
Scarcity
Quiz
•
Social Studies
•
11th Grade
•
Medium
Julie Heineman
Used 3+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Economics can be described as the study of
Money
Choices
graphing
price ceilings and price floors
2.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
The condition of scarcity can be described as one that
afflicts only poor people and nations
exists when our unlimited needs/wants exceed our limited resources
exists when our limited resources exceed our unlimited needs/wants
only applies to luxury items
3.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
FOP refers to
Final Production of a G/S
Factors and Production
Facts of Possibilities
Factors of Production
4.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
The 4 Factors of Production (FOP) are
rent for land, wages for labor, profit for capital, interest for entrepreneurship
land, labor, capital, entrepreneurship
land, labor, physical capital, financial capital
land, labor, resources, profits
5.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Why do entrepreneurs take risks?
to set their own work hours
to earn a profit for themselves
to provide G/S to their customers
to provide salaries and benefits to their employees
6.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
The crops and animals on a farm are examples of which factor of production?
Land
Labor
Capital
Entrepreneurship
7.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Opportunity cost (OC) can be described as
the number 2 alternative in your list of choices
the next best choice and one you didn't choose
your number 1 tradeoff when making a choice
your most desirable tradeoff
all of these answers are examples of opportunity cost (OC)
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