Quick Revision Quiz
How will higher consumer confidence affect consumer spending?
Price Functions: Explain the Incentive Function of price.
Draw a Keynesian AD/AS diagram to show the effect of Demand-Side fiscal policy and explain the consequences.
What does the Quantity Theory of Money imply will happen to inflation if we increase the money supply faster than the rate of economic growth? What assumptions does this hold?
Define Inflation.
What was Adam’s Smith suggestion for how a government should allocate resources?
Say consumer income increases.
What will happen the demand for a Normal good?
What is the formula for Price Elasticity of Supply?
What is opportunity cost?
What is 'Regulatory Capture'?