Full QB 4

Quantitiative

100

If you dine at the Golden Corrals that charges $20 for its all-you-can-eat buffer, then what is the marginal cost for your 10th plate of food?

$0

200

Two variables are said to be ______ if one variable changes when the other variable changes

Correlated

300

If the cross-price elasticity between goods B and A is -2 and the price of good B increases by 5%, the quantity demanded for good A will: 

a. Increase by 5%

b. Increase by 10%

c. Decrease by 5%

d. Decrease by 10%

D. decrease by 10%

400

A firm charges $14 for a product. If the markup is 40%, then the fully allocated average cost is: 

a. $19.60

b. $10.00

c. $8.40

d. None of the above

b. $10.00

500

The coefficient of variation measures: 

a. The risk per unit of expected payoff. 

b. The risk-adjusted expected value

c. The payoff per unit of risk

d. A decision maker's risk-return tradeoff

a. The risk per unit of expected payoff

Ag Business

100

Property that is pledged as a security for a loan is called ____________

Collateral 

200

In financial analysis, what is ROA?

Return on Assets

300

A firm's current ratio and quick ratio measure what aspect of financial condition?

Liquidity

400

What ratio is defined by:

(current assets - inventories) divided by current liabilities

quick ratio

500

What process is used to determine the future value of an investment or load, in which interest is charged on the accumulated interest as well as the original capital?

Compounding

Microeconomics

100

Secondhand smoke that harms a third party is an example of a(n) _________________

negative externality

200

In a perfectly competitive market, short run profits are observed to be negative. In the long run, one would expect the number of firms to _____, price to ______, and profit to be ______.

fall, rise, zero

300

If the cross price elasticity between two goods is positive, then the two goods are _________.

substitutes

400

Describe the shape of the isoquant for two perfect complements

L-shaped

500

If Priya can answer 5 math questions or 10 economic questions in 1 hour, while Raul can answer 5 math or 8 economic questions in 1 hour, who has a comparative advantage in answering math questions?

Raul 

Resource and Policy

100

An industry in which one firm can supply the entire market at a lower price than two or more firms is called a ______________.

Natural monopoly

200

The economic concept that under open access resource management, individuals each acting in their own self-interest will drive the resource's economic return to zero is defined as ____________. 

Tragedy of the commons

300

USDA's __________________ is responsible for protecting American Agriculture against Pests and Diseases

APHIS (Animal Plant Health Inspection Service)

400

The _____________ Act was the first federal act that outlawed monopolistic business practices (signed in 1890)

Sherman Anti-Trust Act (Or Sherman Act)

500

Historically, the two main laws covering toxic chemical substances introduced into the environment are the Toxic Substances Control Act of 1976 and the other is _____________________

Federal Insecticide, Fungicide and Rodenticide Act (of 1947)

Potpourri

100

Faster, Higher, stronger, is the motto of?

Olympic games

200

Which state usually has the highest cash receipts from livestock products?

Texas

300

What is the only mammal that can fly?

bat

400

What is the name of the chronic, degenerative disorder affecting the central nervous system of cattle, better known as "mad cow disease"

Bovine Spongiform Encephalopathy 

500

What is the main component of milk?

Water