Micro
In the short-run, which of the following is not a "U" shaped curve (eventually increasing as output increases)?
Average total cost, average variable cost, average fixed costs, or marginal cost.
AFC
The acronym SCP stands for the ______ - ______ - ______ paradigm.
Structure-conduct-performance
When managing your firm's inventory, what does it mean to practice FIFO?
First in, first out when drawing down your inventory
MPS stands for
Marginal propensity to save
What is the intersection of sets {A, B, C} and {X, Y, Z}?
null or empty set
What can be defined as a comprehensive system for recording and summarizing business transactions?
accounting
What is the term for a course of action or guiding principle pursued by government?
policy
Who is the current U. S. Secretary of Agriculture?
Brooke Rollins
What hypothesis states that individuals weigh all available information when formulating their anticipations about future economic events such as inflation rates?
Rational expectations
In futures trading, what type of order instructs a broker to immediately execute an order at the best available price?
Market Order
A land lease agreement that specify the landlord will receive a percentage or portion of the commodity produced on the land.
crop share lease
If the reserve ratio is 25 percent, what amount of excess reserves does a bank acquire when a business deposits a $12,000 check drawn on another bank?
$9,000.00
In matrix algebra, what does X multiplied by X-inverse equal?
identity matrix
Approximately how many years would be required for an investment at 12% interest to double?
6 (Rule of 72)
Goods such as education that have positive externalities are known as _____ goods.
merit
What is the parity ratio?
It is the ratio of prices received by farmers to prices paid by farmers
The income elasticity of demand for what type of goods is positive but less than one?
Necessities
If an investor holds an option for a futures contract, what term reflects the amount that the investor will have to pay to acquire the contract?
strike price
Low-cost leadership and broad differentiation are examples of _____________________ .
(generic) Competitive Strategies
What is the rate at which money changes hands in the economy?
velocity of money
What do we call a variable that can only have integer values?
A discrete variable
Similar to a bank, what is a member-owned financial cooperative?
credit-union
What was the name of the policy enacted in 1972 that set as one of its goals that all waters be fishable and swimmable regardless of their use?
clean water act
What is the process of grading or inspecting eggs for resale?
Candling
The period of time that is so short that no change in production can take place is known as _____ _____.
A trader who analyzes historical price patterns to forecast prices in the future is using what type of analysis?
Technical
Corporations that have eliminated both hierarchy and functional/departmental boundaries are called __________ corporations.
horizontal
What do we call a recession with rising prices?
Stagflation
What do the roots of a quadratic equation represent?
the x-axis intercepts
____ property is considered permanent while ________ property is mobile and usually has a limited life.
Real; personal
The process of moving from a government-controlled system to a privately run, for-profit system is known as?
privatization
Organisms that live or are active only in the presence of oxygen, and an exercise that increases the heart rate are both called:
aerobic
The potential for someone who has purchased an insurance policy to increase his or her risk-taking behavior as a result is an example of?
moral hazard
In classical decision theory, what does the maximum decision rule stipulate?
Which food-marketing channel includes brand names like Pepsi and Doritos?
National Brand Channel
to compute the CPI, the cost of the bundle of goods in the _____________ year is divided by the cost of the bundle in the __________ year and ___________ by 100.
current, base, multiplied
When analyzing random variables, what does the acronym i.i.d. stand for?
independent, identically distributed
If a benefit cost ratio on a particular social investment is less than 1, then the rate of return on that investment must be _________ (>,<, or =) the market rate of interest.
less than
The posted county price (PCP) calculated by USDA's Farm Service Agency is used in computing what government payment?
marketing loans or loan deficiency payments (LDP)
Cinnamon sticks are made from what part of the cinnamon tree?
Bark