A level Microeconomics key terms - Statistics

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This quiz has been taken 153 times
The average score is 9 of 46

Answer Stats

Hint	Answer	% Correct
The price at which supply = demand	Equilibrium price	49%
The cost of the next best alternative forgone	Opportunity Cost	33%
The change in satisfaction from consuming an extra unit	Marginal Utility	28%
The difference between the price you are willing to sell at and the price you actually sell at	Producer Surplus	26%
Objective statements that can be tested, amended or rejected by referring to available evidence	Positive Statements	25%
Quantity demanded for this good decreases when income increases	Inferior	24%
The cost of borrowing and reward for saving	Interest rate	24%
The quantity demand for this good increases (Less than proportionally) when income increases	Normal	24%
Typically goods that are provided by the government	Public goods	24%
A compulsory contribution to state revenue	Tax	24%
Subjective statements, they carry valid judgements about what ought to be	Normative Statements	23%
The difference between the price you are willing to pay for a product and the price you paid for it	Consumer Surplus	22%
Resources that are replaceable over time	Renewable resources	22%
Government grants firms money in order to increase supply or lower price	Subsidies	20%
The responsiveness of quantity demanded to a change in income	Income elasticity of demand	19%
Shows the maximum amount that can be produced of two given goods	PPF	19%
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	17%
Effects that occur on a third party outside of a transaction	Externalities	16%
Tax on consumption, paid by the final consumer	Indirect Tax	15%
The responsiveness of quantity demanded to a change in price	Price elasticity of demand	15%
The quantity that consumers are willing and able to buy at a given price in a given amount of time	Demand	14%
The cost or impact of a negative externality on the 3rd party	Social cost	14%
The inputs available to supply goods and services in an economy	Factors of Production	13%
An inefficeint distribution of goods and services in the free market	Market Failure	13%
The responsiveness of supply to a change in price	Price Elasticity of Supply	13%
Tax on all types of income. Paid directly by the payee	Direct Tax	12%
Once provided, it's impossible to stop someone from using it without paying	Non-excludable	12%
Resources that are finite in supply	Non renewable resources	12%
Total satisfaction from a given level of consumption	Total Utility	12%
Goods that improve efficiency and productive potential of an economy in the long run	Capital goods	11%
When an economy focuses all of its energy on one industry	Specialisation	8%
The responsiveness of quantity demanded of good Y to a change in price of good X	Cross price elasticity of demand	7%
Set tax per unit	Specific Tax	7%
A percentage tax	Ad Valorem Tax	6%
When markets don't provide a good or service at all	Complete market failure	6%
The demand for a factor of production used to produce a good or service	Derived demand	6%
A fall in price increases the real purchasing power of consumers	Income effect	6%
When people have inaccurate or incomplete data and so make wrong choices and decisions	Information Failure	6%
When changes in price encourage buyers and sellers to change the quantity they buy and sell	Incentive	5%
Exists where goods have more than one use	Composite demand	4%
The utlity decreases the more we use it	Diminishing Returns	4%
Goods or services that don't use up any factor inputs when supplied	Free goods	4%
Eliminates excess within a market as it naturally moves towards the equilibrium price	Invisible hand theory	4%
One person using it does not reduce the amount avilable for others	Non-rivalry	4%
When changes in price lead to more or less being produced, so increasing or limiting the quantity demanded by buyers	Rationing	4%
Consumers and firms react to price change, If prices rise, firms should produce more. If prices fall, consumers should consume more	Signalling	4%
Goods that participate to more than one cycle of consumption	Durables	3%
Once provided, people cannot reject it	Non-rejectable	3%

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