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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

  • Costs
  • Output
  • Input

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

  • Monopoly
  • Market
  • Money

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