Economics Quiz

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