Quant
What econometric goodness of fit measure is also known as the coefficient of determination?
R-squared
What animal describes a trader who thinks prices will fall?
Bear
What is the name of the action taken by a manager to give employees expanded authority to solve problems as they arise?
empowerment
True/False. The demand of a good changes when the price of that good changes.
False. Quantity demanded changes
What category of goods have very high income elasticities?
luxury goods
Qualitative factors may be represented in regression analysis by specification of what type of variables ?
Dummy!
What is a marketing philosophy in which the seller views the market as a homogeneous whole, and, therefore, has only one marketing program for everyone?
Mass marketing
What risk management tool transfers risk to a third party for the payment of a specified fee?
insurance
The practice by monopolists of charging different prices to different consumers is called _________ __________.
Price discrimination
The top agricultural state in the United States is:
California
What states that, for a given distribution, as the sample size increases the sampling distribution of the mean approaches a normal distribution?
Central Limit Theorem
The vertical difference between the primary and derived demand curves is called what?
marketing margin
What is estimated total costs of production for a given enterprise divided by the estimated yield?
Break even price
If a manager knew that he or she faced an elastic demand for a product, what would happen to total revenue if price increased?
decrease
Spencer Johnson's best-selling book dealing with change in work and life is entitled "Who Moved My ________?"
Cheese
The White Test is used in econometrics to test for
heteroskedasticity
A pricing strategy where a firm uses unusually high prices to enter a market even at the risk of losing customer, but to achieve high profits. Success of this strategy usually depends on the uniqueness of the product.
market skimming
Why do many businesses use moving averages in their forecasts?
They reduce the influence of outliers
What type of demand exists when the demand for an input is caused by the demand for a product produced with that input?
derived demand
importer
Given the total cost function: TC = 750 + 10X + .05X^2 what is the equation for marginal cost (MC)?
MC = 10 + 0.1X
The naïve adaptive price expectations model in which suppliers are myopic and always expect price in period t-1 to prevail in period t. This model is called?
the cobweb model
In Michael Porter's Five Forces model, if suppliers' products become more differentiated or switching costs increase, supplier power __________.
increases
A non-binding price floor causes:
a) excess supply
b) excess demand
c) neither a or b
C
This famous economist demonstrated the concept of diminishing marginal productivity using a pin factory as an example.
Adam Smith