Featured Quizzes
User Quizzes
Create Quiz
Data and Charts
Word Search
Badges and Games
About JetPunk
Message Board
Dark Mode
Economics: Topic 5, Year 1 Definitions - Statistics
General Stats
- This quiz has been taken 11 times
- The average score is 13 of 46
Answer Stats
| Definition | Answer | % Correct |
|---|---|---|
| A feature of a good or service whereby if an individual pays for that good or service, it is possible to prevent others from having access to that good or service. | Excludability | 60%
|
| Someone who benefits from a good or service without paying for it. | Free-rider | 60%
|
| Occurs when a market economy does not achieve an efficient allocation of resources. | Market Failure | 60%
|
| A tax and takes the same proportion of taxpayers' incomes, regardless of their income level. | Proportional Tax | 60%
|
| Goods that are at least non-excludable and non-rivalry, and may be non-rejectable. | Public Goods | 60%
|
| A feature of a good or service whereby any individual can choose not to consume that good. | Rejectability | 60%
|
| A feature of a good or service wherby if a person consumes that good or service, the quantity available diminshes and so it is not available for others to consume. | Rivalry | 60%
|
| Describes a good that is overproduced in a pure market economy. | Demerit Goods | 40%
|
| The effects of economic activity on third parties, who are not involved and have no say in the economic activity that has taken place. | Externalities | 40%
|
| Occurs when government intervention in the economy leads to a net loss in economic welfare and a misallocation of resources. | Government Failure | 40%
|
| Describes government actions that are designed to affect economic activity economic activity and the allocation of resources. | Government Intervention | 40%
|
| When a buyer or seller lacks the information needed to make the best choice in a transaction. | Imperfect Information | 40%
|
| Describes a good that is underproduced in a pure market economy. | Merit Goods | 40%
|
| Describes the problems experienced by third parties not involved in an economic activity. These problems can be passed on due to either the consumption or production of a commodity by other members of society. | Negative Externalities | 40%
|
| A feature of a good or service whereby if that good or service is provided, it is impossible to prevent others from having access to the benefits of that good or service. | Non-excludability | 40%
|
| A feature of a good or service whereby if that good or service is provided, an individual must accept it, even if they would chose not to consume that good or service. | Non-rejectability | 40%
|
| A feature of a good or service whereby if a person consumes that good or service, it does not reduce the quantity available for others to consume. | Non-rivalry | 40%
|
| Describes the benefits that accrue to third parties not involved in an economic activity. These benefits can be passed on due to either the consumption or production of a commodity by other members of society. | Positive Externalities | 40%
|
| Goods or services that possess the three features of excludability, rejectability and rivlary. | Private Goods | 40%
|
| A tax that takes a higher proportion of taxpayers' incomes increase. | Progressive Tax | 40%
|
| Goods that are partly excludable or partly rivalrous. | Quasi-public Goods | 40%
|
| A tax that takes a lower proportion proportion of taxpayers' incomes as their incomes increase. | Regressive Tax | 40%
|
| The full benefits to society of an economic activity, taking into consideration both private benefits and external benefits. | Social Benefits | 40%
|
| The full costs to society of an economic activity, taking into consideration both private costs and external costs. | Social Costs | 40%
|
| When either the seller or the buyer has more information than the other party in a transaction. | Asymmetric Information | 20%
|
| Taxes levied on income or wealth such as income tax. | Direct Taxation | 20%
|
| The value of positive externalities arising from the production and consumption of a particular good. | External Benefits | 20%
|
| The value of negative externalities arising from the production and consumption of a particular good. | External Costs | 20%
|
| Describes spending by the government on the provision of goods and services and spending on cash benefits. | Government Expenditure | 20%
|
| Paid on spending by firms, households and other organisations such as VAT. | Indirect Taxation | 20%
|
| Occurs when an economy fails to produce goods at the lowest average total costs and/or fails to achieve the goal of providing those goods to the consumers to whom they provide. | Misallocation of Resources | 20%
|
| Occurs when a market exists but where the level of production is too low or too high. | Partial Market Failure | 20%
|
| The financial benefits to an individual or firm of an economic transaction undertaken by that individual or firm. | Private Benefits | 20%
|
| The financial costs to an individual or firm of an economic transaction undertaken by that individual or firm. | Private Costs | 20%
|
| A payment to a producer in order to encourage greater production of a good. | Subsidies | 20%
|
| Occurs when a good or service is not supplied at all. | Complete Market Failure | 0%
|
| Refers to the way in which low prices act as an incentive for consumers to buy more of a product in order to increase their satisfaction, while high prices act as an incentive for suppliers to supply more in order to increase profit. | Incentive Function of Prices | 0%
|
| Occurs when the actions of participants in economic decisions, such as government, producers and consumers, are not the actions that were expected. | Law of Unintended Consequences | 0%
|
| The adverse consequences to outsiders/third parties arising from the purchase or use of a good or service. | Negative Externalities in Consumption | 0%
|
| The adverse consequences to outsiders/third parties arising from the manufacturing or provision of a good or service. | Negative Externalities in Production | 0%
|
| The benefits to outsiders/third parties arising from the purchase or use of a good or service. | Positive Externalities in Consumption | 0%
|
| Benefits to outsiders/third parties arising from the manufacturing or provision of a good or service. | Positive Externalities in Production | 0%
|
| Exist when government takes action to affect directly the price paid for a good. | Price Controls | 0%
|
| Arises because it is not possible to satisfy the unlimited wants of consumers with the scarce resources available. Price acts as a rationing device, as only consumers prepared to pay the market price are able to purchase. If a good becomes scarce, its price will rise, discouraging buyers and so preserving stocks. | Rationing Function of Prices | 0%
|
| Refers to the importance of price in helping buyers and sellers make decisions about whether it is worthwile to buy or sell a product. | Signalling Function of Prices | 0%
|
| When both the seller and the buyer are well informed about the goods and services and prices in the market. | Symmetric Information | 0%
|
No matching quizzes found
Score Distribution
Percent of People with Each Score
Percentile by Number Answered
Your Score History
You have not taken this quiz
New and Popular