Econ 1.2 Quiz

What does scarcity mean?

• There is more than enough of something for everyone.

• There isn't enough of something for everyone.

• Everyone has exactly what they need.

• There is too much of something for everyone.

In the given example, what is scarce?

• Water

• Food

• Land

• Money

Diagram showing scarcity with icons and a world map.

• A diagram illustrating the abundance of resources.

• A diagram showing the distribution of wealth.

• A diagram depicting the scarcity of resources.

• A diagram highlighting the surplus of goods.

What were the two options the school board had to choose between?

• More parking and a larger playground

• New library and more teachers

• Larger gym and more sports equipment

• New cafeteria and more books

If you choose to spend your time reading, what is the opportunity cost?

• The book you read

• The time spent reading

• The activity you didn't do

• The place you read

If you decide to play soccer instead of basketball, what is the opportunity cost?

• The soccer game

• The basketball game

• The soccer ball

• The basketball court

How can understanding opportunity cost help you in life?

• By making you richer

• By helping you make informed choices

• By making you more popular

• By improving your health

If you choose to go to a concert instead of studying, what is the opportunity cost?

• The concert ticket

• The time spent at the concert

• The study time you gave up

• The music you hear

Which of the following was included in the playground ideas?

• Trampolines

• Swings

• Bicycles

• Skateboards

Which piece of equipment was NOT mentioned in the ideas?

• Monkey bars

• Swings

• Slides

• Trampolines