Rational choice theory

Rational choice theory

6th Grade

10 Qs

quiz-placeholder

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Rational choice theory

Rational choice theory

Assessment

Quiz

Business

6th Grade

Hard

Created by

Yuqi Wu

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

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

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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