100 Economics Terms | Strategies Review of Key Quizzes with 100% Correct Answers Verified 2025| 2026.

100 Economics Terms | Strategies Review of Key Quizzes with 100% Correct Answers Verified 2025| 2026. Quiz_________________? Absolute advantage - Answers the comparison among producers of a good according to their productivity Quiz_________________? Accounting profit - Answers total revenue minus explicit cost Quiz_________________? Adam Smith - Answers Scottish political economist and moral philosopher. His inquiry into the Nature and Causes of the Wealth of Nations was one of the earliest attempts to study the historical development of industry and commerce in Europe. That work helped to create the modern academic discipline of economics and provided one of the best known intellectual rationales for free trade and capitalism Quiz_________________? Average fixed cost - Answers fixed costs divided by the quantity of output Quiz_________________? Average revenue - Answers total revenue divided by the quantity sold Quiz_________________? Average tax rate - Answers total taxes paid divided by total income Quiz_________________? Average total cost - Answers total cost divided by the quantity of output Quiz_________________? Average variable cost - Answers variable costs divided by the quantity of output Quiz_________________? Budget deficit - Answers a shortfall of tax revenue from government spending Quiz_________________? Budget surplus - Answers an excess of government receipts over government spending Quiz_________________? Business cycle - Answers fluctuations in economic activity, such as employment and production Quiz_________________? Capital - Answers the equipment and structures used to produce goods and services Quiz_________________? Cartel - Answers a group of firms acting in unison Quiz_________________? Circular flow diagram - Answers a visual model of the economy that shows how dollars flow through markets and firms