Economics Quiz

What is ABNORMAL PROFIT?

• The surplus of revenue over costs enjoyed by a monopoly that is in excess of the profit the same firm could expect to earn if it faced competition for its market.

• An economic condition of lacking both money and basic necessities needed to successfully live.

• A measure of the number of people of working age as a proportion of the total population in a country who are able to read and write.

• Firms which provide goods and business services for other firms.

What is ABSOLUTE POVERTY?

• The surplus of revenue over costs enjoyed by a monopoly.

• An economic condition of lacking money and basic necessities needed to live.

• A measure of the number of people of working age who can read and write.

• Firms that provide goods and business services.

What is the ADULT LITERACY RATE?

• A measure of the number of people who can read and write in a country.

• An economic condition of lacking both money and basic necessities.

• The surplus of revenue over costs enjoyed by a monopoly.

• Firms that provide goods and business services.

What are ANCILLARY FIRMS?

• Firms that provide goods and business services for other firms.

• The surplus of revenue over costs enjoyed by a monopoly.

• A measure of the number of people of working age who are able to read and write.

• An economic condition of lacking both money and basic necessities.

What is APPRECIATION in economics?

• An increase in the value of a floating exchange rate of a currency against one or more foreign currencies.

• A decrease in the value of a currency.

• The surplus of revenue over costs enjoyed by a monopoly.

• An economic condition of lacking both money and basic necessities.

What are ARTIFICIAL BARRIERS TO ENTRY?

• Obstacles created by a powerful monopoly or oligopoly to restrict competition from new firms.

• A measure of the number of people of working age who can read and write.

• The surplus of revenue over costs enjoyed by a monopoly.

• An economic condition of lacking money and basic necessities.

What is AVERAGE COST?

• The cost per unit of output, calculated by dividing the total cost by the total volume of output.

• The revenue per unit of output sold.

• The total amount of income tax a person or firm pays.

• The difference between the value of exports and imports.

What is AVERAGE REVENUE?

• The revenue per unit of output sold, found by dividing the total revenue from the sale of a given output by that volume of output.

• The cost per unit of output.

• The total amount of personal or corporate income tax a person or firm pays.

• The difference between the value of visible exports and imports.

What is AVERAGE TAX RATE?

• The total amount of income tax a person or firm pays as a proportion of their total annual income.

• The revenue per unit of output sold.

• The cost per unit of output.

• The difference between the value of visible exports and imports.

What is BALANCE OF PAYMENTS?

• An accounting record of all monetary transactions between a country and the rest of the world.

• The difference between the value of visible exports and imports.

• The exchange of goods and services without using money.

• A measure of the number of babies born per period.