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Scarcity and Opportunity Costs

Authored by Barbara MacFarlane

Social Studies

10th - 12th Grade

Used 8+ times

Scarcity and Opportunity Costs
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27 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main problem in economics?

scarcity

shortage

choices

unemployment

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Scarcity of resources forces nations, businesses and people to make

problems.

choices.

barters.

trades.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Things that you use for your survival are called

needs

wants

resources

factors of production

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Goods or services that you would like to have, but aren't needed for survival are called

needs

wants

resources

capital

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The factors of production include all of the following EXCEPT:

land

labor

capital

entrepreneurs

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The name given to the mix of productive capacity between military & civilian goods.

ammo vs. butter

guns vs. peanut butter

guns vs. butter

military vs. domestic

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the saying "There Ain't No Such Thing As A Free Lunch" mean?

some things cost nothing

most things cost nothing

most things have a cost

everything costs something

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