Sample Quiz

<p>unlimited wants</p> Signup and view all the answers

<p>% change in Q demanded / % change in price</p> Signup and view all the answers

<p>Elastic = big change</p> Signup and view all the answers

<p>Gucci Belt</p> Signup and view all the answers

<p>Heinz Beans</p> Signup and view all the answers

<p>Inelastic = between 0 &amp; 1</p> Signup and view all the answers

<p>% change in Q demanded / % change in income level</p> Signup and view all the answers

<p>Normal goods YED = &gt;0</p> Signup and view all the answers

<p>Inferior goods YED = &lt;0</p> Signup and view all the answers

<p>Exports</p> Signup and view all the answers

<p>Taxes</p> Signup and view all the answers

<p>Firm providing goods &amp; services to Household</p> Signup and view all the answers

<p>Firm providing rent, wages, interest, and profit to Household</p> Signup and view all the answers

<p>National Income falls</p> Signup and view all the answers

<p>National Income rises</p> Signup and view all the answers

<p>under/over production of resources</p> Signup and view all the answers

<p>Lamp posts</p> Signup and view all the answers

<p>non-rivalrous &amp; non-excludable</p> Signup and view all the answers

<p>benefit society</p> Signup and view all the answers

<p>Monopoly or few competitors</p> Signup and view all the answers

<p>Smoking (bad for health, strain on health services, combatted by gov ban)</p> Signup and view all the answers

<p>Buyers dont have all info required to make informed decision</p> Signup and view all the answers

<p>Total value of goods/services provided in a country for 1 year.</p> Signup and view all the answers

<p>total value of goods/services provided in a country during 1 year, after depreciation has been accounted for.</p> Signup and view all the answers

<p>total value of goods/services provided in a country during 1 year, after depreciation has been accounted for.</p> Signup and view all the answers

<p>total output income spending</p> Signup and view all the answers

<p>adds up value of final goods/services produced by public/private sector</p> Signup and view all the answers

<p>adds up all spending in country by individuals, firms, government, foreign buyers.</p> Signup and view all the answers

<p>adds up all incomes earned (rent wages interest profit).</p> Signup and view all the answers

<p>NI statistics may under/over estimate true value of goods/services produced in a country</p> Signup and view all the answers

<p>Goods/services produced without money exchanging hands e.g &quot;DIY&quot;</p> Signup and view all the answers

<p>People hiding earnings / what they produce to avoid income tax or to claim benefits</p> Signup and view all the answers

<p>Same output counted twice</p> Signup and view all the answers

<p>People who receive social security and pensions shouldn't be included in NI statistics as they aren't directly involved in producing output.</p> Signup and view all the answers