Repo
_____ costs are the costs of reducing emissions.
Abatement
Net farm income from operations minus an opportunity cost for unpaid family labor and management divided by average net worth (equity) is defined as _______________.
return on equity
Numbers less than than zero are called:
Negative numbers
What traces a producer's development over the four stages: introduction, growth, maturity, and decline ?
Product life cycle
The assumption that all other relevant factors are held constant when examining the influence of one particular variable in an economic model is called ____________.
ceteris paribus
Resource allocations are said to be _________optimal if no other feasible allocation could benefit some people without any deleterious effects on at lease one other person.
What is the formula for calculating depreciation using the double-declining balance (DDB) method?
DDB = (2/N) * R where N is the expected economic life of the asset and R is the remaining book value of the asset.
The t-statistic is the ratio of the parameter estimate divided by __________ .
standard error
What is the firm's ability to advantageously influence the market, market behavior, and/or market results?
Market power
What is the line that shows the combination of two resources that can be purchased with a given level of expenditure?
iso cost line
When an exporting country initiates an export tax on a specific good, what impact will the export tax likely have on the domestic price of the exported good?
Decrease the domestic price as it discourages exports
The legal process of taking and selling property in order to enforce a lien against the propety is known as?
foreclosure
The level of significance refers to the probability of committing what kind of error?
Type 1
The share of an industry's output accounted for by the four largest firms in the industry is called the:
4 firm concentration ratio
What is the difference between a consumer's willingness to pay and the market price?
consumer surplus
What phrase is often used to refer to situations that involve a conflict for resources between individual interests and the common good, such as overfishing in the oceans?
Tragedy of the commons
If a firm overstates depreciation, understates sales or overvalues new liabilities, what is the effect on firm profitability?
According to the empirical rule, what percentage of the observations from a normally-distributed data set lie within 1 standard deviation from the mean?
68%
The marketing approach where company's develop products and/or marketing strategies for very select target audiences.
What changes in the short run for an individual firm in pure competition in order to change its output?
quantity of variable resources used
_______ describes the principle that trade will be mutually beneficial if each partner specializes where they have the greatest relative efficiency.
Comparative advantage
What is a firm's cost of capital or discount rate that reflects the mix of various capital sources used to finance the firm, and the required return of each source ?
Weighted average cost of capital
In experimental design, what allows all variation due to uncontrolled external variables to be considered chance variation?
Complete randomization
Name the five forces in Michael Porter's Five Forces Model.
Rivalry among existing firms, Bargaining power of suppliers, Bargaining power of buyers, Threat of new entrants, Threat of substitute products
Constant returns to scale technology implies your production function and total cost curve will have what functional form?
linear