Edexcel Economics 1. Introduction to Economics - Statistics

Jump to: Answer Stats | Score Distribution | Your Scores

General Stats

This quiz has been taken 50 times
The average score is 5 of 20

Answer Stats

Description	Term	% Correct
The number of units purchased by consumers at different prices in a given period	Demand	100%
The process of breaking down production into a sequence of stages with workers assigned to a particular stage	Division of Labour	100%
An economy in which production is determined by both consumers and the state	Mixed Economy	100%
A graph showing the maximum output combinations of two products an economy can achieve when all resources are fully and efficiently employed	Production Possibility Frontier	100%
An assessment of something as good or bad depending on one's own standards or priorities	Value Judgement	100%
What is shown by the following calculation: (%∆QD)/(%∆Y)?	Income Elasticity of Demand	75%
A product that is in joint demand with another product	Complement	67%
The degree of responsiveness of demand to a change in price	Price Elasticity of Demand	67%
A product that is both non-excludable and non-rivalrous	Public Good	67%
The number of people able to work who are currently out of the labour force	Rate of Unemployment	67%
Other things being equal (all other factors being held constant so as to isolate the effects of one variable)	Ceteris Paribus	60%
An objective statement that can be tested, amended, and/or rejected by referring to the available evidence	Positive Statement	60%
The difference in total value between payments into and out of a country over a certain period of time	Balance of Payments	50%
Products bought by consumers for their own use and enjoyment	Consumer Goods	50%
The study of the production, distribution, and consumption of wealth in human society	Economics	50%
A third party effect arising from the production and consumption of goods and services for which no appropriate compensation is paid such as pollution	Externality	50%
The degree of responsiveness of demand to a change in income	Income Elasticity of Demand	50%
A subjective statement that relies on opinion and carries a value judgement	Normative Statement	50%
The value of the next best forgone alternative	Opportunity Cost	50%
A product that is both excludable and rivalrous	Private Good	50%
The study of economic decisions taken by individual economic agents such as households and firms	Microeconomics	40%
When a percentage change in price causes no change in the quantity demanded	Perfectly Inelastic Demand	40%
An economy in which production is controlled by, and all resources except labour are owned by the state	Command Economy	33%
The situation where an individual gains less additional utility from consuming a product the more of it is consumed	Diminishing Marginal Utility	33%
What is shown by the following calculation: (%∆QD)/(%∆P)?	Price Elasticity of Demand	33%
The situation of people having unlimited wants in the face of limited resources	Scarcity	33%
When people work and become skilled at specific tasks	Specialisation	33%
Where a fall in price makes a product relatively cheaper compared to substitutes causing some consumers to switch demand to that product	Substitution Effect	33%
What is shown by the following calculation: quantity of goods sold×price of goods?	Total Revenue	33%
When a percentage change in price causes an infinite change in the quantity demanded	Perfectly Elastic Demand	29%
A good or service, access to which can be denied to those consumers who have not paid for it	Excludable	25%
The study of the interrelationships between economic variables at an aggregate (economy-wide) level	Macroeconomics	25%
A simplified representation of reality used to provide insight into economic decisions and events	Model	25%
Natural Resources that are capable of being used and replaced	Renewable Resources	25%
A product that is in competitive demand with another product	Substitute	25%
Products that have no direct relation	Unrelated Goods	25%
The function of money that allows for the value of different goods and services to be compared	Measure of Value/Unit of Account	20%
A product for which demand increases with an increase in income	Normal Good	20%
An increase in demand coupled with a fall in price	Extension in Demand	17%
A system in which a double coincidence of wants between two parties facilitates the exchange of goods or services	Barter System	0%
Human-made products used in the production of other goods and services	Capital Goods	0%
A decrease in demand coupled with a rise in price	Contraction in Demand	0%
The degree of responsiveness of the quantity demanded of one product to a change in price in another	Cross Elasticity of Demand	0%
What is shown by the following calculation: (%∆QD of product A)/(%∆P of product B)?	Cross Elasticity of Demand	0%
A graph showing variance in demand with changes in price	Demand Curve	0%
A table showing variance in demand with changes in price	Demand Schedule	0%
A product the consumption of which is considered undesirable due to its negative effects on consumers such as cigarettes	Demerit Good	0%
Demand for one product that is connected to the demand for another product	Derived Demand	0%
When a change in one variable causes a change in another variable in the same direction	Direct Relationship	0%
Something that is produced via the consumption of resources	Economic Good	0%
When a country produces or has the potential to produce more goods and services	Economic Growth	0%
Where a desire to buy a product is backed up by an ability to pay for it	Effective Demand	0%
The optimal allocation of scarce resources	Efficiency	0%
A variable that has an internal cause or origin	Endogenous Variable	0%
A variable that has an external cause or origin	Exogenous Variable	0%
Those resources used in the production process	Factors of Production	0%
Something that humans do not have to produce but which they can consume without opportunity cost	Free Good	0%
A measure of economic activity over a certain period of time	Gross Domestic Product (GDP)	0%
Where a fall in price increases the real purchasing power of consumers by allowing them to buy more with a given budget	Income Effect	0%
A product for which demand decreases with an increase in income	Inferior Good	0%
When a change in one variable causes a change in another variable in the opposite direction	Inverse Relationship	0%
Where a desire to buy a product is not backed up by the ability to pay for it	Latent Demand	0%
The inverse relationship between demand and price	Law of Demand	0%
A point at which the level of profit or benefit is exceeded by the cost of investment	Law of Diminishing Returns	0%
A product with a high price that only those with a high income can afford	Luxury Good	0%
An examination of the additional (marginal) benefits and costs of a change in behaviour	Marginal Analysis	0%
The total number of units purchased by all consumers at a given price in a given period	Market Demand	0%
An economy in which production is principally determined by consumers	Market Economy	0%
The maximum output that can be produced in a given period with the available resources	Maximum Productive Potential	0%
The medium through which the exchange or trade in goods and services is facilitated such as money	Medium of Exchange	0%
A product the consumption of which is considered desirable due to its positive effects on consumers and thus subsidised or provided free by government such as healthcare	Merit Good	0%
When income and quantity demanded move in the opposite direction	Negative Income Elasticity	0%
A good or service that non-paying consumers cannot be prevented from accessing such as light from a lamppost	Non-Excludable	0%
Natural resources that cannot be replaced once used	Non-Renewable Resources	0%
A good or service for which there is no marginal (additional) cost of providing it to an additional consumer such as a television broadcast	Non-Rivalrous	0%
Goods and services principally sold within domestic markets such as healthcare	Non-Tradeable Product	0%
A theoretical situation in which any attempt to make one person better off would make another worse off	Perfect Efficiency	0%
What has a coefficient of infinity?	Perfectly Elastic Demand	0%
What has a coefficient of zero?	Perfectly Inelastic Demand	0%
When income and quantity demanded move in the same direction	Positive Income Elasticity	0%
An expansion in the productive capacity of an economy	Potential Economic Growth	0%
The manner in which the profits of selling goods and services affects their supply and demand	Price Mechanism	0%
Research dealing in concepts such as people's opinions about their standard of living	Qualitative Research	0%
Research dealing in numbers such as mathematical data	Quantitative Research	0%
The number of people registered as being able to work (as well as the number of hours worked per person)	Rate of Activity	0%
When a change in the price of one good provokes a greater change in the demand of another	Relative Cross Elasticity	0%
When a change in the price of one good provokes a smaller change in the demand of another	Relative Cross Inelasticity	0%
When a percentage change in price causes a greater percentage change in the quantity demanded	Relatively Elastic Demand	0%
What has a coefficient above one but less than infinity?	Relatively Elastic Demand	0%
When a percentage change in price causes a smaller percentage change in the quantity demanded	Relatively Inelastic Demand	0%
What has a coefficient above zero but less than one?	Relatively Inelastic Demand	0%
A good or service that when consumed by one consumer, reduces or prevents the ability for another party to consume it	Rivalrous	0%
The function of money that allows for people to defer payment for a good or service by borrowing	Standard of Deferred Payment	0%
The function of money that allows for people to save for future wants and needs	Store of Value	0%
The number of units sold by firms at different prices in a given period	Supply	0%
The ability for something to be maintained at a certain rate or level	Sustainability	0%
When a percentage change in price causes a change in the quantity demanded of the exact same percentage	Unit Elasticity of Demand	0%
What has a coefficient of one?	Unit Elasticity of Demand	0%
The amount of satisfaction someone receives from consuming a product	Utility	0%

Score Distribution

Percent of People with Each Score

Percentile by Number Answered

Your Score History

You have not taken this quiz

Countries of the World Quiz

US States Quiz

NATO Countries

EU Countries Quiz

Best-Selling Video Game Consoles

Countries with Nuclear Weapons

Richest Countries by Per-Capita GDP

Spanish Food Words

Disney Princesses

Name Every Beatles Song

Signs of the Zodiac Quiz

Most-Spoken Languages of the United States