Scarcity and Opportunity Cost Terms Review

Scarcity and Opportunity Cost Terms Review

9th - 12th Grade

10 Qs

quiz-placeholder

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Scarcity and Opportunity Cost Terms Review

Scarcity and Opportunity Cost Terms Review

Assessment

Quiz

Social Studies

9th - 12th Grade

Medium

Created by

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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