WorksheetsG4 Q1 W6 Opportunity Cost
Total questions: 20
Worksheet time: 10mins
One factor that can affect opportunity cost is ___________.
Scarcity
Income and Scarcity
Income
Income and taxes
One factor that can affect opportunity cost is ___________.
Scarcity
Income and Scarcity
Income
Income and taxes
When do people suffer from poverty?
When they are unable to buy luxuries
When they are very rich
When they can't afford food
None of the answers is correct
Due to living in a world of scarcity, it affects the decisions people make while _____________.
Spending money
Opportunity cost
Losing everything
Creating a monthly budget
What is an important part of personal finance?
Buying luxuries
Saving all the money
Spending all the money
Making decisions
What does opportunity cost apply to other than money?
It applies to time spent
It applies only to money
It only applies to time spent
It doesn't apply to time
Are people forced to make choices? Why?
No, they are not
Never
Yes, they are
Only sometimes
What happens if you spend money to buy a new CD?
You spent your money on a basic need
The amount you spend is money you could have saved
You were able to save the money you spent
None of the answers is correct
How many people have a limited income?
All of the people
Most of the people
Nobody has limited income
Everyone has limited income
Sarah went to the store to buy Apples. She didn’t find any. She went to another store, she still didn’t find any. She kept asking and she knew that there is a shortage of Apples.
What do we call that?
Saving
Poverty
Scarcity
Opportunity cost
Why is scarcity a part of life?
Because it means that we can buy anything anytime
Because there is always plenty of resources
Because there will never be enough resources for everyone
None of the answers is correct
The scarcity of important resources, such as water, causes ______.
Scarcity
Poverty
Saving
Scarcity
If you decide to study rather than watching television, what is the opportunity cost?
The opportunity cost is sleeping
There's no opportunity cost in this case
The opportunity cost is studying
The opportunity cost is watching television
How does poverty affect people’s needs?
people with limited income cannot afford food
people with limited income can afford luxuries
people with limited income can afford whatever they need
people with limited income can easily afford their basic needs
How do budgets help us?
Budgets do not help us with anything
Budgets help us not to spend any money
Budgets help us decide to buy luxuries only
Budgets help us decide which expenses to pay first
When can’t people afford food and important necessities?
When they buy all their basic needs
When they're rich
When they suffer from poverty
When they buy whatever luxuries they want
What do Budgets help us decide?
To save all our money and never spend
Which expenses to pay first or whether to save or spend
To decide to buy more luxuries
None of the answers are correct
What is a scarcity of resources or goods and services mean?
An excess of something
A shortage
It means availability
It means shortage of luxuries only
What does scarcity affect?
The decisions we make when spending
Everything except the decisions we make
The luxuries that we want to buy
None of the answers are correct
What might a bakery have to decide between?
hiring a new worker and buying a new oven
buying more luxuries than they need
none of the answers is correct
selling bread or saving it
