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2 Economics Basics Flashcards | StudBud
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2 Economics Basics
2 Economics Basics
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Answers
1
Factors of production affects changes in the:
Demand curve
Supply curve
None of them
Both
2
Computers and software are:
Inferior goods
Complementary goods
Normal goods
Substitute goods
3
Have in mind the demand-supply depiction. If we are going through a shortage situation then buyers can:
Accept the equilibrium price
Rise their prices
Cut their prices
None of them
4
An incentive is something that induces a person to act. For example:
All of them
Discounts
Rewards
Taxation
5
Which one is a characteristic of a competitive market:
Low number or buyers and sellers
Entrance barriers
Buyers and sellers are price takers
Heterogenous good or service
6
Welfare in a country is related with:
Natural resources
Productivity
Population
Total amount of money
7
According to the flow circular of income model, in the markets for goods and services:
Firms buy and households sell
Firms consume and households produce
Firms sell and households buy
Firms produce and households consume
8
What you sacrifice (in terms of cost, time or other resources) in order to get a benefit or an item is called:
Making decisions
Dilemma
Invisible hand
Opportunity cost
9
Imagine that you have to explain this graph to someone who has never studied economics. You could say that:
According to the graph, less hiring means more inflation
According to the graph, more hiring means more inflation
In the short run if inflation increases then the unemployment rise
In the long run if inflation decreases then the unemployment rise
10
The consequences of one person/company action on the welfare of another person/company is called:
Productivity
Economic interaction
Market Power
Externality
