Micro
Butter and margarine are examples of product _________.
substitutes
A new or modified product launched under an already successful brand name is called:
Brand extension
What is the Farm Credit Service Cooperative that loans funds to agribusiness cooperatives?
Co Bank
What is a system of exchange in which people trade one good or service for another with no money used in the exchange?
Barter
A farmer pays $25 per acre-foot for irrigation water. At profit maximizing equilibrium, what is the marginal value product of water?
$25
The cobweb model can help explain what pattern in economic data?
A cycle
What is a riparian area?
land along rivers and streams
How many pounds in a kilogram (to one decimal)?
2.2 lbs in a kilogram
Long-run economic profits for a perfectly competitive firm are equal to what?
zero
In the futures market, which entity acts as a third party to every trade (i.e., acts as a seller to every buyer and as a buyer to every seller)?
Clearing house
Agribusinesses may be structured in four major forms. These are:
(1) Individual Proprietorship; (2) Corporation; (3)Partnership; (4) Cooperative
What philosophy asserts that the government should exert minimal control over industry and trade?
Laissez Faire
What term refers to a business arrangement where two firms contribute resources and mutually engage in a specific business undertaking?
Joint venture
What does it mean to say a variable is quantifiable?
It can be represented by a number.
A steel firm uses a river as a receptacle for waste and the increased waste imposes a cost on a resort downstream, this is an example of a(n) _______________.
externality
Kiwi fruit is native to what country?
China
What characterizes a normal good?
A positive relationship between quantity and income or income elasticity >=1
What type of auction begins with a high asking price, which then drops at regular intervals until the first buyer accepts it?
Dutch
What is the term, which represents the difference between the expected rate of return on a given risky asset and the expected return on a risk-free asset?
Risk premium
An economic system in which the government rather than market forces determine the production, pricing, and distribution of goods and services.
Centrally Planned Economies
What is a non-incorporated entity created under the law that is independent of any single individual?
Limited liability company (LLC)
What are exogenous variables?
Variables determined outside the system
____ ____ are sometimes classified as a subtype of public goods that are excludable but non-rivalrous. Examples include private golf courses, movie theaters, and cable television.
Club goods
What is the process of grading or inspecting eggs for resale?
Candling
If Total Cost equals 120 + 3Q, what is marginal cost of the tenth unit produced?
three
In the futures market, what is the name of the spread that involves the simultaneous purchase (sale) of soybean futures and the sale (purchase) of soybean oil and soybean meal futures?
Crush spread
In farm planning, what is used to estimate the changes in income and expenses that would result from carrying out a proposed change in the current farm plan?
partial budget
What type of good is consumed over a period of several years?
Durable
Adding additional enterprises to reduce income variability is a risk management strategy called?
Diversification
What distribution (named after a French mathematician) provides good approximations of binomial probabilities?
Poisson distribution
What is the name of a farming method or practice intended to reduce or prevent pollution from non-point sources?
Best Management Practice - BMP
What field weed sparked the invention of Velcro?
Cocklebur
If a person prefers Coke to Sprite and Sprite to Dr. Pepper, and if they are indifferent between Coke and Pepsi, what is their preference between Pepsi and Dr. Pepper?
Pepsi is preferred to Dr. Pepper
What term is used to define the implicit or shadow price of a characteristic of a commodity?
Hedonic price
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)
According to ____ ____, increases in unemployment tend to be associated with decreases in GDP.
Okun's law
The US's EEP program would be an example of what type of trade policy?
export subsidy
What is the sign of the second derivative of a function at its maximum critical point?
Negative
What do WTO rules label policies considered to be minimally trade-distorting and are therefore excluded from domestic support reduction commitments?
green box policies
How many justices sit on the U.S. Supreme Court?
9