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Scarcity and PPC

Authored by Kristin Gutierrez

Social Studies

12th Grade

Used 9+ times

Scarcity and PPC
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the most basic problem of economics?

Scarcity
Allocation
Productivity
Specialization

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is it called when you choose between two possible uses for a resource, giving up one alternative for another?

Trade Offs
Real Costs
Building materials
Trading spaces

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A popular bakery has only a few ingredients left to make their products.  They could bake muffins or cookies, but they can’t make both.  The bakers decide to make cookies for their customers.  What is the opportunity cost of their decision?

muffins 
cookies 

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Opportunity Cost is best defined as

the value of the next best alternative that is given up due to the choice you made 
The price you pay to purchase something 
The benefit you gain by making a decision 
The amount of debt you take on by making a decision 

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the production possibilities curve?

a graph that shows how much an economy can produce between 2 goods
how much money something is
the opportunity one has to give up in order to gain something else
land, labor, capital, entrepreneurs

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Capital refers to...

The "gifts of nature" or natural resources not created by human effort.

people with all their efforts and abilities

the tools, equipment, and factories used in production of goods and services

individuals who start a new business or bring a product to market.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Land includes...

The "gifts of nature" or natural resources not created by human effort.

the tools, equipment, and factories used in production of goods and services

people with all their efforts and abilities

individuals who start a new business or bring a product to market.

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