WorksheetsScarcity and Opportunity Cost
Total questions: 16
Worksheet time: 14mins
All of the following are examples of opportunity cost EXCEPT:
tuition fees paid to a university
the income which could have been earned by a college student had he or she worked full time instead of going to college
the building which could have been built with the construction materials and labor used to build a new university library
the leisure time sacrificed to study for an exam
_____________ means that we do not have enough of a good or service to meet all of the demand.
opportunity cost
scarcity
wants
resources
Scarcity is only a problem for poor people.
True
False
Why is scarcity a problem for everyone?
Emily is deciding what to do after high school. Right now her two options are: go to college or enter the workforce/get a job. She can only choose one. Emily decides to get a job. Which of the following is the opportunity cost of her decision?
money
job
time
college
Pretend you were living in New Orleans, Louisiana, while Hurricane Katrina hit. Name at least 3 items that would have been scarce after the hurricane came through.
Which of the following seems to represent the law of diminishing marginal utility? Check all that apply.
Ken enjoys his 10th can of Pepsi more than his 1st.
Morris the Cat likes catnip more and more the longer he plays with it.
Howard has a decreasing desire for more wealth the richer he becomes.
The more pieces of gum Sam puts in his mouth, the less satisfaction he gets from chewing it.
Which type of resource does WATER FROM A STREAM FOR IRRIGATION represent?
human resource
capital resource
natural resource
What type of resource does a knife cutting meat in a butcher shop represent?
human resource
natural resource
capital resource
Which type of resource does a painter painting your house represent?
capital resource
human resource
natural resource
Which type of resource does a guitar for a lead singer in a band represent?
capital resource
human resource
natural resource
Which type of resource does a chef making food for your restaurant represent?
capital resource
human resource
natural resource
Which type of resource does a coal miner represent?
natural resource
human resource
capital resource
Which type of resource does coal to power a train represent?
human resource
capital resource
natural resource
Which type of resource does a hammer for building a house represent?
natural resource
capital resource
human resource
Which of the following are things that an entrepreneur might do? (Select all that apply)
take risks
bring capital and human resources together
work at a cash register at McDonald's
start a business
develop new products for a company
