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Economics: Topic 12, Year 2 Definitions - Statistics
General Stats
- This quiz has been taken 12 times
- The average score is 5 of 35
Answer Stats
| Definition | Answer | % Correct |
|---|---|---|
| A tax on an imported product. | A Tariff | 71%
|
| The trend for many markets to become worldwide in scope. | Globalisation | 71%
|
| The movement of people between different countries, though it can also refer to movement between regions within a country. | Migration | 43%
|
| The next best alternative that was given up when making a choice. | Opportunity Cost | 43%
|
| The economic region comprising of the 19 EU members that use the euro as their national currency. | The Eurozone | 43%
|
| Exists when a group of countries establish a free trade are with a common external tariff. | A Customs Union | 29%
|
| The process of removing manufacturing industries from an economy and the economic and social consequence which follow. | Deindustrialisation | 29%
|
| The advantages that a firm gains due to an increase in its size or in the size of the industry in which it operates. | Economies of Scale | 29%
|
| The exchange of goods and services across national frontiers. | International Trade | 29%
|
| Occurs when an individual, firm, region or country concentrates on producing a limited range of products. | Specialisation | 29%
|
| Occurs when an individual, firm, region or country concentrates on producing a limited range of products. | Specialisation | 29%
|
| An international body established with the aim of increasing world trade. It has over 160 member countries. | The World Trade Organisation | 29%
|
| Exists when one country requires a smaller quantity of inputs to produce a good than another country. | Absolute Advantage | 14%
|
| Occurs when one country cam produce a good or service at a lower opportunity cost than another. | Comparative Advantage | 14%
|
| Refers to a range of measures used by governments to restrict the free entry of imports into an economy. | Protection | 14%
|
| The uniform tariff rate imposed on imports by all members of a customs union. | A Common External Tariff | 0%
|
| Shows the maximum combination of products that can be provided by an economy during a given period of time with the resources available. | A Production Possibility Diagram | 0%
|
| A limit on the volume or quantity of a product that can be imported into an economy. | A Quota | 0%
|
| An economy that is moving from being centrally planned, where the state decides on production patterns, to a free market. | A Transition Economy | 0%
|
| Refers to a range of laws and regulations used by governments to prevent the abuse of monopoly power by firms. | Competition Policy | 0%
|
| Economies that have relatively low incomes per capita but generally enjoy high rates of economic growth. | Developing Economies | 0%
|
| The sale of a product in an export market for less than the cost of production or at a lower price than it is sold in the exporters domestic market. | Dumping | 0%
|
| A process whereby average incomes rise in an economy along with other measures of economic wellbeing such as standards of education and healthcare. | Economic Development | 0%
|
| The sale of goods and services through the internet. | Electronic Retailing | 0%
|
| Payments to exporters of goods and services to enhance the price competitiveness of the firms concerned. | Export Subsidies | 0%
|
| Records the transfer of ownership of UK or foreign businesses between residents in different countries. | Foreign Direct Investment | 0%
|
| Measures the contribution of a sector to the economy, less the value of goods or services used in production. | Gross Value Added | 0%
|
| Refers to the outcomes of human creativity including literary works, inventions as well as designs, symbols, and names used by businesses. | Intellectual Property | 0%
|
| The exchange of goods between two or more countries. | International Merchandise Trade | 0%
|
| Businesses with productive facilities in more than a single country. | Multinational Corporations | 0%
|
| A range of techniques designed to restrict imports, but not in the form of a tariff. | Non-tariff Barriers | 0%
|
| State-owned investment funds that invest in a range of assets including shares, bonds, hedge funds and property. | Sovereign Wealth Funds | 0%
|
| The executive body of the EU with responsibility for proposing new legislation, monitoring the operation of EU treaties and overseeing routine operations. | The European Commission | 0%
|
| Occurs when consumers within a customs union purchases products from an efficient producer elsewhere in the union rather than from relatively high-cost domestic producers. | Trade Creation | 0%
|
| Refers to trade diverted away from efficient global producers as a result of the creation of a customs union. | Trade Diversion | 0%
|
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