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Economic Choices
Test Description: Review for 1st semester final
Instructions: Answer all questions to get your test result.
1) When you give up on something to have something else, you are making a
A
trade-off
B
opportunity cost
C
scarcity
D
economic decision-making
2) Not having enough resources to satisfy every need is
A
scarcity
B
opportunity cost
C
economic decision-making
D
trade-off
3) What is the first step of the decision making process?
A
act on the choices
B
choose one
C
identify the choices
D
define the problem
4) What is the sixth part on the decision making process?
A
review your decision
B
idenitfy the choices
C
act on your choice
D
define the problem
5) How many steps are in the decision making press?
A
6
B
3
C
9
D
4
6) The value of the next-best alternative that you did not choose is
A
opportunity cost
B
scarcity
C
economic decision making
D
trade-off
7) What is the second step in the decision making process?
A
review you decision
B
identify the choices
C
act on you choices
D
choose one
8) The process of choosing which wants, amoung several options will be satisfied is
A
economic decision-making
B
trade-off
C
opportunity cost
D
scarcity
9) What is the third part on the decision making process?
A
define the problem
B
choose one
C
evaluate the advantages and disadvantages of each choice
D
act on your choice
10) choose one is what part of the decision making process?
A
4
B
3
C
2
D
1
*select an answer for all questions
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