Economics by students

What does GDP mean? (by Toby)

• Gross domestic product

• Gross domestic produce

• Gross demerit product

• Gross demand profit

What is a factor of a public good (by Zak)

• excludeable

• Non excludeable

• rivalrous

• a private good

Which of these is an example of zero marginal cost (by Ellie C)

• Netflix

• Renewable Energy

• Youtube

• Water

What is an example of incomplete information? (by Ellie S)

• insurance markets

• false advertising

• scientific research

• Online reviews

What is an example of positive externality? (by McKenzie)

• Air pollution

• Farm production

• VACCINE

• Traffic congestion

which of the following might not lead to an increase in the demand for a product

(by Joe)

• A fall in the price of a complement.

• A rise in consumer incomes.

• An increase in the number of buyers.

• An expected rise in price.

What are characteristics of a public good?:

(by Elliot)

• rivalrous and excludable

• rivalrous and non excludable

• non rivalrous and excludable

• non rivalrous and non excludable

What is a non-excludable good

(by Eddie)

• good that costs a high price

• good that doesn’t work without another good

• good that anyone can use once it has been produced

• good that consumers buy more of when their income increases

What are the characteristics of a public good (by Olivia)

• excludable and non rivalrous
  

• 
  non excludable and rivalrous
  

• non excludable and non rivalrous
  

• excludable and rivalrous

How do you calculate PED?

 

(by Ayan)

• %CHANGE IN DEMAND÷%CHANGE IN PRICE

• %Change in demand÷%change in income

• %change in quantity demanded of good A÷ %change in price of good B.

• %Change in price÷%change in income.