econs

Question 1

postiive statement

Answer 1

facts

Question 2

short tun

Answer 2

time period where one output can change

Question 3

normative

Answer 3

using opinions

Question 4

longrun

Answer 4

variable can change but with constant

Question 5

specialisation & division of labout a &d

Answer 5

a- high quality, cheaper d- boredom and low motication

Question 5

very long run

Answer 5

all key input can chnage

Question 6

mixed

Answer 6

a- efficinet, low market failure d- government intervention , expensive

Question 6

market economy

Answer 6

a- product differentiated, efficient d- expensive, market failure

Question 7

ppc

Answer 7

causes

Question 8

planned

Answer 8

a- cheaper, reduce of inequality d- inefficinet, lack of differentaited

Question 9

disadvantage of public goods

Question 10

type of goods

Question 11

price mechanism

Answer 11

allocating tessouces of economy to know if i tis over suplly or not

Question 12

facor shifting demand

Answer 12

income, substitue, complements, taste and fashion

Question 13

ped

Question 14

factor shifting supply

Answer 14

tax, costs, nature, industry

Question 15

shifts of ped

Answer 15

avaliability of goods, time, relative expenses

Question 16

factors shiftinf pes

Answer 16

time period, avaliablity of goods, productive capacity

Question 16

pes

Question 17

xed

Question 19

yed

Question 20

consumer surplus

Answer 20

producer surplus

Question 21

uses of price

Answer 21

incentives, rationing, signalling

Question 22

advantage and disadvantage pes ped xed yed

Question 23

market failure

Answer 23

tax

Question 24

minimum price

Answer 24

maximum price

Question 25

subsidy

Answer 25

buffer stock scheme

Question 26

reason for inequality

Answer 26

minimum wage

Question 27

transfer payment

Answer 27

tax

Question 28

price stability

Question 29

fiscal policy

Answer 29

monetary

Question 30

supply side

Answer 30

national income statistic, dpt, ndp, nni

Question 31

circular flow

Answer 31

ad, as

Question 32

unemployment

Answer 32

how to measure, consequence

Question 33

cpi

Answer 33

cost push inflation

Question 34

demand pull inflation

Answer 34

cost of inflation

Question 35

economic growth advantage and diadvantage

Answer 35

a- stimulate output, employment d- opportunity cost, depletion

Question 36

absoulute advanatge

Answer 36

comperative advantage

Question 37

advantage disadvantage free trade

Answer 37

tot , favourable and unfavourable

Question 38

causes change in tot

Answer 38

balance of payment

Question 39

protectionisam

Answer 39

advanatge and disadvantage

Question 40

appreciation

Answer 40

deprecition