Scarcity  Opportunity Cost and Factors of Production

Scarcity Opportunity Cost and Factors of Production

12th Grade

20 Qs

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Scarcity  Opportunity Cost and Factors of Production

Scarcity Opportunity Cost and Factors of Production

Assessment

Quiz

Social Studies

12th Grade

Easy

Created by

Frank Tucker

Used 39+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is scarcity ?

Abundance of resources

Limited resources and unlimited wants

Infinite supply of resources
Unlimited availability of resources

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Scarcity affects all societies .

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Scarcity is the same as a shortage.

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does opportunity cost mean ?

The potential benefits that are given up when one alternative is chosen over another.
The cost of purchasing an opportunity
The cost of not taking any opportunity
The cost of an opportunity being too expensive

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are a persons two limited rsources ?

Money and tools

Time and jobs

Money and time

Credit and interest

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is a need?

Nothing
Something you have to have to live
Something you would like to have
Ice cream

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economics is the study of how people seek to satisfy their needs and wants by making choices.

True
False

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