Economics Quiz

What is scarcity in economic terms?

• The ability to buy everything we want.

• The choice that is given up.

• Not being able to meet all wants at the same time because resources are limited.

• The item that you choose to buy.

If you choose a cookie over a cupcake for dessert, what is the opportunity cost?

• The cookie

• The cupcake

• Both the cookie and the cupcake

• Neither the cookie nor the cupcake

What does making an economic choice involve?

• Selecting the least expensive item

• Choosing one item over another due to limited resources

• Buying everything you want

• Ignoring all costs

What does "opportunity cost" mean?

• The choice that is made

• The choice that is given up

• The ability to satisfy all wants

• Having unlimited resources

What is the meaning of "scarcity"?

• The choice that is made

• The ability to satisfy some wants

• When you can not satisfy all of your wants because of limited resources

• Having everything we need

What does "economic choice" refer to?

• The choice that is given up

• The choice that is made

• The ability to have unlimited resources

• The lack of resources

What is scarcity in the context of the baker's decision-making?

• Having unlimited resources and goods

• Having limited resources and goods

• Having no need to make choices

• Having all the time in the world

What can the baker make due to scarcity?

• Only croissants

• Only bagels

• Only cookies

• Croissants, bagels, or cookies

What limits Billy to making only one type of baked good?

• Lack of customer demand

• Excess of ingredients

• Only enough flour and eggs for one type

• Too much time

Tomatoes are more scarce during the winter. What happens to the cost of tomatoes when they are scarce?

• The cost decreases

• The cost increases

• The cost stays the same

• The cost is unpredictable