PREMIUM LOGIN
ClassTools Premium membership gives access to all templates, no advertisements, personal branding and many other benefits!
Username: | ||
Password: | ||
Submit
Cancel
|
||
Not a member? |
Question | Answer |
A tax that increases with the value of a good. | Ad Valorem tax |
The difference between the value of visible exports and visible imports. | Balance of Trade |
A scenario whereby the amount of capital increases, resulting in more capital per worker in the economy. | Capital Deepening |
A good that obeys the law of demand and which has a positive income effect. | Normal Good |
Reducing tax liabilities by making false returns or not making any returns at all. | Tax Evasion |
The earning of a factor in the next best alternative employment. | Transfer Earnings |
Recurring patterns of expansion and contraction in the economy. | Trade Cycle |
The ratio between the average price of exports and the average price of imports. | Terms of Trade |
The ease with which a factor of production can move from one occupation to another. | Occupational mobility |
This measures the proportionate change in demand for a good caused by a proportionate change in the income. | Income Elasticity of Demand |
Costs that do not change as output changes. | Fixed Costs |
An increase in GNP per head of population without any changes to the structure of society. | Economic Growth |
An economy that does not engage in international trade. | Closed Economy |
Forces within a firm that cause the average/unit cost of that firm to decline as it grows in size. | Internal Economies of Scale |
Economic rent of a temporary nature. | Quasi Economic Rent |
A cost to society of an action or output. | Social Cost |
The measure used by the Central Statistics Office to measure unemployment. | Quarterly National Household Survey (QNHS) |
A situation where wage levels rise above the negotiated levels due to a strong demand for labour. | Wage Drift |
This is where a firm sets its price so low that potential new firms are discouraged from entering the industry. | Limit pricing |