key terms csec economics

Forms of money which a creditor is legally obliged to accept as settlement of a debt. This defines

• money

• credit card

• legal tender

• store of value

what is the net difference between the value of exported goods and services and imported goods and services

• terms of trade

• balance of payments

• net exports

• balance of trade

which of the following best describes barter

• goods for goods and services for services

• the exchange of goods and services for goods and services

• the exchange of goods and services for goods and services without the use of money

• the exchange of goods and services for goods and services with the use of money

What is the gold standard?

• a system of determining the value of gold on the international market

• a system for fixing exchange rates so that the currency is freely convertible into gold at a fixed price.

• a system of fixing exchange rates using demand and supply a

• a system of fixing exchange using gold

Distinguish between economic goods and free goods

• economic goods have a price while free goods are zero priced

• economic goods are used making scarce resources while free goods are paid for by the government

• economic goods are limited in supply while free goods are abundant

• the opportunity cost of an economic good is zero while free goods have a measurable opportunity cost

The English translation for 'ceteris paribus' is

• all other things held constant

• all other things are unknown

• all other things never change

• all other things disappear

Market equilibrium includes ALL of the following EXCEPT

• (a) the point where the demand and supply curves intersect;

• (b) the price where quantity demanded is equal to the quantity supplied;

• (c) shortage or surplus may exist

• (d) there is no shortage or surplus

The supply of money refers to

• money available for withdrawal from bank

• the total money in circulation

• the total stock of money in the economy at any moment.

• the total flow of money in the economy at any moment

Market structure is defined as

• the interaction of firms in an industry

• the description of the firms in an industry

• the number of firms in an industry

• behaviour and performance of firms in a variety of situations

balance of payments disequilibria is a situation where

• exports are greater than imports

• imports are greater than exports

• international receipts are not equal to international payments

• total receipts are not equal to total payments