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WorksheetsPOB Chapter 1.2 Review
Total questions: 14
Worksheet time: 7mins
The basic economic problem is that consumers do not have enough products or services to choose from.
true
false
____ means not having enough resources to satisfy every need.
Opportunity cost
Scarcity
Trade-off
Economic resources
Scarcity forces you to make ____
choices
resources
money
none of the above
_____ is the process of choosing which needs and wants will be satisfied.
Opportunity cost
Economic resource
Production
Economic decision making
When you give something up in order to have something else, you are making a(n) ____.
economic resource
opportunity cost
trade-off
want
You decide to buy a new video game instead of buying a new pair of pants. What is the trade-off in this example?
the new pair of pants
the new video game
the money you're spending
all of the above
The value of the next-best alternative that you were not able to choose is known as the ____.
trade-off
scarcity
economic resource
opportunity cost
The benefit you get from your choice should be _____ the benefit from the next-best choice that you did not choose.
greater than
less than
equal to
all of the above
Which of the following is the first step in the decision-making process?
identify the choices
act on your choice
evaluate the advantages & disadvantages of each choice
define the problem
For every decision, the problem must be clearly defined.
false
true
It is not necessary to consider all of the alternatives when making a decision.
true
false
It's rare that you'll have choices with many alternative options.
false
true
The decision-making process is best to use when ____.
you don't have enough money to pay for any of the choices
you're facing a decision with several good alternatives
you already know the choice you will make
groups, rather than individuals, are making a choice
John has 2 hours before having to go to his part-time job. He is deciding between studying for a math exam and taking a nap. If he chooses to take a nap, the opportunity cost of his decision is ____.
the score he'll earn on the math exam
the wages from his job
the rest he is getting
all of the above
