home

Edexcel Economics 8. Government Intervention in Markets

In this quiz the answers change every time you play! Guess the terms that fit these definitions
Answer must correspond to highlighted box!
Quiz by
robalot39
Rate:
Last updated: January 17, 2020
You have not attempted this quiz yet.
More quiz info >>
First submittedJanuary 17, 2020
Times taken17
Average score95.0%
Report this quizReport
Quiz and answer stats >>
Shared scores >>
6:00
Enter answer here
0
 / 20 guessed
The quiz is paused. You have remaining.
Scoring
You scored / = %
This beats or equals % of test takers also scored 100%
The average score is
Your high score is
Your fastest time is
Keep scrolling down for answers and more stats ...
Description
Term
A restrictive practice whereby firms supply products subject to the condition that they are sold at recommended prices
Resale Price Maintenance
Those two supermarkets the merger of which was blocked by the Competition and Markets Authority as it would have reduced competition and consumer choice and likely lead to price rises in both groceries and fuel, alphabetically
Asda and Sainsbury's
That which if increased, may cause a substitution effect against labour as the opportunity cost of leisure would increase, encouraging people to work more hours ceteris paribus
Wage Rate
That type of wage which does not increase or cause unemployment if it is set below equilibrium, ceteris paribus
Minimum Wage
Where the regulator of an industry becomes so closely involved with said industry that it begins representing the industry's interests rather than regulating it, such as had been accused of financial regulators by their being staffed by many former bankers
Regulatory Capture
That the advantages of which are that it can increase efficiency due to the need to produce what people want at competitive prices, can increase flexibility, and can (if increasing efficiency and profit) also increase government revenue from corporation tax
Privatisation
That which assumes that there is not cost difference between market structures, in reality refuted by the presence of economies of scale
Structure-Conduct-Performance Paradigm
They which may affect labour supply as if there are strict entry criteria for a profession such as law or medicine, the supply of labour will be restricted, forcing wages higher
Barriers to Entry
Demand for a good or service not for its own sake, but for what it produces, e.g. labour is demanded for the output that it produces
Derived Demand
That which the public sector takes the lead from in setting wages so as not to cause excess supply or a skills shortage
Private Sector
A government set wage rate below which firms are not allowed to pay
Minimum Wage
Those bodies, the four principal methods of which for controlling firms' policies are; price regulation, profit regulation, quality standards, and performance targets
Regulators
A 1998 act that deals with anti-competitive agreements between firms (such as cartels (made a criminal offence under the 2002 Enterprise Act)) and anti-competitive practices by one or more firms in a market, based largely on EU laws and regulations
Competition Act
That which determines the affect on total employment of trade unions successfully negotiating a higher wage rate
Wage Elasticity of Demand for Labour
Where jobs are available as are people willing and able to take them, but the jobs and people face a geographic or occupational disconnect
Labour Immobility
Where a regulator monitors a firm or industry to ensure certain standards are met, such as the quality of drinking water
Quality Standards
That which can sometimes be a complement to labour due to the employment they can create in maintaining and operating them
Capital Goods
The additional output produced by a firm increasing its labour input by one unit (such as one more person-hour) holding capital constant, and subject to the law of diminishing returns
Marginal Physical Product of Labour (MPPL)
An EU employers' organisation that promotes business interest to ensure EU policy supports the European market and economy, of which the UK if one of 35 member countries
Confederation of European Business (BusinessEurope)
The additional cost to a firm of adding an additional unit of labour, such as wages and hiring costs, etc.
Marginal Cost of Labour
Save Your Stats
Your Next Quiz
US States Quiz
Name all 50 states in the USA. Easy, right?
Countries by Borders in 90 Seconds
When you guess a country, all the countries it borders will also be completed. Can you fill in the world map in just 90 seconds?
2026 FIFA World Cup Teams
48 nations will compete in the 2026 men's FIFA World Cup. How many can you name?
Pin Africa on a Borderless Map
Drag the pin onto the correct country. Careful, though! Three wrong moves and the game ends.
Comments
No comments yet
Copyright H Brothers Inc, 2008–2026
Contact Us | Go To Top | View Desktop Site | Site Map