Practice Quiz 1.1: Scarcity and Opportunity Cost

Practice Quiz 1.1: Scarcity and Opportunity Cost

12th Grade

15 Qs

quiz-placeholder

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Practice Quiz 1.1: Scarcity and Opportunity Cost

Practice Quiz 1.1: Scarcity and Opportunity Cost

Assessment

Quiz

Social Studies

12th Grade

Easy

Created by

Michael Kouznetsov

Used 64+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The usefulness of something in satisfying human wants and needs is called:

Utility

Productivity

Efficiency

Scarcity

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The use of resources which does not satisfy wants and needs as much as it could possibly have done would be:

inefficient.

unproductive.

scarce.

a trade-off.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not a scarce resource?

Wind

Oil

Drinking Water

Time

4.

FILL IN THE BLANK QUESTION

1 min • 1 pt

The single problem that economics fundamentally addresses is:

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The opportunity cost of shifting from point A to C would be:

100 units of clothes

50 units of clothes

100 units of food

75 units of food

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The opportunity cost of shifting from point B to C would be:

100 units of clothes

50 units of clothes

75 units of food

25 units of food

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The utility of shifting from point D to A would be:

100 units of clothes

50 units of clothes

75 units of food

25 units of food

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