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A quick quiz on concepts for economics revision
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, updated more than 1 year ago
over 8 years ago
A situation where one manufacturer controls the supply of a good is called:
A free market
A command economy
Cross Elasticity of Demand:
shows the relationship between price and quantity demanded and provides a calculation of the effect a change in price would have on quantity demanded.
shows how responsive demand of a good is to the change in income of a person. It is calculated by dividing the percentage change in quantity demanded by the percentage change in personal income.
measures the responsiveness of the quantity demanded of one good or service as a result of the change to the price of another good or service.
According to J.M. Keynes, free markets will automatically lead to full employment
Which of these best describes inflation:
the rate at which the general level of prices of goods and services is increasing
a reduction in the unemployment rate
an increase in the average industrial wage
Inflation means that the purchasing power of currency decreases
The Wealth of Nations is a work by which economist
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