Scarcity & Opportunity Cost

Scarcity & Opportunity Cost

Assessment

Interactive Video

Other

9th Grade

Practice Problem

Easy

Created by

Delisa Reed

Used 2+ times

FREE Resource

9 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economics is all about...

Money

Choices

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is scarcity?

Unlimited resources for limited needs and wants

Limited resources for unlimited needs and hobbies

Limited resources for unlimited needs and wants

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is it impossible to give everyone on Earth what they need and want?

Resources are limited-which mean scarcity exists.

People who have more than others are greedy.

It is possible because scarcity doesn't exist.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economics really is the study of...

how we deal with scarcity.

how people make money.

how the government spends tax money.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The trade-off you desire the most and give up is the OPPORTUNITY COST.

False

True

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The opportunity cost of Anakin Skywaker becoming Darth Vader was...

giving up the Jedi way.

making a lot of money.

getting a new high speed TIE Figher.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the opportunity cost for Ford to increase truck production from 10 million trucks to 30 million trucks?

15 million cars

10 million cars

20 million trucks

8.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the opportunity cost of increasing military production from 150 million tons to 500 million tons?

100 million tons

200 million tons

300 million tons

9.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economics is the study of...

Money

Choices