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Economic Decision-Making Pre-Test
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Economic Decision-Making Pre-Test
📊 Part 1: Multiple Choice
Instructions: Circle the letter of the best answer for each question.
1. What is an economic decision?
A) A choice that only involves money
B) A choice about how to use limited resources
C) A decision made only by businesses
D) A choice that has no consequences
2. The main purpose of cost-benefit analysis is to:
A) Calculate total costs only
B) Compare advantages and disadvantages of a decision
C) Determine the cheapest option
D) Avoid making difficult decisions
3. Which of these is an example of scarcity?
A) Having unlimited wants but limited resources
B) Having too much money to spend
C) Making decisions without thinking
D) Having no choices to make
4. GDP (Gross Domestic Product) is an economic indicator that measures:
A) The number of people unemployed
B) The total value of goods and services produced in a country
C) The cost of living
D) The population of a country
5. Which factors should businesses consider when making ethical decisions?
A) Only profit and costs
B) Impact on customers, employees, and the environment
C) What competitors are doing
D) The quickest way to make money
✏️ Part 2: Short Answer Questions
Instructions: Answer each question in the space provided. Write in complete sentences.
6. Define "opportunity cost" and give an example from your own life.
7. List three factors that might influence a teenager's decision about whether to get a part-time job.
8. Explain why economic indicators like unemployment rates are important for government decision-making.
9. A local café is deciding whether to switch to biodegradable packaging, which costs 20% more than regular packaging. Describe two costs and two benefits the café owner should consider.
10. Why is it important for businesses to consider ethical factors, not just profit, when making decisions? Give one specific example.
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