Micro
What is the difference between the short-run and long-run supply curves with respect to elasticity?
What term describes a selection of goods that are representative of consumer purchases and is indicative of consumer price movements.
Market basket
On the balance sheet, how are cash savings classified?
current asset
Ordinary Least Squares is an optimaztion techniques which minimizes
Sum of square errors
What is a option that provides its buyer with the right (but not the obligation) to sell a futures contract?
put option
If quantity demanded exceeds quantity supplied at the current price, what will happen to price in the future?
it will increase (the market is experiencing a shortage)
What happens to the opportunity cost of holding money when interest rates fall?
Opportunity costs decreases
If a firm has total equity of $500,000 and total assets of $350,000, what are the firm's total liabilities?
$150,000 (500,000 - 350,000)
Find the mode of the following data set:
1, 2, 1, 1, 2, 3, 4, 3
Between the time a hedge position is established and the time that it is lifted, this is the risk associated with an unexpected widening or narrowing of the difference between the cash and futures prices.
basis risk
Assume that TC (Q) = 100 + 25Q. What will be the change in total costs if a company decides to increase production from 100 to 110 units?
Total costs will increase by $250
This famous macroeconomist stated, "In the long-run, we are all dead."
John Maynard Keynes
A credit score of this level or higher will identify a borrower as a good credit risk, resulting the lowest interest rates.
700 or higher
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
What is the percent of the consumer's food dollar received by farmers called?
Farmers share
A strategy in game theory that earns a player a larger payoff than any other strategy, regardless of what any other players do, is known as a(n) ________ strategy.
Dominant
Workers who have lost their jobs due to a downturn in the business cycle represent _______________unemployment.
cyclical
Patents, trademarks, copyrighted technology, and a dominant brand are all examples of?
Barriers to entry
The Durbin-Watson tests for what condition?
autocorrelation
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
What is measured by the vertical distance between the total cost and total revenue curves?
Profit
Which model shows how saving, population growth, and technological progress determine the level of and growth in the standard of living?
Solow growth model
A loan that is made for the purchase of inputs that generate sufficient cash income in use to repay the loan are called __________________.
Self liquidating loans
When using a double-log model to estimate a traditional demand model, what does the estimated parameter for own price represent?
own price elasticity of demand
The purchase of futures contracts at the same time a commitment has been made to deliver a physical commodity to a specific buyer at a fixed price in the future is called?
long hedge