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Economics #1
Test Description: Economics #1
Instructions: Answer all questions to get your test result.
1) Which of the following is not a future consequence of buying a dog?
A
Buying dog food.
B
Taking daily walks/ exercise.
C
The money you have to pay upfront.
D
Cleaning up after the dog.
2) What was the economic decision made by the Mayor of Hamelin in the story?
A
To have the Pied Piper get rid of the rats.
B
To send the students into the mountain.
C
To buy a new suit.
D
To not pay the Pied Piper.
3) A result; to accept what happens because of one’s actions.
A
Economic Decision
B
Present Consequence
C
Future Consequence
D
Consequence
4) The results of an action that occurs now.
A
Consequence
B
Economic Choice
C
Economic Decision
D
Present Consequence
5) A conclusion, or decision, that involves money, resources, or time.
A
Economic Decision
B
Consequence
C
Present Consequence
D
Future Consequence
6) A choice that involves money, resources, or time.
A
Consequence
B
Economic Decision
C
Economic Choice
D
Future Consequence
7) The results of an action that occurs over time.
A
Economic Decision
B
Future Consequence
C
Economic Choice
D
Consequence
8) Which of the following is not one of the three factors that are considered in an economic decision?
A
Resources
B
Determining Factors
C
TIme
D
Money
9) Which of the following is NOT a reason to consider both present and future consequences of a decision?
A
You can make sure to make a decision that will give you the most money.
B
Something that may sound good today, can, over time, actually be an unwise choice or vise versa.
C
By considering present and future consequences, we can better understand the effectiveness of a decision.
10) Trista made $20 by babysitting for her neighbor. She wants to buy a new dress for the school dance. The dress costs $40. Trista also wants a new CD, which costs $15. What is the future consequence of Trista buying the CD?
A
She has to wait longer to buy the new dress.
B
She can never have the CD.
C
She has the new dress right now.
D
She can never buy the dress.
11) True or False. All consequences are negative.
A
True
B
False
12) Creating and maintaining a personal budget can help people make spending and saving decisions. One reason these decisions are important is because
A
spending money now can cause a person to have a bad credit rating.
B
saving money now could allow a major purchase in the future
C
spending money means that a person can buy everything they want now.
D
saving money means that a person cannot buy what they need now.
13) A chemical refinery has decided to pay for some of its workers to return to school to increase their education. How could the refinery benefit from this?
A
Its equipment would run faster and better.
B
It could pay its workers less
C
Its workers would be better at their jobs.
*select an answer for all questions
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