Macro
What is a durable good?
a good that is consumed over a period of several years
Eminent Domain is the right that allows what actions?
taking of land by the federal government for pubic use with compensation
Growth functions are often represented by what type of econometric model?
Logistic
What is the maximum monetary price a consumer is willing to pay for a unit of a product or service?
Reservation price
What is it called when a producer can hedge his sorghum crop with a corn futures contract?
cross-hedging
What labor rate is frequently used for manual harvesting of fruit and vegetables?
Piece rate
An unpaid balance on the 2003 operating loan for a firm would be shown where on the 12/31/2003 balance sheet?
Current Liabilities
What U.S. state produces the most turkeys each year?
Minnesota
A decline in the aggregate price level over some defined time period.
deflation
What type of resources are not exclusively controlled by a single agent and maybe managed collectively?
Common property
Autocorrelation is frequently a problem in what type of data?
Time Series
The impact of a change in the price of apples on a consumer's demand for oranges is what type of effect?
Substitution
The Herfindahl index for a monopolist equals?
(1)(1) = 1 or, in percent form, (100)(100) = 10,000
What does the acronym LLC as part of a company name stand for?
limited liability company
What are the two categories of assets on a balance sheet suggested by the Farm Financial Standards Council?
Current and Noncurrent
In the Peanuts special A Charlie Brown Thanksgiving, what unusual food does Charlie Brown serve for dinner?
Popcorn, toast, jelly beans, and pretzels
What is measured on the horizontal axis of the IS-LM diagram?
National Income (Y)
A tax or subsidy used to affect the behavior of a polluting company, such as a coal-burning utility, is called?
Economic incentive policy
What is a deterministic relationship?
One without an error term
In the 1970s, President Nixon imposed price ceilings. What was the result of this action?
The quantity demanded exceeded the quantity supplied or shortages existed in the market
What is comparative pricing of items in standard units of measurement called?
Unit pricing (e.g., dollars per pound)
The ability of a firm to earn a higher rate of profit or return than the industry average is called?
Competitive advantage
On a farm inventory, the value of livestock held for sale shows $50,000 on 12/31/2002 and $60,000 on 12/31/2003. What is the entry for market livestock inventory on the 12/31/2003 income statement?
+ $10,000
What dessert was not served at the first Thanksgiving due to a lack of sugar?
Pumpkin pie (they had pumpkins but not sugar/pastry for pie)
In a recessionary gap, where is the unemployment rate compared to the natural rate of unemployment?
Above (higher) the natural unemployment rate
What is a fund resource?
One where quantities are finite, whose present use reduces the physical amount available in the future
What is the probability of rolling two sixes (boxcars) with two six sided dice?
1/36 or 2.78%
The kinked demand curve suggests that prices in an oligopolistic market tend to:
remain unchanged (price rigidity)
How do we refer to the number of contracts traded in 1 trading session?
Volume
A _________ parachute is a severance contract that is intended to generously compensate top-level managers for the loss of their jobs in the event of takeover.
golden
If a firm understates depreciation, overstates sales or ignores new liabilities, what is the effect on firm profitability?
Profits are overstated
Which U.S. President began the tradition of pardoning a turkey?
George H. W. Bush (1990)
What measure describes the change in equilibrium GDP divided by the original change in spending that causes the change in GDP?
The Multiplier
How is the market demand for a public good derived?
By vertically summation of the individual demand curves
Where is the inflection point on the classic production function?
The point where the production rate of increase changes from increasing to decreasing, or where MPP is maximized
What is the difference between productive efficiency and allocative efficiency?
Productive efficiency is production at the lowest unit cost; Allocative efficiency is production where P = MC
The following characteristics refer to ___________:
a. Authorized by law to engage in collective marketing
b. Established by majority vote of producers
c. Legally binding on all producers
d. Examples are milk, fruit, and vegetables
Marketing Orders
A business with projected earning of $100,000 sells for $2 million dollars. What is the indicated capitalization rate?
5%
Which of the following item(s) would not be included on a projected cash flow budget?
A. Owner's equity
B. Receipts from the sale of commodities
C. Annual depreciation
A & C Owner's equity and annual depreciation
What is the name of the iconic balloon character that has appeared the most times in the Macy’s parade?
Snoopy