you can do echo $test ?: 'hello';
This will echo $test if it is true and 'hello' otherwise.
Note it will throw a notice or strict error if $test is not set but…
This shouldn’t be a problem since most servers are set to ignore these errors. Most frameworks have code that triggers these errors.
Edit: This is a classic Ternary Operator, but with the middle part left out. Available since PHP 5.3.
echo $test ? $test : 'hello'; // this is the same
echo $test ?: 'hello'; // as this one
This only checks for the truthiness of the first variable and not if it is undefined, in which case it triggers the E_NOTICE error. For the latter, check the PHP7 answer below (soon hopefully above).