Micro
An indifference curve must have what kind of slope?
Negative
What term is used for a sustained rise in the general price level for goods and services in the economy?
Inflation
Total Liabilities divided by Total Assets provides the _____ Ratio.
Debt to Asset
Hedging barley using a corn futures contract is called:
Cross Hedging
What warehouse membership club makes Wal-Mart a major grocery-retailing firm?
Sam's Club
What is the change in output resulting from one additional unit of a variable input?
Marginal Physical Product (MPP)
What is the term for an intrinsically worthless commodity that serves as the medium of exchange by legal decree?
Fiat Money
What form of business is owned by its customers?
In what type of market is low-quality products predominate because consumers cannot distinguish them from high quality products?
Lemon Market
In what country did soybeans originate?
China
Which costs have already been incurred as a result of past decisions?
Sunk
What type of tax is levied on things such as tobacco, gasoline and alcohol and is based on quantity sold?
Excise Tax
What do we call the nominal or face value of a bond?
Par Value
What type of auction begins with a high asking price, which then drops at regular intervals until the first buyer accepts it
Dutch
What name is generally assigned to the group of traders who think prices are going to increase?
bulls
Economic thought that suggests the government ought to play a very limited role in economic activity is referred to as:
Laissez Faire
What is the rate at which money changes hands in the economy?
Velocity of Money
What term refers to a group of plants engaged in different stages of the production of a final product in a single firm?
Vertical Integration
What are the following are examples of : Patents, high start up costs, or loyalty to the brands of other producers?
Barriers to Entry
In the context of labor markets "shirking" refers to?
Neglecting or avoiding work
The analysis of situations involving two or more decision makers with conflicting objectives is known as what.
Game Theory
In a recession, where does unemployment lie related to the natural rate of unemployment?
Above or higher than the natural rate
A form of restructuring in which firm's managers acquire a greater stake in the firm by buying back shares from other shareholders.
Management Buy-Out (MBO)
The practice of driving prices down to unprofitable levels in order to weaken or eliminate existing competitors is called:
Predatory Pricing
What are the four parts of a cow's stomach?
Rumen, Reticulum, Omasum, Abomasum