Scarcity and Factors of production

Scarcity and Factors of production

Assessment

Quiz

Social Studies

11th - 12th Grade

Medium

Created by

Melissa Andrews

Used 36+ times

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10 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The study of how individuals and nations make choices about how to use scarce resources to fulfill their wants describes

an opportunity cost.

entrepreneurship.

economics.

scarcity.

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Scarcity of resources is always present because

there will always be natural disasters to affect the production of goods and services.

we live in a world where poverty still exists.

people are not willing to change their unlimited wants.

certain resources will always be limited in their availability.

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

All of the following are factors of production EXCEPT
land
money
labor
capital

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following refers to the resource of land?
bus drivers
iron ore
money
machinery

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Because wants are unlimited but resources are limited, society must economize. This means that society must
use its resources in such a way as to get the most out of them.
save as much money as possible.
keep its budget balanced.
limit the use of its resources.

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The opportunity cost of an increase in the local police force is
the cost of additional police salaries and benefits.
the cost of training new recruits.
the amount by which taxes will be increased to pay for additional police.
the goods or services that will be given up in order to hire the additional police.

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When Amy returns a good library book without finishing it so she won’t have to pay a late fee, what is her opportunity cost?
paying the fee
paying for something else
finishing the book
reading a different book

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