Scarcity and Opportunity Cost Quizziz

Scarcity and Opportunity Cost Quizziz

10th - 12th Grade

10 Qs

quiz-placeholder

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Scarcity and Opportunity Cost Quizziz

Scarcity and Opportunity Cost Quizziz

Assessment

Quiz

Life Skills

10th - 12th Grade

Practice Problem

Hard

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Choices

Opportunities

Houses

Desires

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which one of these definitions best describe Opportunity Costs?

The cost of making one decision over another.

The cost for the opportunity to buy anything you want.

The opportunity that will cost you loads of money.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In economics, when discussing the factors of production, the term land refers to

farmland.

real estate.

capital goods.

all natural resources.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Individuals who come up with a new idea for a good or service, then they make it a reality

resource
human resources
consumer
entrepreneur

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Tom was shopping for a car. He has looked at a Ford, Honda, Toyota, and Dodge. After a lot of debate, he narrowed it down to either the Ford or the Honda. He selected the Ford, because he liked the interior a little better. What was his opportunity cost?

Ford

Honda

Toyota

Dodge

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

These are the things we desire to have.

Wants

Goals

Opportunity Costs

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Tools we use to make products

capital resources
human resources
natural resources
entrepreneurs

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