Scarcity and Opportunity Cost Quiz
Authored by Scott Marsden
Social Studies
8th - 12th Grade
Used 40+ times
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12 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best summarizes the concept of scarcity?
Life is not fair.
Life is so hard.
You can't have everything you want.
People are selfish.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Scarcity exists because
resources are insufficient to satisfy people's wants
resources are limited
people have wants
people aren't willing to share their wealth
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When does scarcity occur?
When prices are too high.
Always.
When you can't find the product you want.
When others have more than you.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Alternatives are always
new ways of accomplishing goals
better ways of accomplishing goals
worse ways of accomplishing goals
different ways of accomplishing goals
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A budget is
a way to spend your money
a way to save money
a way you choose to allocate scarce resources
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How do you find your net income, assuming your total income comes from working at a job?
Total expenses - gross wages
Total expenses+gross wages
Gross wages-taxes/deductions
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is free?
"Buy one, get one free" box of cereal
A T-shirt that you get for running a 10K race
A ticket a friend gives you to a rock concert
None of these are free
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