Scarcity

Scarcity

11th Grade

10 Qs

quiz-placeholder

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Scarcity

Scarcity

Assessment

Quiz

Business

11th Grade

Practice Problem

Easy

Created by

Ashish Paul

Used 4+ times

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10 questions

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1.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

What is the opportunity cost to a person of spending $20 on a new pair of sports shoes?

A all the other things the person could have bought

B the cost of getting to the sports shop

C the current value of the person’s old pair of shoes

D the next best thing that could have been bought with the $20

2.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

What will help solve the basic economic problem?

A the control of the market system

B the efficient allocation of scarce resources

C the preservation of a healthy environment

D the elimination of hunger

3.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

A hospital management board decides to reallocate $800000 from its $1.2m new buildings budget to spend on cancer care. What is the opportunity cost of this decision?

A a cost of $400 000

B a cost of $800 000

C the cost of healthcare for cancer patients

D the loss of some new buildings

4.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

A government decides that all non-essential businesses must close for three months due to a disease pandemic. What is an opportunity cost of this policy?

A increased leisure time for employees

B lives that are saved due to reduced disease levels

C the production of goods by essential businesses

D the loss of goods from the closed businesses

5.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

What does opportunity cost measure?

A the benefits of a good compared with the next choice

B the benefits given up by not consuming the next best alternative

C the costs of any good not chosen

D the financial costs of consuming a good

6.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Media Image

An American family is choosing between four holiday destinations in Europe, each at the same price. The table shows the family’s order of preference for these holiday destinations.

If the family goes to Barcelona, what is the opportunity cost of this choice?

A Barcelona

B London and Venice

C Paris

D London, Paris and Venice

7.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

A worker earns $40 per hour. Rather than work, she decides to visit a museum for three hours. The visit costs a total of $40. What is the opportunity cost of visiting the museum?

A $40

B $80

C $120

D $160

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