Ag Biz
In financial analysis, what is ROA?
Return on Assets
What does the acronym GDP stand for?
Gross domestic product
A trade agreement between any two nations.
bilateral trade agreement
Name the mathematical procedure involving optimization of a linear objective function subject to contraints specified in linear form.
Linear programming
____________ has the properties of nonrivalry in consumption and nonexcludability.
public good
The net value that could be received from the best alternative use of a resource is called _____________.
Opportunity cost
What is an organization of labor that seeks to gain a degree of monopoly power in the sale of its services hoping to secure higher wages, better conditions, and other economic improvements for the members?
Union
What do you call a trader who anticipates rising prises?
Bull
F(x) = 2x + 3. What is the first derivative with respect to x?
2
The taking of land by the federal government for public use with compensation is called?
Eminent Domain
Name the four major functions of management.
Planning, Organizing, Directing, and Controlling
_____________ law says that for each percentage point by which the unemployment rate is above the natural rate, real GHP is 3 percent below potential GNP.
Okuns
On the Chicago Board of Trade a corn futures contract is for what quantity of corn?
5000 bu
What is the result of dropping the oldest observed value, incorporating the most recent observed value, summing all observations, and dividing by n called?
Moving average
_______________refers to a bundle of entitlements defining the owner's rights, privileges, and limitations for use of a resource.
Property rights
If an agribusiness firm has a net worth of $250,000 and liabilities totaling $500,000, what would the firm's total asset value be?
$750,000
Name three types of unemployment.
1. cyclical
2. fractional
3. structural
What federal law sanctions and encourages agricultural cooperatives to serve as instruments for maintaining reasonable competition in the marketing and purchasing of agricultural products and supplies.
Capper-Volstead Act (1922)
If you were representing the 4 seasons of the year with dummy variables within an equation, how many variables would you add to the equation?
n-1 or 3
Historically, the two main laws covering toxic chemical substances introduced into the environment are the Toxic Substances Control Act of 1976 and the other is ____________________.
Federal Insecticide, Fungicide and Rodenticide Act (of 1947)
Changes in accounts receivable, accounts payable, inventory values, and prepaid expenses are examples of ________________ adjustments on an income statement.
The act of buying an item in one market and selling it at a higher price in another market in order to profit from the price differential in two markets is called ____________.
Arbitrage
Combining two or more items into a single "package" and selling it for one price represents a pricing strategy that is commonly called:
bundling
What is the probability of rolling a four with a standard six sided die?
1/6
Many militia groups believe that government should not be involved in most segments of the economy. What term would describe this type of government involvement?
Laissez-faire