Statistics for AQA Economics AS #2

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General Stats
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General Stats

This quiz has been taken 77 times
The average score is 7 of 24

Answer Stats

Hint	Answer	% Correct
Price multiplied by quanitity sold equals...	Total revenue	80%
Total sales revenue minus total costs of production equals...	Profit	76%
At which price does supply exactly equal demand?	Equilibrium	61%
What does PED stand for in economics?	Price elasticity of demand	55%
A rightward shift of a demand curve signifies what?	Increase in demand	45%
A leftward shift of a demand curve signifies what?	Decrease in demand	41%
What is the term for a good that is regarded by society or goverment as deserving of public finance?	Merit good	33%
Which word describes a good for which demand increases as income rises and demand decreases as income falls?	Normal good	29%
A negative XED (aka CPED) signifies the two goods are '__________'	Complementary	27%
Which word is used to describe the responsiveness of a second variable to an initial change in the first variable?	Elasticity	27%
What measures the relationship between a change in quantity demanded for a good and a change in real income?	Income elasticity of demand	27%
A positive XED (aka CPED) signifies two goods are...	Substitutes	27%
'_________' demand is demand is for a good which is an input into the production of another good.	Derived	25%
A good with an IED greater than 1 is...	Luxury	25%
Which word describes a good for which demand increases as income falls?	Inferior good	24%
What is the term for a market with a high number of; buyers (who posses good market information) and sellers (who can enter or exit the market at will)?	Competitive Market	18%
'_________' demand is demand for a good which has more than one use.	Composite	18%
Excess supply or excess demand causes market '____'	Disequilibrium	18%
What measures the extent to which a good changes in demand in response to a change in price of another good?	Cross elasticity of demand	16%
When one good is produced and another is produced from the same raw materials the goods are in '______ _______'	Joint supply	14%
What is the term used to describe demand for a good or service backed with ability to pay?	Effective demand	8%
When raw materials are used to produce one good so consequently cannot be used to produce another good the goods are in '_________ ______'	Competing supply	4%
What phrase is used to describe the quantity of a good or service that firms plan to sell at given prices over a given time period?	Market supply	4%
A good with an IED of between 0 and 1 is...	Normal necessity	2%