Micro
What happens to output when a firm moves along an isoquant substituting capital for labor?
Output remains unchanged
An estimation described as BLUE means it is the _____.
Best Linear Unbiased Estimator
What is the most important motive for holding money?
The transaction motive.
The theory that households respond to budget deficits by increasing their present saving in anticipation of higher future taxes is known as the?
Ricardian Equivalence Theorem
What is a monetary debt owed by a firm or an individual?
Liabibility
What vegetable were Jack-o-lanterns originally carved from before pumpkins became popular?
Turnips
Extensive form is another name for what graphical representation in game theory?
a game tree
Other than continuous what form can statistical data take?
Discrete
How would a Keynesian economist recommend dealing with high unemployment?
Increased government spending and/or reduced taxation
How does the banking system increase the money supply?
Creates checkable deposits
Name the two basic discounted cash flow methods that provide information for capital budgeting decisions.
Net Present Value (NPV) and Internal Rate of Return (IRR).
Which famous magician and escape artist died on Halloween in 1926?
Harry Houdini
How are individual demand curves for a commodity summed to derive the market demand curve?
Horizontally
What does 1 minus the confidence level equal?
Level of significance
How do currency speculators aid international trade?
They absorb the exchange rate risk that others do not want to bear
What type of income tax would help stabilize a cyclical economy?
Graduated (income tax)
How do you calculate the adjusted basis of an asset for tax purposes?
The cost basis less (-) depreciation
What classic 1978 horror movie features a killer who escapes a sanitarium and returns to his hometown wearing a white mask?
Halloween (Michael Myers)
The idea that supply creates its own demand is known as?
Say's Law
What is the most widely used algebraic procedure for solving LP problems?
Simplex method
What two indicators are associated with stagflation?
high inflation and high unemployment
It may be misleading to label a trade deficit as "unfavorable" or "adverse" because?
American consumers benefit from a trade deficit during the period it occurs
What term is used for the undepreciated value of an asset shown in the business’s records?
Book Value
What is the most commercially sold candy in the United States leading up to Halloween season?
Reese’s Peanut Butter Cups
What is the shape of the long-run supply curve for a constant-cost industry, or an industry that can expand without causing an increase in input prices?
horizontal or flat
In regression analysis, the sum of the residuals should equal to ____________?
Zero
According to the Keynesian economic model, a depression is caused by _____.
Insufficient aggregate expenditures or demand
What do we call a clause in a wage contract that raises wages in times of inflation
COLA (cost of living adjustment)
Given a depreciable investment of $100,000, a economic life of 10 years, and a salvage value of $20,000, what is the 150% declining balance method depreciation in year one?
$15,000
What European country held the largest documented mass witch trial in history, executing 91 accused witches between 1660–1661?
Sweden