Economics Quiz

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Across
  1. 5. Difference between actual level of GDP and the productive potential of an economy.
  2. 7. Output per unit of input employed.
  3. 9. The sector of the economy that produces services.
  4. 11. The abbreviation of income elasticity of demand.
  5. 12. A period when there is a particulary deep and long fall in output.
  6. 13. Medium of exchange by swapping one good for another.
  7. 14. Idea that we should create “the greatest happiness of the greatest number”.
  8. 17. The chart that shows quantity demanded or supplied at various prices.
  9. 18. Supply curves are _____ sloping.
  10. 20. Specialization of workers
  11. 21. Type of economic model with time as a variable.
  12. 22. Shape of the PPF because not all resources are as productive for various uses.
  13. 23. Type of unemployment when there is insufficient demand in the economy
  14. 24. Price where there is neither excess demand nor excess supply.
  15. 31. Fish stocks or forests
  16. 32. A special type of inferior good where demand increases when price increases.
  17. 33. A measure of the price level in an economy.
Down
  1. 1. Values unadjusted for the effects of inflation
  2. 2. Inflation caused by increases in the cost of production in the economy.
  3. 3. Type of factor of production.
  4. 4. Type of demand when a good is demanded for two or more distinct uses.
  5. 6. Latin for “all things being equal”.
  6. 8. The benefits forgone of the next best alternative.
  7. 10. Another word for surplus.
  8. 15. Method of making a theory, testing it and coming to a conclusion.
  9. 16. Unemployment that is short and in-between jobs.
  10. 19. This type of good is provided by the government because it is not provided by market mechanism.
  11. 21. When the demand of one good is the result of the demand for another good.
  12. 25. Goods which are scarce because their use has an economic cost.
  13. 26. Spending which is not generated by households in the circular flow of income.
  14. 27. One of the actors of an economic system.
  15. 28. Small rises in the price level over a long period of time.
  16. 29. When the responsiveness of quantity is proportionally greater than the change in price.
  17. 30. Economic activity which goes unreported to tax authorities.