Needs and wants are greater than resources, We dont have enough resources to meet needs and wants

When offered a bonus, how should you elect to receive it?

All at once at the start of the year

Changing an advertisement to alter consumers behaviour

Value of the next best alternative forgone

Behavioral Economics can best be described as

Study of how consumers make economic decisions

Which of the following is not a traditional economic assumption?

Consumers do not have all the information to make decisions

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Year 10 Eco and the World - What is Economics?

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Year 10 Eco and the world elective Behavioral economics and eco basics

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Questions 16

Answers

1
Which of the following is a need?
Phone
Bathers
Bike
Orange juice
2
Due to relative scarcity prices will tend to
Go to zero
Increase
Fall
Stay the same
3
Which of the following is not one the four economic resources?
Capital
Goods and services
Labour
Land
4
In our comparison between the economy and football which of the following is not a match?
Goals and Economic growth
Coach and consumers
Players and supliers
Scores and statistics
5
Relative scarcity is
We have too many resources to meet needs and wants
When food is scarce
Needs and wants are greater than resources
We dont have enough resources to meet needs and wants
6
When offered a bonus, how should you elect to receive it?
At the end of the year
In two lump sums
All at once at the start of the year
In equal 12 monthly amounts to it runs out slower
7
Who is this man?
Jude Law
Ryan Gosling
Ryan Renyolds
Chris Hemsworth
8
Framing includes
Placing a frame around an advertisement
Changing an advertisement to alter consumers behaviour
Increasing prices of goods to make people change behaviour
An example is advertising stock at a lower price
9
Opportunity cost is?
Next best alternative
Something you forgo
Value of the next best alternative forgone
Buying something at an Op Shop
10
In what year did Fintona begin?
1789
1987
1897
1879
11
Who of the following is not part of the official economy?
Consumers
Business
Government
Black market
12
Behavioral Economics can best be described as
The study of human behaviour
Study of how consumers make economic decisions
Behaving badly
How behaviour can change the way consumers produce goods
13
What is an example of dominated alternatives?
A higher priced wine
The dictators game
The ultimate game
Limits on amounts you can buy
14
Which of the following is not a traditional economic assumption?
Consumers are rational
Consumers do not have all the information to make decisions
People act to maximise their own satisfaction
People are selfish
15
Who is this woman?
Duchess of Sussex - Meghan Markle
Princess Dianna
The Queen
Duchess Kate Middleton
16
The status Quo bias includes?
All things stay the same
Thing changing according to changes in the market
People will change in order to make money
People are lazy

Year 10 Eco and the World - What is Economics? Flashcards | StudBud