1-Opportunity cost is the non-monetary cost of making decisions, measured by the value of the second-best option available.

True

False

2-In the simple circular flow model, at the end of chapter 2, which of the following is not present, which we do deal with in our more complex world?

Group of answer choices

Households

Businesses

Product Markets

Resource factor Markets

Government

3-Economics is a social science, studying human behavior and buying and selling, producing and consuming and attempting to satisfy unlimited human want with scarce resources.

True

False