Opportunity cost and scarcity

Opportunity cost and scarcity

6th - 9th Grade

5 Qs

quiz-placeholder

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Opportunity cost and scarcity

Opportunity cost and scarcity

Assessment

Quiz

Social Studies

6th - 9th Grade

Hard

Created by

Aditya Viswanathan

Used 2+ times

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5 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a free good?

Free good is a good with no opportunity cost and unlimited supply

Free good is a good with no opportunity cost and limited supply

Free good is a good with opportunity cost and unlimited supply

Free good is a good with opportunity cost and limited supply

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Define Opportunity Cost

The Price of an Alternative Cost

The Value of the Best Alternative

The Value of the Next Best Alternative Forgone

The Alternative Cost

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the basic economic problem?

Opportunity cost

Scarcity

Demand and supply

Factors of production

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In economics, the problems of scarcity and choice arise because:

Wants are always limited.

Resources are limited relative to wants.

Resources and wants are limited.

We do not have enough money.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between a good and a service?

Goods and services are tangible

Goods and services are intangible

Goods are intangible and services are tangible

Goods are tangible and services are intangible