Scarcity and Allocating Scarce Resources Quiz

Hey class! Scarlett and Harper are having a debate. Can you help them out? What is the definition of scarcity in economics?

• Unlimited resources to meet unlimited wants

• Limited resources to meet unlimited wants

• Unlimited resources to meet limited wants

• Limited resources to meet limited wants

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DOK Level 1: Recall

Anika, Mia, and Aiden are on a treasure hunt in the desert. Which of the following is an example of a scarce resource they might struggle to find?

• Air

• Water in a desert

• Sand on a beach

• Sunlight

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DOK Level 1: Recall

Imagine Zoe and Aiden are deciding how to spend their Saturday. Explain how opportunity cost is related to the concept of scarcity in their decision-making.

• Opportunity cost is the benefit of the next best alternative foregone due to scarcity.

• Opportunity cost is the total cost of all alternatives due to scarcity.

• Opportunity cost is unrelated to scarcity.

• Opportunity cost is the cost of the least preferred alternative due to scarcity.

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DOK Level 2: Skill/Concept

Imagine you're in charge of a magical kingdom's resources! Which of the following best describes how you would allocate these scarce resources?

• Distributing resources equally among all individuals

• Prioritizing resources for the most urgent needs, like Elijah's dragon training

• Allocating resources based on historical usage, as Benjamin suggests

• Randomly distributing resources, just like Priya's lucky draw

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DOK Level 2: Skill/Concept

Imagine you're part of a special task force with Michael, Mason, and Luna, tasked with deciding how to split a limited budget between healthcare and education. What factors should you consider to make the best decision?

• The current state of healthcare and education systems

• The long-term benefits of investing in each sector

• The immediate needs of the population

• All of the above

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DOK Level 3: Strategic Thinking

Imagine you're in a classroom with William, Charlotte, and Benjamin. How does the concept of trade-offs relate to scarcity?

• Trade-offs occur because resources are unlimited.

• Trade-offs are necessary because resources are scarce.

• Trade-offs eliminate the need for scarcity.

• Trade-offs are unrelated to scarcity.

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DOK Level 2: Skill/Concept

Abigail and Oliver are running a small business with limited raw materials. How should they decide which products to manufacture?

• By choosing the products with the highest profit margins

• By manufacturing an equal amount of all products

• By producing the products that are easiest to make

• By randomly selecting products to manufacture

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DOK Level 3: Strategic Thinking

Imagine Daniel and Lily are running a lemonade stand. What role do prices play in helping them allocate their scarce lemons and sugar in a market economy?

• Prices have no role in resource allocation.

• Prices help signal the scarcity and value of resources.

• Prices are set by the government to allocate resources.

• Prices are irrelevant to resource allocation.

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DOK Level 2: Skill/Concept

Hey Mason, Olivia, and Ava! Imagine you're on a treasure hunt. Which of the following is a consequence of scarcity?

• Unlimited production of goods

• The need for prioritization and choice

• Abundance of all resources

• Elimination of opportunity costs

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DOK Level 1: Recall

Imagine you're in charge of a country, like Evelyn or Samuel. How would you tackle the challenge of scarce resources?

• By increasing efficiency in resource use

• By ignoring the problem

• By reducing the population

• By importing more resources

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DOK Level 2: Skill/Concept