WorksheetsPractice Quiz 1.1: Scarcity and Opportunity Cost
Total questions: 15
Worksheet time: 16mins
The usefulness of something in satisfying human wants and needs is called:
Utility
Productivity
Efficiency
Scarcity
The use of resources which does not satisfy wants and needs as much as it could possibly have done would be:
inefficient.
unproductive.
scarce.
a trade-off.
Which of the following is not a scarce resource?
Wind
Oil
Drinking Water
Time
The single problem that economics fundamentally addresses is:
(a)
The opportunity cost of shifting from point A to C would be:
100 units of clothes
50 units of clothes
100 units of food
75 units of food
The opportunity cost of shifting from point B to C would be:
100 units of clothes
50 units of clothes
75 units of food
25 units of food
The utility of shifting from point D to A would be:
100 units of clothes
50 units of clothes
75 units of food
25 units of food
If the curve shifted to intersect with point F, it would mean each of the following might have happened, except:
gained access to new resources
a recession made the economy less productive
new technology increases production
trade makes resource allocation more efficient
Match the following
Tangible items produced by labor
Goods
Satisfying needs or wants through actions
Services
Things people need in order to survive
Needs
Things people aspire to have to improve their lives
Wants
Which of the following are factors of production? (select all that apply)
Land
Workers
Factories
Culture
Organize these options into the right categories
Forklift
18-wheeler
Ice cream truck
Airplane
Organize these options into the right categories
Water
Food
Shelter
Air
Clothing
Sleep
Healthcare
Safety
Coffee
Beef
Walk-in Closet
Seabreeze
Jewelry
Mattress
Experiences
Gadgets
The gradual loss of appeal of another slice of pizza after each one illustrates the concept of:
scarcity of natural resources
diminishing marginal utility
rising opportunity cost
production possibilities curve
Select the point at which resources are least efficiently used.
A (a) is a decision that has to be made between one option or the other, weighing out both the (b) (how useful it is) and (c) (possibly lost value of the alternative) of each one in order to maximally satisfy wants and needs.
