economics

• [Music] to a place where we don't [Music] this is what we waited for take my hand we'll make it somehow we can't miss out be free [Music] be free [Music] now they're getting back eyes on the freeway bonnie and clyde a classic cliche we're on the run this is what we waited for take my hand we'll make it somehow [Music] he's free [Music] [Applause] [Music] [Applause] [Music] so [Music]
• Good morning everyone it's jim here at gt2hq and uh welcome to our latest a level economics live revision blast we've got a micro core topics session for you today we're in a celebratory mood because this is our 21st live session of 2021 and so we asked the audience last week who would you like who would you most like to come back and present this 21st live revision blast and unfortunately olly pete and isabel aren't available this morning so we have got instead jeff top right kathy shaking your head bottom right and lisa bottom left good morning team feeling motivated and energized after that very uh positive introduction i can tell indeed thanks for that appreciate it as always
• we've got a range of activities we've got two new activities which hopefully if the production system get it right this time will be quite exciting always good always good to post the lances into the chat window so that we can see what the feedback is on each question and see how people are doing we've got lots of regulars here we know them and they're amazing let's see who can he so you can beat them in the questions we've got today they all focus on microeconomics so let's make a start with us to multiple choice questions here we go
• Revenue maximization occurs where marginal revenue equals zero. Sales maximization occurs where average cost equals average revenue.
• Output where allocative efficiency is achieved is where price equals marginal cost. Output where productive efficiency is achieved is where average cost is minimized.
• In the table, total revenue is price times quantity. The market structure is perfect competition.
• Encouraging girls to study STEM subjects in post-16 education will help reduce income inequality in the UK
• Encouraging girls to study STEM subjects

  Increases the supply of skilled workers in STEM fields
• Index of Economic Freedom

  • Measures property rights, financial freedom, business freedom, labour market flexibility
  • Top score is 100 (totally free)
• The Index of Economic Freedom is published by the Heritage Foundation and is subjective, championed by free market fundamentalists
• There is no such thing as a truly free market economy
• Higher economic freedom score

  Indicates more open, competitive and globally integrated economy
• Finland is considered the happiest country in the world