Study guides, Class notes & Summaries

Economics IGCSE EDEXCEL Last document update:   ago

Advalorem tax - correct answer Tax levied as a percentage of the price of a good. Aggregate demand - correct answer Total demand in the economy including consumption, investment, government expenditure and exports minus imports. Anti-competitive practices or restrictive trade practices - correct answer An attempt by firms to prevent or restrict competition. Assisted areas - correct answer Areas designated as having problems by the UK or EU and are eligible for support. Average co...

Economics IGCSE EDEXCEL Questions And Answers. Last document update:   ago

Advalorem tax Correct Answer Tax levied as a percentage of the price of a good. Average costs Correct Answer The cost per unit of output; it is equal to total cost divided by output. Basic economic problem Correct Answer Allocation of a nation's scarce resources between competing uses that represent infinite wants. Capital intensive Correct Answer Where production relies more heavily on machinery relative to labour. Choice Correct Answer Deciding between alternative uses of scare re...