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Key terms - Economics (A - M) - Statistics
General Stats
- This quiz has been taken 144 times
- The average score is 9 of 15
Answer Stats
| Definition | Answer | % Correct |
|---|---|---|
| single seller with no competitors | Monopoly | 86%
|
| rise in the average level of prices sustained over time | Inflation | 83%
|
| fall in the average level of prices over time | Deflation | 79%
|
| willingness and ability of consumers to purchase a G or S | Demand | 75%
|
| rate charged by a lender of money or credit to a borrower | Interest rate | 69%
|
| state of balance in an economy | Equilibrium | 68%
|
| total amount demanded in an economy over a given period of time | Aggregate demand | 67%
|
| goods and services produced by a country’s firms which are sold abroad | Exports | 66%
|
| foreign G and S bought by a country’s households, firms, government agencies etc. | Imports | 61%
|
| total output produced by an economy’s firms over a period of time | Aggregate supply | 54%
|
| additional cost incurred in the production of one more unit of a G or S | Marginal cost | 48%
|
| shows how income circulates around an economy, from households to firms and back | Circular flow | 44%
|
| resource inputs needed by producers in order to create an output of G and S | Factors of production | 28%
|
| arrangement between buyers and sellers to exchange G or S for money | Market | 28%
|
| ability of a consumer or producer to decide which G, S or resource to purchase or provide | Choice | 15%
|
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