Micro
In the long run, all inputs are ________________ .
variable
What is the term when two or more products are sold in one package?
Bundling
What utility is created by firms that store products for future use?
Time
The increase in welfare to the world economy or an individual country as a result of engaging in international commerce is commonly called:
gains from trade
What type of profit consists of economic costs paid to entrepreneurial ability?
Normal profit
What are data in an index number series expressed relative to?
A base period.
What is the phrase often used to portray the possibility of global warming?
Greenhouse effect.
What language is "ceteris paribus"?
Latin
A negative cross-price elasticity of demand between goods A and B indicates that the goods are _____.
Complements
What is necessary for a perfect hedge?
Constant basis
What do we use to project the income and costs for growing an acre of a certain commodity?
Enterprise Budget
In terms of dollar expenditures, the two largest Federal entitlement programs are?
Social Security and Medicare
Identify the objective of good tax management
Maximize after-tax income
What is equal to zero at the local maximum or minimum of a function?
First derivative
What type of policy is a limit on the amount of a good or service that can be brought into a country.
Import Quota
Given a deck of 52 cards, what is the probability of not picking a heart?
3/4 or .75
How do we refer to the area above the supply curve and below the price?
Producer Surplus
The market segment to which a particular product is marketed is known as its?
Target Market
For what type of good is the demand curve upward sloping?
Inferior goods.
What are the four components of GDP?
Consumption, Investment, Government Spending and Net Exports
What financial document best indicates the repayment capacity of a firm?
Cash flow.
Variables determined within the system are referred to as what type of variables?
Endogenous
A tariff which is a fixed percentage of the value of the product imported is an example of a(n)____________ tax.
ad valorem
How much raw milk does it take to make one pound of butter?
9 quarts
Which condition states that the sum of the own, cross-price, and income elasticities for a particular commodity must sum to zero?
Homogeneity
How do we refer to the number of contracts traded in 1 trading session?
What type of economics involves personal values and conclusions about "what should be”?
Normative
The sum of all coins, paper money in circulation and certain bank deposit balances comprise what economic entity?
M-1 money supply
A union arrangement with an employer that permits hiring only union employees.
Closed shop
What type of data is a likely candidate for the problem of autocorrelation?
Time series data
What act created the1862 land grand system?
Morrill Act
Organisms that live or are active only in the presence of oxygen, and an exercise that increases the heart rate are both called:
aerobic
A football pool has an expected payout of $100, and the probability of winning is 0.01. A risk neutral person would pay how much for a spot in the pool?
$1.00
The sum of the intrinsic value and the time value of an option equals the option’s what?
premium
A pro forma income statement and balance sheet are __________ financial statements.
projected
What type of unemployment is associated with normal turnover?
Frictional
What Land Class is suitable only for wildlife or recreation?
Land Class VIII
How do we classify a matrix that does NOT have an inverse?
Singular
Name the federal government agency known as BLM?
Bureau of Land Management
Name three of the "five C's of credit."
character, capacity, capital, collateral, and conditions