Font size
S
M
L
XL
WorksheetsEconomic Problem and Opportunity cost
Total questions: 11
Worksheet time: 12mins
Name
Class
Date
1.
Economic problem is also known as _________
a)
Wants and needs
b)
Basic or central
c)
Scarcity
2.
Buying a brand new i-Phone is a __________.
a)
Want
b)
Need
c)
Opportunity cost
3.
Opportunity cost was developed by who?
(a)
4.
What is opportunity cost?
a)
your choice
b)
what you give up to make a choice
5.
What is a want?
a)
A person
b)
Something you would like to have but don't need to live
c)
Purple
d)
Something you need to live
6.
Which one of these definitions best describe 'Opportunity Costs'?
a)
The cost of making one decision over another.
b)
The cost for the opportunity to buy anything you want.
c)
The opportunity that will cost you loads of money.
7.
Which of the following is not a service?
a)
Dry Cleaner
b)
Car Wash
c)
Clothes
d)
Babysitter
8.
Which of these is a need?
a)
car
b)
water
c)
video games
d)
candy
9.
If there are only 100 televisions on sale and 200 people want to buy TV's, that is a problem of ____.
a)
desire
b)
demand
c)
supply
d)
scarcity
10.
Economics seeks the answer to the basic question of how to deal with ______.
a)
money
b)
hunger
c)
demand
d)
scarcity
11.
You have been given a watermelon and a bag of chips, you have been told to choose only one item and you choose the watermelon instead of the chips, what is your opportunity cost?
a)
Watermelon
b)
Bag of chips
Reset
