Economics Week 1 Quiz

What word means ... resources are LIMITED?

• scarcity

• preference

• value

• opportunity cost

What word means ... what you like best?

• scarcity

• preference

• value

• opportunity cost

What word means ... how much something is worth?

• scarcity

• preference

• value

• opportunity cost

What word means ... what you GIVE UP when you make a choice?

• value

• preference

• benefit

• opportunity cost

What word means ... what you GET when you make a choice?

• value

• preference

• benefit

• opportunity cost

Something you MUST have to survive is a ...

• preference

• need

• want

• value

Something you would LIKE to have is a ...

• preference

• need

• want

• value

You choose inside recess instead of outside recess. What is your OPPORTUNITY COST?

• inside recess

• outside recess

• all recess

• money

You choose inside recess instead of outside recess. What is your BENEFIT?

• inside recess

• outside recess

• all recess

• money

It costs $40 to buy a video game. You have saved $30. If you choose to spend $4 of your money at Kona Ice, what is your BENEFIT?

• video game now

• Kona Ice now

• $4

• money