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