Key terms - Economics (A - M) - Statistics

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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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