Statistics for Economics: Topic 12, Year 2 Definitions

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This quiz has been taken 6 times
The average score is 6 of 35

Answer Stats

Definition	Answer	% Correct
A tax on an imported product.	A Tariff	67%
The trend for many markets to become worldwide in scope.	Globalisation	67%
The movement of people between different countries, though it can also refer to movement between regions within a country.	Migration	50%
The economic region comprising of the 19 EU members that use the euro as their national currency.	The Eurozone	50%
Exists when a group of countries establish a free trade are with a common external tariff.	A Customs Union	33%
The process of removing manufacturing industries from an economy and the economic and social consequence which follow.	Deindustrialisation	33%
The advantages that a firm gains due to an increase in its size or in the size of the industry in which it operates.	Economies of Scale	33%
The exchange of goods and services across national frontiers.	International Trade	33%
The next best alternative that was given up when making a choice.	Opportunity Cost	33%
Occurs when an individual, firm, region or country concentrates on producing a limited range of products.	Specialisation	33%
Occurs when an individual, firm, region or country concentrates on producing a limited range of products.	Specialisation	33%
An international body established with the aim of increasing world trade. It has over 160 member countries.	The World Trade Organisation	33%
Exists when one country requires a smaller quantity of inputs to produce a good than another country.	Absolute Advantage	17%
Occurs when one country cam produce a good or service at a lower opportunity cost than another.	Comparative Advantage	17%
Refers to a range of measures used by governments to restrict the free entry of imports into an economy.	Protection	17%
The uniform tariff rate imposed on imports by all members of a customs union.	A Common External Tariff	0%
Shows the maximum combination of products that can be provided by an economy during a given period of time with the resources available.	A Production Possibility Diagram	0%
A limit on the volume or quantity of a product that can be imported into an economy.	A Quota	0%
An economy that is moving from being centrally planned, where the state decides on production patterns, to a free market.	A Transition Economy	0%
Refers to a range of laws and regulations used by governments to prevent the abuse of monopoly power by firms.	Competition Policy	0%
Economies that have relatively low incomes per capita but generally enjoy high rates of economic growth.	Developing Economies	0%
The sale of a product in an export market for less than the cost of production or at a lower price than it is sold in the exporters domestic market.	Dumping	0%
A process whereby average incomes rise in an economy along with other measures of economic wellbeing such as standards of education and healthcare.	Economic Development	0%
The sale of goods and services through the internet.	Electronic Retailing	0%
Payments to exporters of goods and services to enhance the price competitiveness of the firms concerned.	Export Subsidies	0%
Records the transfer of ownership of UK or foreign businesses between residents in different countries.	Foreign Direct Investment	0%
Measures the contribution of a sector to the economy, less the value of goods or services used in production.	Gross Value Added	0%
Refers to the outcomes of human creativity including literary works, inventions as well as designs, symbols, and names used by businesses.	Intellectual Property	0%
The exchange of goods between two or more countries.	International Merchandise Trade	0%
Businesses with productive facilities in more than a single country.	Multinational Corporations	0%
A range of techniques designed to restrict imports, but not in the form of a tariff.	Non-tariff Barriers	0%
State-owned investment funds that invest in a range of assets including shares, bonds, hedge funds and property.	Sovereign Wealth Funds	0%
The executive body of the EU with responsibility for proposing new legislation, monitoring the operation of EU treaties and overseeing routine operations.	The European Commission	0%
Occurs when consumers within a customs union purchases products from an efficient producer elsewhere in the union rather than from relatively high-cost domestic producers.	Trade Creation	0%
Refers to trade diverted away from efficient global producers as a result of the creation of a customs union.	Trade Diversion	0%