Micro
What is the process of converting inputs into a good or service?
Production
What type of products of competing firms are perfect substitutes for each other?
Homogenous
A rationally managed monopoly would result in a market price that is _____ and level of output that is _____ than the pure competition market outcomes.
Higher; Lower
What type of data is a likely candidate for the problem of autocorrelation?
time series data
In a LP solution, what term is used for any unused capacity associated with a less than or equal to constraint?
Slack
What is any depreciation that produces larger deductions for depreciation in the early years of a project's life?
Accelerated depreciation
Policy experts talk about the NIMBY phenomenon, so what does NIMBY stand for?
not in my back yard
What begins on March 1
Spring
Travelers on a flight paid different prices for the seats in coach class. What is this an example of?
Price discrimination
A merger between firms that sell dissimilar products would be what type?
Conglomerate merger
If one enterprise can be expanded only by reducing another enterprise, what is this relationship called?
competitive enterprises
What type of tax is levied on things such as tobacco, gasoline and alcohol and is based on quantity sold?
Excise
A point at which two curves just touch each other but do not intersect.
Tangency
Define the P/E ratio
Stock price per share divided by earnings per share
What clause of the FDA Act provides for a zero level of carcinogens as food additives?
Delaney Clause
What vitamin do humans naturally produce from sunlight exposure, which can be lower in winter months?
D
If it pays to produce at all, production should always occur where Marginal _____ equals Marginal _____.
Revenue; Cost
Supplies of commodities left over from one marketing season to the next are called?
Carryover stocks or grain inventories
What type of insurance protects a producer against losses due to bodily injury or damage of property of others as a result in negligence in operating the farm?
Liability Insurance
What type of are goods and services can be itemized in market transactions?
Visibles
What is the marginal product of labor given a production function of L^2K
2LK
To be eligible for a FSA loan, the borrower must operate a smaller farm or ranch, receive a substantial portion of family income from farming, and ___________.
Be unable to obtain conventional financing
In farm policy, the __________ acts as a price and income support, while the __________ supports only income.
Loan rate; Target price
What USDA report, typically released in late February, provides early estimates of U.S. planted acreage intentions?
Agricultural Outlook Forum projections
Average Fixed Costs may be evaluated by _____ or _____ (either one).
TFC/TPP, or ATC-AVC
How do we refer to the number of contracts traded in 1 trading session?
Volume
What measure assumes that one animal unit is equivalent to the feed requirement for a 1000 lb mature beef cow?
Animal unit
What is the specified minimum percentage of its deposits and liabilities that a bank must keep on deposit at the Federal Reserve Bank or as in-vault cash?
Reserve ratio
What is the probability of rolling two sixes (boxcars) with two six sided dice?
1/36
Agricultural economists have proposed that there are "three R's" of credit-worthiness for farmers. Name them.
Risk-bearing ability, Returns and Repayment capacity
One indirect means to control production or output to avoid commodity surpluses under a price support program is a mandatory ____________ allotment.
acerage
What is the term for a team ranked outside the top seeds that unexpectedly advances deep into the NCAA Tournament?
Cinderella
What economic rationale is used for interfering with Laissez-faire?
External economies or diseconomies
In an oligopoly, who will announce a change in price and the other firms quickly announce similar changes?
Price leader
Why are most managers more concerned with economies of size rather than economies of scale?
Economies of scale assume all inputs increase proportionately, which rarely happens
A tight monetary policy in the US is most likely to ___ the international value of the dollar and ___ US net exports
Appreciate; Decrease
What is the sign of the second derivative of a function at its maximum critical point?
Negative
Which of the following item(s) would not be included on a projected cash flow budget?
A. Owner's equity
B. Receipts from the sale of commodities
C. Annual depreciation
A&C
The ______ _______ is the maximum price anyone is willing to pay for any unit of a resource. At any price higher, the demand for the resource is zero.
choke price
According to Southern farming folklore, how many traditional “little winters” are commonly recognized in late winter and early spring?
Five: Redbud Winter, Dogwood Winter, Blackberry Winter, Locust Winter, and Whippoorwill Winter.