Other questions in this quiz

2. Define VAT

  • Value Added Tax
  • 20p on all goods
  • Value Assembled Taxation
  • A tax that doesn't change with price

3. What is the formula for income elasticity of demand?

  • Change in income divided by change in quantity
  • Change in quantity divided by change in income
  • % change in Quantity divided by % change in income
  • % change in income divided by % change in Quantity

4. A positive externality is when

  • Social cost is the same as private costs
  • Private benefits is more than social benefits
  • Social benefits is more than private benefits
  • A demerit good is subsidised by the government

5. An example of a public good is?

  • Coal
  • Cars
  • Lamp posts
  • Cinemas
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