Micro
What do we call money set aside today for future consumption?
Savings
The total value of all final goods and services, including depreciation, produced within a country is known as?
Gross Domestic Product (GDP)
What is the generic name for computer programs that allow "what if" analyses to be easily accomplished?
Spreadsheet
The first step in the managerial decision-making process is:
identify and define the problem
What is the price at which an option holder can acquire a futures position called?
Strike Price
What is the phrase often used to portray the possibility of global warming.
Greenhouse Effect
Total Liabilities divided by Total Assets provides the _____ Ratio.
Debt to Asset Ratio
Wages per unit of output is an example of what type of cost?
Average Variable Cost
The law associated with the phrase "bad money drives out good" is called:
Gresham's Law
What does the acronym ANOVA stand for?
analysis of variance
TQM is the acronym for what phrase?
Total Quality Management
What are the costs incurred by buyer-seller search negotiations and contract enforcement activities?
Market quota Costs
What policy tool provides a level of gross returns per unit of commodity guaranteed to participants in farm programs?
Target Price
The SAEA Company has Total Assets of $576,000 and Total Liabilities of $730,000. Based on these numbers, SAEA is financially?
Insolvent
A change in demand is graphically represented by what change in the demand curve?
A shift
he notion that the annual rate of increase in the money supply should be equal to the potential annual growth rate of real GDP is know as?
Monetary Rule
The hypothesis that implies that there is no difference between the true value of the population parameter and that which is being hypothesized is known in
statistical theory as the _____.
Null hypothesis
What financial document best indicates the repayment capacity of a firm?
Cash Flow
The share of an industry's output accounted for by the four largest firms in the industry is called the:
Four-Firm Concentration Ratio
What term is used when a country has the ability to produce a product at less cost than another country?
Absolute Advantage
What is the term for an unsecured long-term debt?
Debenture
The ratio of what measure to price must be constant to maximize total utility within a budget constraint?
Marginal Utility
What do usury laws establish?
Legal ceiling on interest rates
What is equal to zero at the local maximum or minimum of a function?
First Derivative
Why would a manager diversify?
To reduce risk
What type of product is priced at less then the sellers cost in the hope of attracting store customers?
Loss Leader
A situation of economic isolation where no trade occurs is called:
Autarky
What budget shows the projected costs and returns for a unit of one crop or livestock activity?
Enterprise
What can be said about returns to scale with a linearly homogeneous production function?
Constant Returns to Scale
If autonomous expenditures equal $100 and the marginal propensity to consume equals .75, what is the level of equilibrium income in the economy
400
100/(1-MPC)
What is the sign of the second derivative of a function at its maximum critical point?
Negative
What would an output price that is equal to average total cost (ATC) be called?
Breakeven price
When shipping ag commodities by rail, ___________ is the charge/cost for extra loading or unloading time.
Demurrage
The area above price but below the demand curve is referred to by what phrase?
Consumer Surplus
What term is used for the un-depreciated value of an asset shown in the business’s records?
Book Value