Scarcity arises because all societies have:

Economics Quiz

Quiz
•
Geography
•
8th Grade
•
Medium
Keisha Ragland
Used 1+ times
FREE Resource
61 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Limited resources to satisfy unlimited wants
Limited needs and unlimited wants
Unlimited resources to satisfy limited wants
Unlimited needs and limited wants
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following are factors of production?
Supply and Demand
Consumer Preferences and Substitutions
Labor and Capital
Opportunity Cost and Trade offs
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
You want to upgrade your iPhone to the newest generation and have been saving money for several months. Your best friend tells you about a concert in Atlanta that is coming up next month. The price of the concert, transportation, hotel, and food will be the same cost as the newest iPhone. You decide to stick with your plan to buy the iPhone and miss the concert. What is the opportunity cost in this scenario?
The price of the iPhone
The price of the concert, transportation, hotel and food
The price of the iPhone and the concert combined
None of the above
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Roger works at Starbucks making $13/hr. He also makes fried pies to sell out of a food truck. The ingredients cost $5 for 5 pies. It takes Roger 1 hour to make 5 pies. What is the opportunity cost of making 5 pies?
$5
$13
$18
$25
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Using the graph provided, what is the opportunity cost of moving from possibility B to possibility A?
5 microwaves
10 tires
25 microwaves
30 tires
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which point on the graph would be considered inefficient?
Point A
Point B
Point C
Point D
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which point on the graph is considered unattainable?
Point A
Point B
Point C
Point D
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