Scarcity and Opportunity Cost Review

Scarcity and Opportunity Cost Review

9th - 12th Grade

21 Qs

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Scarcity and Opportunity Cost Review

Scarcity and Opportunity Cost Review

Assessment

Quiz

Social Studies, Other

9th - 12th Grade

Practice Problem

Easy

Created by

Christina Velazquez

Used 121+ times

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21 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

These are the things we desire to have.

Wants

Goals

Opportunity Costs

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Because of scarcity, people are forced to make _________ about how to use resources.

Choices

Opportunities

Houses

Desires

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In economics a decision is free if:

There is no money involved.

There are no products involved.

There is no exchange with another person.

A decision is never free. There is usually an alternative which results in an opportunity cost. Not free.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What is it called if we ran out of coffee creamer?

Scarcity

Opportunity Cost

Producer

Services

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A benefit is something good or helpful.

True
False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Scarcity is only a problem for poor people.

True

False

7.

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 

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