Macro
What are payments from the government to individuals that are not in exchange for goods and services, such as Social Security payments?
If marginal cost is below average variable cost, then what else is known about average variable cost?
AVC must be declining
Losing soil as a result of water or wind action is called:
erosion
What is meant by calling an estimator BLUE?
Best linear unbiased estimator
firm often seeks to increase the percentage of total market sales that it controls. This percentage defines
Market share
The law associated with the phrase "bad money drives out good" is called:
Gresham's Law
What is the change in output resulting from one additional unit of a variable input?
Marginal Physical Product
What policy tool as a tax levied on a commodity when it crosses a national boundary?
Tariff
What is a Type II error?
When a null hypothesis is
accepted when it is in fact false
What term refers to a business arrangement where two firms contribute resources and mutually engage in a specific business undertaking?
Joint venture
The notion that the annual rate of increase in the money supply should be equal to the potential annual growth rate of real GDP is know as?
Monetary rule
What curve represents the least-cost combination of two inputs that can be used to produce increasing quantities of a product?
Expansion path
What analytical procedure measures the economic gains and compares them to the economic losses associated with a policy, program, or action?
benefit cost analysis
A rule for determining the derivative of a function of the form y = f(g(x)), where f and g are functions.
Chain Rule
What budget shows changes in costs and returns associated with a change in a particular aspect of a firm's business activities?
Partial budget
What is another term for the paper money in the U.S.?
Federal Reserve notes
How are individual demand curves for a commodity summed to derive the market demand curve?
Horizontally
Resources owned in common rather than privately, such as ocean fish.
Common Property
What term is used for a matrix with 1's in the diagonal and zeros elsewhere?
Unit, or Identity matrix
What happens when a firm's net worth or equity falls below zero on the balance sheet?
The business is insolvent
What measure is: number of employed / by the civilian noninstitutional population?
Employment rate
Which line shows the different combinations of two outputs that yield the same amount of total revenue for the firm?
Iso-revenue
The idea that a country should be self-sufficient and not take part in international trade is known as?
autarky
Given the total cost function: TC = 750 + 10X + .05X(square), what is the equation for marginal cost (MC)?
MC = 10 + 0.1X
Which food-marketing channel includes brand names like Pepsi and Doritos?
National Brand Channel