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WorksheetsEcon Vocab Quiz 1
Total questions: 14
Worksheet time: 7mins
Focuses on a single firm, industry, sector or a particular market.
Macroeconomics
Mini-economics
Microeconomics
General Economics
Concentrates on areas like national spending, output, income, employment, the inflation rate and overall material living standards.
Megaeconomics
National Economics
Universal Economics
Macroeconomics
The four main types of economic agents in Australia:
Households, government, private business, unions and media
Households, government, coporations, small business
Households, media, private business, education
Media, big business, government, education
Managing society's unlimited needs and wants with limited resources is known as
(a)
Equipment used by businesses and governments to help make other goods and services.
Natural Resource
Labour Resource
Capital Resource
The production possibility frontier respresents ____(2 words)____ on a production possibility diagram.
(a)
The cost of the benefit forgone or given up, when resources are used in the production of the next best alternative good or service is:
(a)
(a) refers to how productive a business is using the fewest amount of inputs or resources necessary. Using resources to best maximize society's overall satisfaction fulfilling needs and wants is known as (b) Finding and maintaining balance between current consumption and future consumption is known as (c)
Match the terms.
No brand names since the product is identical or homogeneous so there are lots of substitutes
Perfect Competition
Good examples: clothing manufacturers, retail trade, furniture and restaurants.
Monopolistic Competition
Brand and product differentiation are quite important ways of selling.
Oligopoly
The firm is a 'price maker' and has a lot of market power given there are no substitute or rivals.
Perfect Monopoly
Illustrate the law of demand by drawing a curve below.
The demand for petrol is typically described as.
relative elastic
relative inelastic
unit elasticity
neither elastic or inelastic
Which is a determinant of elasticity?
degree of necessity
availability of substitutes
proportion of income
all of the above
Which type of market failure can be minimized by government cutting import tariffs?
asymetric information
negative externalities
market power
provision of public goods
misuse of common access resources
Regarding market failure, which statement is least correct?
Failure occurs when resources are allocated to the production of certain types of goods and services that lower the general wellbeing of society.
The exercise of market power leads to lower prices.
The existence of asymmetric information can lead to consumers making poor decisions that diminish the degree to which their wants are satisfied.
Failure can sometimes be reduced by government intervention using excise taxes, subsidies and laws.
