Micro
What type of demand do you have when the elasticity coefficient is exactly one?
Unit Elastic
What is the difference between nominal income and real income?
Real income is adjusted for the
effects of inflation
What are data in an index number series expressed relative to?
A base period
What is the term for someone who is able to benefit from a good or service without paying for it?
Free Rider
What do you call the properties and resources owned and controlled by a business?
What rental arrangement generally has the least risk to the landowner?
Cash Rent
What economic term is associated with the difference between the futures price and cash price of a commodity?
Basis
"Karma is the guy on the Chiefs" was a lyric in reference to this singers boyfriend
Taylor Swift
What is the additional output that results when one more unit of a variable input is used?
marginal physical product (MPP)
When inflation accelerates very rapidly, it is called:
Hyperinflation
What does the acronym ANOVA stand for?
analysis of variance
What type of resources are not exclusively controlled by a single agent and maybe managed collectively?
Common Property
What business activity involves the combining of two or more firms into one operating unit?
Merger
In what type of partnership can an individual invest without full liability?
Limited Partnership
In what type of economic system are most of society's resources are privately owned and managed?
Capitalism
This artist has a Christmas song that continues to top charts even decades after it was first released
Mariah Carey
If it pays to produce at all, production should always occur where Marginal _____ equals Marginal ____
Revenue, Cost
What US state is the leading producer of potatoes?
Idaho
The symmetrical curve associated with the normal distribution is commonly called:
A bell curve
The use of government spending and taxing for the specific purpose of stabilizing the economy.
Fiscal Policy
The value at which an asset is reported on a balance sheet is?
Book Value
What is estimated total costs of production for a given enterprise divided by the estimated yield?
Break-Even Price
What gives the holder the option to sell a futures contract at a specified price?
Put Option
This football player (QB) played at Alabama and OU (ewww) before playing for the Philadelphia Eagles
Jalen Hurts
How are individual demand curves for a commodity used to derive the market demand curve?
They are summed horizontally
How many districts are included in the Federal Reserve System?
12
What is the probability of rolling two sixes (boxcars) with two six sided dice?
1/36 (or 2.78%)
What is the essence of a Pareto optimum?
a condition where it is impossible
to make anyone better off without
making someone else worse off
What is the name of the financial ratio that shows the adequacy of cash, accounts receivable, and marketable securities to cover current liabilities?
Current Ratio
What depreciation method uses a constant rate applied to the book value until the salvage value is reached, and then no further depreciation is taken?
Double-Declining Balance
Method
What do we call selling a specialized, modified product to a subset of the larger market?
Niche marketing
This performer played the superbowl halftime show in 2023
Rihanna
When average product is falling, marginal product is ____
Falling
A tight monetary policy in the US is most likely to ___ the international value of the dollar and ___ US net exports
Appreciate, Decrease
How is the median calculated if there are 10 observations for a variable?
Taking the average of the 5th
and 6th values when the
observations are in ascending or
descending order.
What U.S. law was meant to facilitate the distribution of American farm products in underdeveloped countries?
Public Law 480
On the balance sheet, how is debt payable within the next accounting period classified?
A current liability
If the cost of irrigation water increases, ceteris peribus, how would a profit-maximizing producer react?
An order to buy or sell a commodity futures position that becomes a market order if the specified price level is reached is called:
A market if touched order
This person, often referred to as "McDreamy", won Peoples Sexiest Man Alive this year (2023)
Patrick Dempsey