Economics Quiz (Scarcity, Supply/Demand, Opportunity Cost)

Yesterday I went out to eat with my family. We were starving! We had to wait a long time before eating our food because there were not enough waiters working at the restaurant. What was scarce?

• The food was scarce.
• The restaurant was scarce.
• The waiters were scarce.

My grandmother gave me $10.00 for my birthday. I want to use this money to buy a ticket to the movies, but I also want to buy a new toy. I decide to use the money to buy a new toy. What is my opportunity cost?

• Your opportunity cost is the new toy.
• Your opportunity cost is the movie ticket.

What is supply?

• Supply is when businesses sell the same good or service.
• Supply is the amount of a good or service that is available.
• Supply is the amount of money a business makes.
• Supply is how much people want a good or service.

Select ALL of the ways that businesses could persuade customers to come to their store. There can be more than one correct answer.

• Stores could create an advertisement such as a poster or commercial.
• Stores could higher the price of the goods they sell.
• Stores could offer a coupon that gives customers a discount.
• Stores could get rid of goods that are in high demand.
• Stores could lower the price of the goods they sell.

The new school year is about to begin and many students are in need of markers and crayons. School starts in one week and many of the supplies have sold out. Which correctly describes the supply and demand of the markers and crayons?

• The supply of markers and crayons is high and the demand is low.
• The supply of markers and crayons is low and the demand is high.

The new school year is about to begin and many students are in need of markers and crayons. School starts in one week and many of the supplies have sold out. How will this affect the price of the markers and crayons?

• The price of the markers and crayons will increase.
• The price of the markers and crayons will decrease.
• The price of the markers and crayons will stay the same.

What is competition?

• Competition is what you give up in order to get what you want most.
• Competition is when there is not enough of something.
• Competition is the amount of a good or service available to buy.
• Competition is when businesses sell the same good or service.

On Saturday my family went to the zoo. We could only stay for 20 more minutes and I still wanted to see the elephants and the penguins! We didn't have time to see both. I had to make a choice. I chose to visit the penguin exhibit. What is this an example of?

• competition
• opportunity cost
• demand
• profit

It is April and many people are starting to shop for spring clothing. A store has many winter coats left over from November and December. Which correctly describes the supply and demand of the winter coats?

• The supply of winter coats is high and the demand is low.
• The supply of winter coats is low and the demand is high.

It is April and many people are starting to shop for spring clothing. A store has many winter coats left over from November and December. How will this affect the price of the winter coats?

• The price of the winter coats will increase.
• The price of the winter coats will decrease.
• The price of the winter coats will stay the same.