macro
economists use a particular word for peoples' well being or happiness. What word is this?
Utility
an economy sees the general prices of its goods and services fall over the course of a year. What is this phenomenon referred to as?
deflation
The decline in market value of an asset that occurs over time that reflects the "consumption" of the asset due to wear and tear, obsolences, etc. is called _________.
depreciation
Name the controversial U.S. Act originally enacted in 1973 to protect endangered and threatened animals and plants?
Endangered Species Act
What is the second derivative of Y= exp(x)?
exp(x)
OPEC is an example of what type of market structure, where there is an open and formal agreement among firms to collude?
cartel
How does GDP account for goods and services whose values are not established by market transactions?
Assets= Liabilities + Owner's Equity
How are "Net exports" determined?
Total Exports minus Total Imports
List four prime numbers under 30
Any of the following 1, 2, 3, 5, 7, 11, 13, 17, 19, 23, or 29
what is the term used for a market with a single buyer?
monopsony
How is technological change reflected on a production possibilities curve?
The Census of Agriculture states that a farm is a place where $___ or more of agricultural products are produced or sold.
1,000
When an exporting country initiates an export tax on a specific good, what impact will the export tax likely have on the domestic price of the exported good?
Decrease the domestic price as it discourages exports
What do we call a variable that can only have integer values?
a discrete variable
contract
this portion of annual consumer purchases is not affected by current disposable income
autonomous consumption
Other things being equal, would obtaining additional equity capital
1). Increase
2). Decrease
3). Have No Impact on a firm's financial leverage
Decrease
The Herfindahl index is a summary measure of industry concentration. What is the upper bound of the Herfindahl index?
1.0
Event A has a 50% chance of accruing and if A occurs, event B has a 60% chance of occurring. What is the probability of event B occurring, given Event A occurs.
60%
what is measured by the vertical distance between the total cost and total revenue curves?
profit
In the classical model, what does the long run aggregate supply curve look like?
A vertical line (or perfectly inelastic)
If you recieve a bill from a supplier that states; "2/10 net 30", what does it mean?
2 percent discount if paid in 10 days, entire amount due in 30 days
One town (Aville) preserves its wetlands and does not allow houses on the flood plain. A neighboring town (Bville) has houses built on the flood plain and the owners buy flood insurance. Using the cost of flood insurance in Town B to determine the value of the wetlands in Town A is an example of
Imputed willingness to pay
What type of graph uses circles to represent variables within a rectangular universe?
Venn diagram