Scarcity/Opportunity Cost
Quiz
•
History
•
9th - 12th Grade
•
Medium

Kaitlin Baehr
Used 13+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Economic law number one is that _____ exists.
money
opportunities
land
scarcity
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Economics is all about _____.
money
choices
land
opportunities
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of these is NOT one of the three economic questions?
What goods should be produced?
How goods should be produced?
Whom will goods be produced for?
Where shall goods be produced?
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which definition best defines scarcity?
Demand for a good/service that is greater than the availability of that good/service
Benefits lost when choosing one option over another
The willingness of consumers to purchase a given amount of a good/service at a given price
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which definition best defines opportunity cost?
Demand for a good/service that is greater than the availability of that good/service
The willingness of consumers to purchase a given amount of a good/service at a given price
Benefits lost when choosing one option over another
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which definition best defines supply and demand?
Demand for a good/service that is greater than the availability of that good/service
Benefits lost when choosing one option over another
The willingness of consumers to purchase a given amount of a good/service at a given price
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
All of these are examples of scarcity EXCEPT
land
water
trash
housing
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