Economic Quiz

1. Another name for the hidden economy is the ____ economy.
2. Unemployment which occurs when the economy is not in a boom is called demand ____.
5. Another name for the boom stage in the business cycle is ____.
8. Allocation involves choice and each choice has an ____ cost.
10. The opposite of inflation is ____.
11. Per ____ is the term used in statistics which means “for each person in the population”.
12. Trade in goods are also called trade in ____.
13. National income statistics are used by academics to formulate and test ____.

1. Investment, government spending and export are three ____ in the circular flow of income.
3. A term related to longevity is life ____.
4. Four key macroeconomic ____ are economic growth rate, inflation, unemployment and current account balance.
6. National income can be measured in national output, national income or national ____.
7. The burden of tax is also called the ____ of tax.
9. RPI stands for ____ Price Index.
14. National insurance, social security benefits, student grants are examples of transfer ____.
15. When exports of goods and services are greater than imports, it is called current account ____.