macro
Demand is ________ if the percentage change in quantity demanded is less than the percentage change in price.
Inelastic
Economic thought which suggests the government ought to play a very limited role in economic policy is referred to as
laissez-faire
For a firm, the properties and economic resources it owns are known as
assets
What President signed the order creating the Environmental Protection Agency?
Richard M. Nixon
Ordinary Least Squares is an optimaztion techniques which minimizes
Sum of Squares Error (or Error Sum of Squares)
What is the line that shows the combination of two resources that can be purchased with a given level of expenditure?
Isocost Line
According to Thomas Malthus, what effect did faster rates of population growth have on a nation's productivity?
descreased it
Assets pledged to secure a debt with the lender entitled to the assets if the debt is not repaid defines:
collateral
When the payment of a farm program increases the value of the land of the farm, the value of the program is said to be _____________ in the land value
Capitalized
A(n) ________ matrix is created by interchanging each row with each column.
transpose
Assume that TC (Q) = 100 + 25Q. What will be the change in total costs if a company decides to increase production from 100 to 110 units?
Total costs will increase by $250
How do currency speculators aid international trade?
they absorb exchange rate risk which others do not want to bear
__________ ___________ is linking successive stages in the production and/or marketing process into one decision-making entity.
vertical integration
A payment in-kind from the government is a payment that is not in the form of _______.
money
What type of statistics involves reaching generalizations about a population by examining a representative sample of the population?
inferential statistics
What type of demand exists when the demand for an input is caused by the demand for a product produced with that input?
Derived Demand
What form refers to the notion that industrially advanced nations are economically exploiting the Less Developed Countries?
neocolonialism
A highly leveraged firm is a firm that has a large amount of _____.
debt
What type of tariff is imposed as a percentage of the value of the imported product?
What is the term for a systematic procedure for arriving at a solution for a problem?
algorithm
Inverse industry demand is given by P = 20 - 5Q. Marginal revenue equals?
20-10Q
If the Federal Reserve wanted to pursue a(n) ___________ monetary policy, it could lower the discount rate.
expansionary
What term is used as slang for a preliminary prospectus published to determine interest in a company's new issue of stock?
red herring
The purpose of the pigou tax is to __________ the negative externalities associated with the use of the good in question.
Internalize
When using a double-log model to estimate a traditional demand model, what does the estimated parameter for own price represent?
own-price elasticity of demand