1. what is it called when an economic player avoids a choice because the opportunity cost is too high?
a. positive incentive
b. trade off
c. rational decisions
d. negative incentive
2. what occurs when individuals make decisions in which benefit exceed costs?
a. they are removing the opportunity cost of decisions
b. they are using a rational decision making model
c. they are making irrational economic decisions
d. They are eliminating all trade-offs of the decision
3. what occurs when people make economic decisions in which the cost exceeds the benefits?
a. they are losing the benefits of negative externalities
b. they are taking advantage of opportunity costs
c. they are using their time and resources efficiently
d. They are making irrational economic decisions
4. which of the following is not one of the steps of the rational decision making model?
a. performing an analysis
b. defining the problem
c. identifying alternatives
d. determining productivity
5. Kareem wants to make the most logical choice about what to do after high school. Which advice would help him do that?
a. make a choice based on cost exceeding benefits.
b. make a choice with no opportunity cost.
c. make a choice based on a rational decision making model.
d. make a choice with no trade-offs.
1. (b) trade off. Because let's face it, sometimes the cost is just too darn high. Who needs that kind of trouble anyway?
2. (b) they are using a rational decision making model. Ah, the rare moment when benefits actually outweigh costs. Cherish it, my friend, because it's like finding a unicorn in a haystack.
3. (d) They are making irrational economic decisions. Well, that's just a classic case of when the costs make you want to run in the opposite direction. It's like trying to sell ice to penguins, doesn't make much sense!
4. (d) determining productivity. Because who needs productivity when you can just make rash and impulsive decisions without any analysis or problem definition? It's the epitome of chaos, my friend.
5. (c) make a choice based on a rational decision making model. Because when it comes to life-altering decisions, you need to approach it with the precision of a procrastinating genius. Use that rational model and conquer the world, Kareem! Or at least high school.
1. The correct answer is b. trade off. When an economic player avoids a choice because the opportunity cost is too high, it means they are unwilling to give up or sacrifice something in order to attain that choice. This is known as a trade-off because they are choosing not to make a certain decision due to the perceived high opportunity cost involved.
To understand this concept, it is important to have knowledge of opportunity cost, which refers to the value of the next best alternative that is foregone when a choice is made. In this case, the economic player is avoiding a choice because they believe that the opportunity cost of that choice is too high compared to the benefits they would gain. By considering the potential benefits and costs of different options, they are able to determine which alternative is the most favorable to them.
2. The correct answer is b. they are using a rational decision making model. When individuals make decisions in which the benefits exceed the costs, it means that they are making rational choices based on an evaluation of the potential gains and losses associated with each decision. This indicates that the net benefit of the decision is positive, leading individuals to choose that option.
Using a rational decision making model involves considering the available alternatives and evaluating them based on their benefits and costs. By comparing the expected benefits and costs of each decision option, individuals are able to determine which choice will result in the greatest positive outcome. By doing so, they are able to optimize their decision-making process and make choices that maximize their overall well-being or utility.
3. The correct answer is d. They are making irrational economic decisions. When people make economic decisions in which the costs exceed the benefits, it indicates that they are making choices that result in a net negative outcome. This can be seen as irrational because, from an economic standpoint, individuals are expected to make choices that maximize their benefits and minimize their costs.
To avoid making irrational economic decisions, individuals should carefully evaluate the costs and benefits associated with each option. By considering the net benefit or loss of each decision, individuals are more likely to make choices that align with their goals and result in positive outcomes.
4. The correct answer is d. determining productivity. The rational decision making model consists of several steps that help individuals make informed and logical decisions. These steps include:
a. defining the problem: Understanding the issue or situation that requires a decision.
b. identifying alternatives: Generating possible options or solutions to the problem.
c. performing an analysis: Evaluating the benefits and costs of each alternative.
d. determining productivity: This step is not part of the rational decision making model. Productivity refers to the efficiency or effectiveness of a process or activity, which is not directly related to the decision-making process.
By following these steps, individuals can approach decision-making in a systematic and logical manner, increasing the likelihood of making optimal choices.
5. The correct answer is c. make a choice based on a rational decision making model. In order for Kareem to make the most logical choice about what to do after high school, using a rational decision-making model would be the most helpful. This involves following the steps mentioned in the previous answer – defining the problem, identifying alternatives, and performing an analysis.
By considering the potential benefits and costs of each alternative, Kareem can make an informed decision that aligns with his goals and priorities after high school. Making choices based on a rational decision-making model helps to ensure that all aspects are taken into account and that Kareem's decision is not based solely on subjective factors.
It is important to note that making rational choices does not necessarily mean there will be no opportunity cost or trade-offs. These concepts are inherent in decision-making and should be considered when evaluating alternatives.
1. The correct answer is b. trade off. When an economic player avoids a choice because the opportunity cost is too high, they are essentially weighing the trade-offs between different options and choosing not to pursue a particular choice due to the high opportunity cost.
2. The correct answer is b. they are using a rational decision-making model. When individuals make decisions in which the benefits exceed the costs, they are making rational economic decisions by weighing the pros and cons and choosing the option that provides the most benefits compared to the costs.
3. The correct answer is d. They are making irrational economic decisions. When people make economic decisions in which the costs exceed the benefits, they are making irrational decisions because they are not maximizing their utility or maximizing the benefits they could receive from their choices.
4. The correct answer is d. determining productivity. The steps of the rational decision-making model typically include defining the problem, identifying alternatives, performing an analysis, and making a decision. Determining productivity is not typically included as a step in this model.
5. The correct answer is c. make a choice based on a rational decision-making model. To make the most logical choice about what to do after high school, Kareem should use a rational decision-making model. This involves defining the problem, considering different alternatives, analyzing the pros and cons, and ultimately making a decision based on the best available information. Making a choice based on a rational decision-making model allows for a systematic and logical approach to decision-making, helping to ensure that the most optimal choice is made.