Scarcity and Opportunity Cost Terms Review
Quiz
•
Social Studies
•
9th - 12th Grade
•
Medium
Zachary Nabors
Used 25+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Economics is defined as...
The study of money and finance
The study of how society uses its limited resources
The study of the Wu-Tang song "Cash Rules Everything Around Me"
The study of how financial institutions lend and borrow money
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A trade-off is...
when you choose one thing which can only be gotten by giving up something else
when you decide to give up all your possessions and become a monk
when you are able to get everything you want, all the time
when you aren't able to make a decision, so you give up
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
I had to choose between ordering pizza or Chinese, since I didn't have enough money for both. I chose pizza. What was the opportunity cost of my decision?
The pizza I ordered
The Chinese food I didn't order
Both the pizza and Chinese food
None of the above
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The word economists use to describe the problem of limited resources and people's unlimited wants and needs is...
trade-off
opportunity cost
scarcity
values
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of these are limited or scarce resources?
Toilet paper
Hand sanitizer
COVID-19 tests
All of the above
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Charity is defined as...
Voluntary aid, usually in the form of money, given to those in need
Money used by a government organization to repair an area affected by natural disaster
Public funds used for common services (firefighters, roads, etc.)
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why do people donate to charity?
To work towards a goal in line with their values
To possibly pay fewer taxes
Both A and B
None of the above
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