What usually happens when the price of something rises, according to the text?
Rational choice theory

Quiz
•
Business
•
6th Grade
•
Hard
Yuqi Wu
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
People will supply less of it and buy more of it.
People will supply more of it and buy less of it.
People will supply and buy the same amount.
People will stop buying and supplying it completely.
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
If people expect inflation to go up, what do they usually do?
Ask for lower wages
Ask for higher wages
Spend less money
Move to another country
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What do people with lots of money do if they see interest or exchange rates falling in their country?
Spend more money in their country
Move their money out of the country
Save more money in local banks
Buy more goods
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
According to the text, what do governments often assume when making economic policies?
People act randomly
People act rationally
People always follow the crowd
People ignore prices
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which of the following best describes a situation where people "follow the crowd"?
Making decisions based on careful research
Relying on others to know what they’re doing
Always acting in their own best interest
Ignoring what others do
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Why might people not always do what is best for them, according to the text?
They always have perfect information
They sometimes think they know all the facts or the facts are too complicated
They never follow the crowd
They always act rationally
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What is an example from the text of people not understanding the full situation in the economy?
People buying more when prices rise
People not knowing what was going on with cheap mortgages in 2007
People moving money out of the country
People asking for higher wages
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