Scarcity

Scarcity

11th Grade

10 Qs

quiz-placeholder

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Assessment

Quiz

Social Studies

11th Grade

Easy

Created by

Isai Bonilla

Used 17+ times

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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a need?

A new smartphone

Clean drinking water

Designer clothes

A luxury car

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a want?

Food

Shelter

Medical care

A vacation

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is it important for us to understand scarcity?

To ignore the concept of limited resources

To make informed decisions and prioritize needs

To ensure we have unlimited resources

To avoid making any decisions

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of opportunity cost?

The actual cost of an item or service.

The potential benefits that an individual, investor, or business misses out on when choosing one alternative over another.

The total revenue generated by a business.

The amount of money saved by choosing a cheaper alternative.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Because of scarcity, people are forced to make _________ about how to use resources.

Choices

Opportunities

Houses

Desires

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A trade-off is

a purchase in a marketplace.

an alternative that we sacrifice when we make a decision.

any good or service a consumer needs.

a factor of production.

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Amber was shopping at the mall. She had $80 to spend. She found three items she liked: $75 for a pair of shoes, $70 for a jacket, and $62 for a dress. After shopping for a couple hours, she decided to borrow a pair of shoes from her cousin and to buy the jacket for $70. What was her opportunity cost?

Shoes

Jacket

Dress

Purse

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