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.