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Question 1
Question
What is Privatisation?
Answer
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Government selling industries from public into private.
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Government buys businesses.
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Action used for higher profits.
Question 2
Question
Colombia has the longest ongoing civil war of the globe. What type of statement is this?
Answer
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Negative
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Normative
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Positive
Question 3
Question
What is
Answer
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Normal Profit earned by a industry.
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Total revenue minus explicit costs.
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revenue minus implicit and explicit costs.
Question 4
Question
What are implicit costs?
Answer
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Monetary costs.
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Opportunity costs forgone.
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The cost of exiting an industry.
Question 5
Question
What does the law of demand state?
Answer
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The inverse relationship between price and quantity demanded.
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Demand is how much people want of a certain good.
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The opposite of supply.
Question 6
Question
What are subsidies?
Answer
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Money given to a company by the government as a gift.
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Money with a low interest rate.
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Money granted by the government to help an industry so that the price of a good to remain low or competitive.
Question 7
Question
What is equilibrium in economics?
Answer
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Balance
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Market cleaning point where there are no excesses or shortages.
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The place in the middle.
Question 8
Question
What does it mean when the answer for an XED question is negative?
Answer
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Goods are complementary
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Goods are supplementary
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Goods are Inelastic.
Question 9
Question
What does YED stand for?
Answer
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Elasticity
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Income Elasticity of demand
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Quantity of Elasticity Demanded
Question 10
Question
Which is not a reason for why PES is elastic in SR
Answer
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Stock
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Time
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Dependency
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