What is a trade-off in economic decision-making?
Resolving Trade-Off Among Goals

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Other
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11th Grade
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Yasmine Mahmoud
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A trade-off in economic decision-making refers to the exchange of goods or services between two parties.
A trade-off in economic decision-making refers to the process of making a decision based on emotions rather than rational thinking.
A trade-off in economic decision-making refers to the sacrifice or compromise made when choosing one option over another.
A trade-off in economic decision-making refers to the act of making a decision without considering the potential consequences.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why do trade-offs occur in economic decision-making?
Resources are limited
Trade-offs are not necessary in economic decision-making
There is an abundance of resources in economic decision-making
Trade-offs only occur in non-economic decision-making
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Give an example of a trade-off in economic decision-making.
Expanding into new markets or increasing product quality
Choosing between investing in new technology or hiring more employees
Investing in marketing or reducing production costs
Increasing wages or reducing employee benefits
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What factors should be considered when making trade-offs in economic decision-making?
Opportunity cost, scarcity, cost-benefit analysis, and impact on stakeholders
Gross domestic product, unemployment rate, and interest rates
Government regulations, consumer preferences, and technological advancements
Supply and demand, inflation, and market competition
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How can individuals and businesses evaluate trade-offs in economic decision-making?
By considering the costs and benefits, analyzing potential gains and losses, weighing risks and rewards, and assessing opportunity costs.
By randomly selecting options without any consideration for potential gains or losses.
By relying on intuition and gut feelings without considering any data or analysis.
By ignoring the costs and benefits and making decisions based solely on personal preferences.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How can governments resolve trade-offs in economic decision-making?
By conducting cost-benefit analysis, considering long-term impacts, consulting with experts and stakeholders, implementing policies promoting efficiency and equity, and continuously evaluating and adjusting decisions.
By randomly selecting options without considering the consequences
By ignoring the opinions of experts and stakeholders
By making decisions based solely on short-term gains
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are some strategies for effectively managing trade-offs in economic decision-making?
Ignoring opportunity costs, relying solely on intuition, making decisions in isolation
Prioritizing goals, considering opportunity costs, conducting cost-benefit analysis, seeking alternative solutions, involving stakeholders
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