Micro
The amount of which type of inputs changes as a producer changes the amount of output?
Variable inputs
What term is used for a sustained rise in the general price level for goods and services in the economy?
Inflation
What is the price of borrowed money commonly called?
Interest rate
What is the price at which an option holder can acquire a futures position called?
Strike price.
What rental arrangement generally has the least risk to the landowner?
Cash rent.
Travelers on a flight paid different prices for the seats in coach class. What is this an example of?
Price discrimination
What currency measure is allowed to fluctuate in the open market in response to the demand and supply of foreign currencies?
Flexible exchange rates.
What is the name of the credit instrument that is used when a loan is secured by real estate?
Mortgage
What term refers to beef that is sold by the meatpacker in primal, sub primal, or final retail cuts rather than as a carcass?
Boxed beef
TQM is the acronym for what phrase?
Total quality management
A commodity seller who is unable to affect the commodity price by changing the quantity it sells is referred to by what term ?
Price taker
What term is used for the decline in value of a domestic currency relative to foreign currencies?
Devaluation
What type of ratios provides a measure as to the firm's repayment ability on short-term creditor claims?
Liquidity (ratios)
If deliveries are made through the futures market, who pays the delivery cost?
The seller.
Which accounting method recognizes and records revenue only when income is actually received?
Cash accounting
When should a firm shut down in the short run?
When price falls below minimum average variable cost.
What is the term used when output fails to respond to changes in the interest rate?
Liquidity trap.
Name the two basic discounted cash flow methods that provide information for capital budgeting decisions.
Net Present Value (NPV) and Internal Rate of Return (IRR).
Another name for pin-hooking is?
Arbitrage
A specific isocline representing a set of input price ratios the manager believes relevant can be called the firm's:
Expansion path
Which line shows the different combinations of two outputs that yield the same amount of total revenue for the firm?
Iso-revenue
What type of tax occurs when the average tax rate falls as income rises?
Regressive
In farm management, fuel, repairs and maintenance, and labor are classified as ________________?
Operating costs (or variable costs)
Name the process of lowering prices after the introduction of a new product, in order to deter competitors and capture a larger portion of consumer surplus?
Price skimming.
What are the three components necessary for real property to have value?
Utility, scarcity, and demand