June 2017 Flashcards
1
Q
A
C
% increase of FoP = % increase in output
2
Q
A
C
change average cost = change average revenue
marginal revenue - marginal cost = biggest
3
Q
A
A
Structural unemployment is the market failure because there is a mismatch of skills between unemployed and available jobs.
4
Q
A
D
- Lower GINI coefficient = more equal distribution
- Real GDP has increase = higher living standards
5
Q
A
B
Change in national income = injection x 1/MPS
6
Q
A
A
Debt in an asset; issuing a loan then means the bank owns the customer’s debt.
7
Q
A
B
8
Q
A
D
High population growth doesn’t mean a large population (low GDP per capita)
0.91 is a high (good) value so most likely D
9
Q
A
A
Cannot conclude that real incomes have fallen from just the table
