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

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