Macro
Keynesian
Error term
Using previous data to predict what will happen in the future in order to inform business decisions is known as what.
Forecasting
What is the name of the line that connects bundles of 2 goods that a consumers like equally well.
Indifference curve
WHat is the last buyer category?
Laggards
What does GDP (Gross Domestic Product) measure?
A. The total value of a country's exports
B. The total income earned by a country's citizens abroad
C. The total market value of all final goods and services produced within a country in a given period
D. The amount of money printed by a country’s central bank
C
The variance inflation factor (VIF) tests for what?
Multicollinearity
Which budget summarizes timing and quantity of cash coming in and out of a business.
Cash flow budget
What is the name of the line that defines which bundles of good a consumer can afford versus what a consumer cannot afford given prices and income.
Budget constraint
Which model summarizes the 5 competitive forces faced by a firm?
Porters 5 forces model
Good money drives out bad money is known as....
Greshams law
Categorical variables, such as gender or treatment group, can be represented in a regression and what type of variable?
dummy variable
Determining the about of mineral to include in a ration is an example of what type of planning
tactical
The short run shutdown point for a firm is where P = ____?
AVC
the ability to meeting day to day cash needs of a firm is known as what
liquidity
What are the 4 types of unemployment?
Frictional, structural, cyclical, and seasonal
A small bakery produces cupcakes. The total cost of producing 100 cupcakes is $200. When the bakery increases production to 110 cupcakes, the total cost rises to $230.
What is the marginal cost of producing the additional 10 cupcakes?
$3
H&F sells show pig feed for $50 a bag. It costs $20 in labor, $10 in feedstuffs, and $5 in fixed cost to generate the pig feed. What is the contribution per unit of show pig feed?
$20
THe minimum point on a long run average cost curve is referred to as what?
Minimum efficient scale
What parasite recently caused the shutdown of cattle imports from mexico into the US?
New world screwworm
A country has a working-age population of 200 million people. Out of these, 150 million are in the labor force. Among those in the labor force, 138 million are employed. What is the unemployment rate?
8%
Below represents a demand function for beef (Qd) depending on the price of beef (P). What is the elasticity of demand for beef with respect to the price of beef?
ln(Qd)=5.2−1.4ln(P)
-1.4%
Name the four functions of management
planning, organizing, directing, controlling
A marketing campaign is run that promotes the advantages of drinking bovine milk. Assuming no other changes occur, What do you expect to happen in the market for almond milk? (hint, think shifts in supply and/or demand and changes to equilibriums).
Demand for almond milk goes down. equilibrium price and quantity go down.
What will Bailey's last name be now that she's married