Practice Quiz 1.1: Scarcity and Opportunity Cost

Quiz
•
Social Studies
•
12th Grade
•
Easy
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
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
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
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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