.
Yardage
_______________management is the study of the process by which firms develop a mission, goals, objectives, and strategies to attain competitive advantage
Strategic
Which French economist used a "circular flow of money" diagram to demonstrate that "supply creates its own demand"?
J.B. Say
When using a double-log model to estimate a traditional demand model, what does the estimated parameter for own price represent?
Own price elasticity of demand
What is the standard weight for a bushel of barley?
48 lbs
Name two of the four property rights reserved for the public that are superior to private property rights.
taxation, eminent domain, police power, and escheats
Who is the governor of KY?
Andy Beshear