Economics Quiz

3. This type of unemployment occurs when there is a downturn in certain industries.
4. Division of labour is a type of ____.
7. A word related to life expectancy.
8. Primary, secondary and tertiary are three ____ of an economy.
10. ____ is concerned with the economy as a whole.
13. A good which can be replaced by another to satisfy a want.
15. This occurs when demand is greater than supply.
17. Scarce resources have to be ____ between competing uses.
18. Values unadjusted for the effects of inflation.
19. The opposite of a general model in economics.

1. ____ elasticity is when quantity demanded changes by the same percentage as does the price.
2. GNP stands for Gross ____ Product.
5. The difference between how much buyers are prepared to pay for a good and what they actually pay.
6. Two consecutive quarters when growth in output is negative.
9. The production possibility frontier shows the maximum ____ output of an economy.
11. Production at a point inside the PPF indicates an ____ use of resources.
12. The quantity of goods that suppliers are willing to sell at any given price over a period of time.
14. Models and ____ are simplifications of reality.
16. ____ economics deals with statements of fact which can either be refuted or supported.