Micro
Money set aside by consumers for future consumption is called:
Savings
Broad totals of economic variables such as production, consumption, and investment.
Aggregates
Any numerical value that describes some characteristic of sample data is often called:
a statistic
What is a restriction on exports or imports?
Embargo
What animal describes a trader who thinks prices will fall?
Bear
PRESIDENT@WHITEHOUSE.GOV is the e-mail address of which U.S. government office?
The President of the United States of America
What is Marginal Value Product (MVP)
the value of the product
produced by the last added unit
of input (MPP times the price of
output)
In a perfectly competitive market, what can be said about the demand curve facing an individual seller?
It is perfectly elastic or horizontal
What is that phase of the business cycle during which the nation's output is declining ?
Recession
The specific distribution with mean=0 and variance=1 is the
Standard normal distribution
A situation of economic isolation where no trade occurs is called:
Autarky
What do we call the portion of the consumer's food dollar that goes to food marketing firms?
Marketing margin
The SAEA Company has Total Assets of $576,000 and Total Liabilities of $730,000. Based on these numbers, SAEA is financially _____.
Insolvent
What U.S. federal agency provides assistance to land owners in the control of erosion and the quality of land and water resources.
Natural Resource Conservation Service (NRCS)
What is happening to the long-run average cost curve if diseconomies of size are present?
It is rising
What index is the weighted average of the prices producers pay for goods and services?
Producer price index (PPI)
Perfect correlation between the two explanatory variables in a regression model is termed Perfect _____.
Multicollinearity
An international organization that is a multilateral treaty among some 130 governments with the purpose to liberalize and expand trade through negotiated
reductions in trade barriers.
World Trade Organization (WTO)
The difference between a local cash and the futures price is called ___________.
Basis
When quoting interest rates, what is used to denote 1/100 of a percent?
a basis point
What is the net capital ratio calculation?
Total assets divided by total liabilities
What is happening to the long-run average cost curve if economies of size exist?
It is declining.
Name the three functions of money.
1) a store of value;
2) a unit of account; and
3) a medium of exchange
If the first derivative equals zero, and the second derivative equals zero, then this is a(n) _____________ point
an inflection point
Name 3 typical goals of farm policy?
Expand production; Support
(stabilize) farm prices and farm
income; Adjust production to
market needs; Expand ag
exports; Resource conservation;
Self-sufficiency (defense)
What type of markets will develop if there are ceiling prices and product shortages?
Black markets
The percentage of the total sales of an industry made by the four largest firms (or some other number) in the industry indicates the degree of _____.
Market Concentration
What are the four major elements of a partial budget outline?
additional costs, reduced
revenue, additional revenue,
reduced costs
If a consumer derives no happiness from additional units of the good on the horizontal axis, what shape is the indifference curve ?
Horizontal
What is the ratio of nominal GDP to real GDP?
GDP Deflator
What is the sum of the area under the normal distribution?
One
What are two water rights doctrines used in the U.S.?
Riparian Rights and Prior
Appropriation
What is the method of arriving at or discovering prices on commodity and futures exchanges?
Exchange pricing
Regarding livestock grazing, what does the acronym AU stand for?
Animal Unit
What type of risk consist of loss of assets to fire, wind, hail, flood, and theft?
Casualty risk