Micro
What do we call money set aside today for future consumption?
Savings
What curve represents the combinations of two outputs a firm can produce with a given level of inputs and technology?
production possibilities curve
The Real Interest rate may be calculated by taking the Nominal Interest rate and subtracting the _____.
Inflation rate
What term refers to producing a good in the least costly way.
Production Efficiency.
Where did Dr. Samper do her undergrad?
TTU and LBCC
What cost is the difference between the cost of using an input and the value of the resource in the best alternative use?
Opportunity cost
What is the area above the supply curve but below price?
Producer surplus
The difference between total cash inflows and total cash outflows for an operating period.
Net cash flow
The SAEA Company has Total Assets of $576,000 and Total Liabilities of $730,000. Based on these numbers, SAEA is financially _____.
Insolvent
Young female horse is called:
Mare
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 curve represents the least-cost combination of two inputs that can be used to produce increasing quantities of a product?
Expansion path
An asset a borrower pledges to a lender in case of default.
Collateral
What capital budgeting method results in the number of years required to repay the original investment?
Payback
Which state has the highest cash receipts for agricultural commodities?
California
If marginal cost is below average variable cost, then what else is known about average variable cost?
AVC must be declining
Which way would the demand curve for gasoline shift if there was a large increase in the price of public transportation?
Demand shifts to the right.
What do you call the practice of switching short-term funds from one investment to another in order to obtain the best return?
Arbitrage.
What is a ratio for measuring financial or capital structure?
Debt to asset or debt to equity or asset to equity
What is the approximate U.S. dairy cow population
9 million
The analysis of situations involving two or more decision makers with conflicting objectives is known as what.
Game theory
What two curves are tangent when the least cost combination of inputs is determined?
Isocost line and Isoquant
Regarding livestock grazing, what does the acronym AU stand for?
Animal Unit
What term is used for the undepreciated value of an asset shown in the business’s records?
Book Value
Who is the current secretary of agriculture?
Brooke Rollins