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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