Micro
National defense has the characteristics of what type of good?
Public good
Most barley is grown for what use?
Brewing
Who is the world's largest exporter of farm products?
United States
What is the difference between nominal income and real income?
Real income is adjusted for the effects of inflation
What is a "mini-max" strategy?
A strategy where players try to minimize their maximum loss
What major difficulty is encountered when using the income approach for an appraisal?
Selection of the appropriate capitalization rate
The process of harvesting all trees in a given area.
Clear-cut
What does “Mardi Gras” mean in French?
Fat Tuesday
The market structure continuum from perfect competition to monopoly is determined by five defining characteristics. Name three.
1) number of firms, 2) Ease of entry into markets, 3) ability to set price, 4) product differentiation, 5) long run excess profits
How is inflation beneficial to a farmer with a heavy debt load?
the debt can be paid back with dollars that are of lower value then when the loan was initiated
_______________ is concerned with verifying accounting records and practices.
Auditing
The equilibrium interest rate equates?
The quantities demanded and supplied of loanable funds
What is equal to zero at the local maximum or minimum of a function?
First derivative
The increased return on a security required to compensate investors for expected inflation is
___________________.
Inflation premium
The Delaney Clause of the Food, Drug, and Cosmetic Act permitted what level of any known carcinogen as a food additive?
Zero
What do the Mardi Gras colors symbolize?
Purple = Justice; Green = Faith; Gold = Power
Opportunity costs is defined as the _________ to a resource in its next best alternative use.
return
What is the term for the marketing channel practice in which trademarked products are sold through unauthorized channels?
Gray marketing
What phrase is used for farm work performed for a charge involving the use of machinery and labor provided by someone other than the producer?
Custom Work
An agreement in which countries voluntarily restrict their exports is called?
A voluntary restraint agreement
What statistic could be used to test to see if two samples came from the same population?
The t-statistic or the F-statistic
When quoting interest rates, what is used to denote 1/100 of a percent?
Basis point
What did Samuelson define as the two properties of "pure" public goods?
(1) Non-rival consumption is where one person's consumption does not reduce availability to others; (2) Non-excludability is where a provider is unable to exclude anyone from consuming a good
What is the name of the groups that organize parades and balls?
Krewes
The "compensated" demand curve shows only what effect of a price change?
Substitution effect only
What marketing law states that the territorial boundary between two or more markets is a locus of points such that the final selling prices are equal for sellers in each market?
Law of market areas
What analysis is performed by expressing the profit and loss statement and/or balance sheet figures as a percentage of total sales or total assets?
common size analysis
What term refers to liquid assets that are close substitutes for money?
Near moneys
What is the identity MV=PQ commonly called?
the equation of exchange
What does CAPM stand for?
Capital Asset Pricing Model
Name 3 typical goals of farm policy?
Expand production; Support (stabilize) farm prices and farm income; Adjust production to market needs; Expand ag exports; Resource conservation; Self-sufficiency (defense)
What European country’s carnival traditions heavily influenced Mardi Gras?
France
What is the abbreviation "ln" typically used for in econometric analyses?
natural logarithm
Define what is meant by a "pull" strategy in food marketing.
a strategy that calls for spending a lot on advertising and promotion to build up consumer demand with the expectation that consumers will demand the product from their grocery retailer
What impact would Just In Time production practices have on the number of firms supplying inputs to a manufacturing firm?
should decrease since JIT (just in time) production encourages single sourcing
What is the difference between Gross National Product and Gross Domestic Product?
GDP: All foreign or domestically owned goods and services produced on US soil, GNP: All goods and services produced by US firms regardless of location
What type of t-test would test whether or not a parameter estimate was positive?
One-sided or One-tailed
In inventory management, what is the term for the inventory level that should trigger an order to replenish supply?
Re-order point (ROP)
___________food diplomacy refers to making access to exports, food aid, or development assistance contingent on specific action by the recipient government.
Punitive
In what year was Mardi Gras first recorded as being celebrated in what is now Louisiana?
1699