The three agents that make up the economy are

Consumers, producers and government

The opportunity cost of going to the cinema is

Studying instead of watching the movie

In the circular flow model there are two markets called

Products and services, and factors of production

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Units 1-2. Economic problem and markets

15 termsStudBud Administration107 plays

Questions about the economic problem, opportunity cost, production possibilities curve, demand and supply.

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Questions 15

Answers

1
The money thas has already been spent is called
Incentive cost
Additional cost
Sunk cost
Opportunity cost
2
Which one of the following words and phrases is NOT directly related to the economic problem
Wants and needs
Scarcity
Choice
Price
3
The three agents that make up the economy are
Consumers, producers and sellers
Consumers, producers and government
Consumers, buyers and sellers
Consumers, buyers and producers
4
Globalization
Favours outsourcing
Has increased inequality among countries
Is the cause of division of labour
Has made countries more equal internally
5
If a combination of goods is below the production possibility curve, it is
Efficient
Inefficient
Unattainable
Scarce
6
Which one is NOT a factor of production?
Technology
Enterprise
Capital
Land
7
The opportunity cost of going to the cinema is
The price of the ticket
The time I spend watching the movie
The movie I watch
Studying instead of watching the movie
8
The source of trade is
Globalisation
Microeconomics
Specialization
Outsourcing
9
In the circular flow model there are two markets called
Products and services, and factors of production
Services and factors of production
There is only one market, products and services
Goods and products
10
When your family decides to buy a new couch, it is...
Microeconomics
Macroeconomics
It is not an economic decision
11
Points in the production possibility curve
Two of the previous answers are right
Are impossible to obtain
Show the amount of factors of production used in the country
Are efficient
12
If I decide to buy a t-shirt online based on the way it looks on the web, this is...
Heuristics
Short-termism
Framing effect
Risk aversion
13
Wealthy people should pay more taxes is
Positive Economics
Normative Economics
14
If a farmer decides to plant almond trees instead of olive trees because EU gives him money, he is deciding on
Opportunity cost
Sunk cost
Incentive
Cost/benefit analysis
15
The reward related to entrepreneurship is
Salary
Wage
Profit
Interest

Units 1-2. Economic problem and markets Flashcards | StudBud