Micro
What is the difference between the short-run and long-run supply curves with respect to elasticity?
SR is less elastic (or more inelastic)
A loaf of bread, a gallon of milk, a bag of rice -- these are examples of what kind of foods?
staples
Identify the system where every debit entry requires a credit entry.
Double entry
What exists when government spending is less than government receipts?
A Budget surplus
The difference between the smallest and largest measures of a set.
range
What does GAAP stand for
Generally Accepted Accounting Principles (or Practices)
What policy tool provides a level of gross returns per unit of commodity guaranteed to participants in farm programs?
Target price
Which US state produces the most pork?
Iowa
Travelers on a flight paid different prices for the seats in coach class. What is this an example of?
Price discrimination
The difference between the amount of exports and imports.
balance of trade
Laws that prevent "unfair" business practices that give rise to monopoly power
Antitrust laws
What are "yellow-dog" contracts?
They force workers to agree not to join unions as a condition of employment
What is the slope in the demand function Q = 425 - 3P?
3
What is the focus of the income approach to property appraisal?
to capitalize the income earning potential of the property
Clean air, clean water, and biological diversity are examples of ________________.
public goods
How many cubic feet of irrigation water equals one acre-foot?
43,560 cu. ft. of water
In the 1970s, President Nixon imposed price ceilings. What was the result of this action?
The quantity demanded exceeded the quantity supplied or shortages existed in the market
In reference to rail transportation, what does "demurrage" mean?
The charge for extra loading or unloading time
An agent is risk __________ when the agent prefers a sure thing to a gamble of equal expected value.
averse
From an employment standpoint, what is meant by a "closed shop"?
All workers hired must be union members in good standing at the time they are hired
If data are collected on the entire population, what are the appropriate statistical tests to use?
None, because there are not "estimates"
Name 3 factors that affect the interest rate of a government bond.
Risk; Term; Inflation; Taxes
What technique elicits valuation of an environmental commodity (through survey techniques)?
Contingent valuation
What corn by-product used in a mixture with gasoline burns cleaner than regular grade gasoline?
Ethanol
What do we call a MARKET in which entry and exit are absolutely free?
Contestable
What ratio defines the marginal propensity to consume?
Change in consumption / change in disposable income
What type of analysis uses the interrelationships between performance measures (such as return on assets and profit margin) to analyze the components and linkages of a business?
DuPont analysis
What law states that under competitive market conditions all prices within a market are uniform after accounting for costs of place, time, and form utility?
Law of one price
The rejection of a true null hypothesis is a __________error
Type I
What term is used for the worth of a firm determined by deducting all debts from the value of all property?
Equity
What type of land ownership provides the greatest bundle of rights to the owner?
Fee Simple
What NFL team blew the largest lead in Super Bowl history?
The Falcons
If supply increases and demand decreases, what happens to the quantity sold?
Indeterminent (depends on magnitude of both shifts)
Trade in futures markets occur in a competitive auction via a system called __________.
open outcry
What is the formula for the accounting equation?
Assets = liabilities + owners equity
What is the ratio of nominal GDP to real GDP?
GDP Deflator
In an OLS regression, the number of observations minus the number of regressors minus one equals _________
Degrees of freedom
What category of ratios determines how efficiently a company is using its assets?
Activity Ratios
A method of analysis in which the costs (e.g., gas, hotel, road tolls) that individuals have incurred to get to an unpriced environmental resource are used to estimate the value of the resource is called the _________ _______ method.
travel cost
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