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6. Taxes on spending
- Income Taxes
- Indirect Taxes
- Direct Taxes
7. includes organizations owned and run by the government, not there to make a profit.
- Public Sector
- Private Sector
- Mixed Sectors
8. The increase of QD due to a fall in price
- Extension of Demand
- Contraction of Demand
- Income
9. The process of combining scarce resources to make an output
- Scarcity
- Production
- Factors
10. Government owns and allocates some resources, and the free market own and allocate others
- Mixed Economy
- Planned Economy
- Free Market Economy
11. Where free market outcomes lead to major problems for society, usually inefficiency
- Market Failure
- Market
- Subsidy
12. The amount of goods or services produced by a firm
13. The amount of money a firm recieves when selling its products
- Total Revenue
- Total Cost
- Total Income
14. Price set above the equilibrium - price not allowed to go below it
- Equal Price
- Minimum Price
- Maximum Price
15. The fall in QD due to a rise in price
- Income
- Contraction of Demand
- Extension of Demand
16. All other factors remain constant
- Ceteris Paribus
- Ceterus Paribis
- Cetirus Paribas
17. When a firm has more than a 25% of the market share
- Monopolization
- Monopoly Power
- Monopoly
18. A place where buyers and sellers get together and arrange a sale
19. resources are scarce but our wants are infinite
- Basic Economic Problem
- Opportunity Cost
- Economic Issue
20. Price set below the equilibrium
- Equal Price
- Maximum Price
- Minimum Price