Econ Game

Econ Game

12th Grade

5 Qs

quiz-placeholder

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Econ Game

Econ Game

Assessment

Quiz

Education

12th Grade

Practice Problem

Hard

Created by

Manuel Vallecillo

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5 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What is rational decision-making?

A process of comparing costs and benefits of various options to determine which are rational and which are rational

Decisions whose total cost is greater than their total benefit

Costs that you only pay once, or that you multiple times, but each time you pay the same amount.

Negative feelings that you experience or non-physical things that you give up as result of a decision (giving up a relationship, losing time, feeling sad, etc...)

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are Explicit Costs?

Negative feelings that you experience or non-physical things that you give up as result of a decision (giving up a relationship, losing time, feeling sad, etc...)

Costs that you only pay once, or that you multiple times, but each time you pay the same amount.

Costs that you pay multiple times, but each time you pay a different amount

Something physical you give up as a result of a decision (money, other valuables)

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are costs?

To receive the most from.

What is gained when a decision is made.

A circumstance.

What is given up when a decision is made.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is Nominal Value?

In-depth study.

The value of a good or service in terms of money.

Thinking that considers something in a logical way.

Receiving the most benefits with relatively few costs.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an Analysis?

What is given up when a decision is made.

What is gained when a decision is made.

In-depth study.

The sum total.

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