A level Microeconomics key terms - Statistics

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This quiz has been taken 149 times
The average score is 9 of 46

Answer Stats

Hint	Answer	% Correct
The price at which supply = demand	Equilibrium price	51%
The cost of the next best alternative forgone	Opportunity Cost	35%
The change in satisfaction from consuming an extra unit	Marginal Utility	27%
The quantity demand for this good increases (Less than proportionally) when income increases	Normal	27%
The difference between the price you are willing to sell at and the price you actually sell at	Producer Surplus	27%
The cost of borrowing and reward for saving	Interest rate	26%
Quantity demanded for this good decreases when income increases	Inferior	25%
Objective statements that can be tested, amended or rejected by referring to available evidence	Positive Statements	25%
A compulsory contribution to state revenue	Tax	25%
The difference between the price you are willing to pay for a product and the price you paid for it	Consumer Surplus	23%
Subjective statements, they carry valid judgements about what ought to be	Normative Statements	22%
Typically goods that are provided by the government	Public goods	22%
Resources that are replaceable over time	Renewable resources	21%
Shows the maximum amount that can be produced of two given goods	PPF	20%
The responsiveness of quantity demanded to a change in income	Income elasticity of demand	18%
Government grants firms money in order to increase supply or lower price	Subsidies	18%
Effects that occur on a third party outside of a transaction	Externalities	17%
The responsiveness of quantity demanded to a change in price	Price elasticity of demand	17%
The quantity that consumers are willing and able to buy at a given price in a given amount of time	Demand	16%
The quantity of a good or service that producers are willing and able to offer for sale at each possible price in given time periods	Supply	16%
An inefficeint distribution of goods and services in the free market	Market Failure	15%
The cost or impact of a negative externality on the 3rd party	Social cost	14%
Tax on all types of income. Paid directly by the payee	Direct Tax	13%
Tax on consumption, paid by the final consumer	Indirect Tax	13%
Total satisfaction from a given level of consumption	Total Utility	12%
The inputs available to supply goods and services in an economy	Factors of Production	11%
Once provided, it's impossible to stop someone from using it without paying	Non-excludable	11%
Resources that are finite in supply	Non renewable resources	11%
The responsiveness of supply to a change in price	Price Elasticity of Supply	11%
Goods that improve efficiency and productive potential of an economy in the long run	Capital goods	10%
The responsiveness of quantity demanded of good Y to a change in price of good X	Cross price elasticity of demand	7%
When an economy focuses all of its energy on one industry	Specialisation	7%
Set tax per unit	Specific Tax	7%
When markets don't provide a good or service at all	Complete market failure	6%
A percentage tax	Ad Valorem Tax	5%
The demand for a factor of production used to produce a good or service	Derived demand	5%
The utlity decreases the more we use it	Diminishing Returns	5%
Goods or services that don't use up any factor inputs when supplied	Free goods	5%
When changes in price encourage buyers and sellers to change the quantity they buy and sell	Incentive	5%
A fall in price increases the real purchasing power of consumers	Income effect	5%
When people have inaccurate or incomplete data and so make wrong choices and decisions	Information Failure	5%
Eliminates excess within a market as it naturally moves towards the equilibrium price	Invisible hand theory	5%
One person using it does not reduce the amount avilable for others	Non-rivalry	5%
When changes in price lead to more or less being produced, so increasing or limiting the quantity demanded by buyers	Rationing	5%
Exists where goods have more than one use	Composite demand	3%
Goods that participate to more than one cycle of consumption	Durables	3%
Once provided, people cannot reject it	Non-rejectable	3%
Consumers and firms react to price change, If prices rise, firms should produce more. If prices fall, consumers should consume more	Signalling	3%

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