WorksheetsOpportunity Cost
Total questions: 10
Worksheet time: 5mins
Name
Class
Date
1.
The economic problem is that
a)
resources are limited and wants are limited.
b)
resources are unlimited and wants are limited.
c)
resources are limited and wants are unlimited.
d)
resources are unlimited and wants are unlimited.
2.
A popular bakery has only a few ingredients left to make their products. They could bake muffins or cookies, but they can’t make both. The bakers decide to make cookies for their customers. What is the opportunity cost of their decision?
a)
muffins
b)
cookies
3.
What is opportunity cost?
a)
your choice
b)
what you give up to make a choice
4.
What is scarcity?
a)
Having too many resources
b)
Not having enough resources
5.
A need is something we can't live without.
a)
True
b)
False
6.
A want is something we would like to have but could live without it.
a)
True
b)
False
7.
Which items should you pay for before buying something you want?
a)
rent
b)
utilities
c)
groceries
d)
all of the above
8.
Which is a need?
a)
iPhone
b)
medication
c)
coffee
d)
Ray-Ban sunglasses
9.
Columns are labeled by ______________.
a)
numbers
b)
letters
c)
symbols
d)
colors
10.
Rows are labeled by __________.
a)
numbers
b)
letters
c)
symbols
d)
colors
100 %
