Economics #1 Question Preview (ID: 49379)
Economics #1.
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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 the new dress right now.
b) She can never buy the dress.
c) She can never have the CD.
d) She has to wait longer to buy the new dress.
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) By considering present and future consequences, we can better understand the effectiveness of a decision.
c) Something that may sound good today, can, over time, actually be an unwise choice or vise versa.
d)
Which of the following is not one of the three factors that are considered in an economic decision?
a) TIme
b) Money
c) Resources
d) Determining Factors
The results of an action that occurs over time.
a) Economic Decision
b) Consequence
c) Future Consequence
d) Economic Choice
A choice that involves money, resources, or time.
a) Economic Choice
b) Consequence
c) Future Consequence
d) Economic Decision
A conclusion, or decision, that involves money, resources, or time.
a) Economic Decision
b) Future Consequence
c) Present Consequence
d) Consequence
A result; to accept what happens because of one’s actions.
a) Economic Decision
b) Future Consequence
c) Consequence
d) Present Consequence
The results of an action that occurs now.
a) Economic Decision
b) Present Consequence
c) Consequence
d) Economic Choice
Which of the following is not a future consequence of buying a dog?
a) Cleaning up after the dog.
b) The money you have to pay upfront.
c) Buying dog food.
d) Taking daily walks/ exercise.
What was the economic decision made by the Mayor of Hamelin in the story?
a) To send the students into the mountain.
b) To buy a new suit.
c) To not pay the Pied Piper.
d) To have the Pied Piper get rid of the rats.
True or False. All consequences are negative.
a) True
b) False
c)
d)
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 means that a person can buy everything they want now.
b) saving money now could allow a major purchase in the future
c) saving money means that a person cannot buy what they need now.
d) spending money now can cause a person to have a bad credit rating.
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 workers would be better at their jobs.
b) Its equipment would run faster and better.
c) It could pay its workers less
d)
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