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6. externality is

  • a consequence of an industrial or commercial activity, which affects others parties without this being reflected in market prices
  • something that happens outside the government
  • something that happens outside public spending

7. What is macro economics

  • the branch of economics concerned with large scale or general economic factors, like interest rates
  • a branch of economics that studies the behavior of individuals and firms
  • a branch of economics that studies businesses

8. What is a market

  • a shop
  • Where you can buy and trade
  • a farmers market

9. aggregate demand

  • government spending, plus exports and imports
  • is consumption plus investments, plus government spending, plus exports and imports
  • is excluding consumption and investments

10. Elasticity is

  • when the price of goods go up and demand goes down
  • when the price of goods down and demand goes up

11. what is micro economics

  • a branch of economics that studies businesses
  • a branch of economics that studies the behavior of individuals and firms
  • a branch of economics that studies the open market

12. What is a command economy

  • is a system when the employees determines what goods should be produced
  • is a system when the parents determines what goods should be produced
  • is a system when the government determines what goods should be produced
  • is a system when the free market determines what goods should be produced

13. a merit good is

  • provided to high earners only
  • a commodity or a service, such as education, that is regarded by society or government as deserving public finance
  • provided to all members of society by the government, such as parks and roads

14. What does the retail price index measure

  • a measure of inflation, published by the office for national statistics
  • a measure of inflation, published by tesco
  • a measure of inflation, published by the queen

15. What is a free market economy

  • an idealised market when prices for goods and services are determined by the consumers alone
  • an idealised market when prices for goods and services are determined by the open market and consumers
  • an idealised market when prices for goods and services are determined by the government