Scarcity/Opportunity Cost

Scarcity/Opportunity Cost

9th - 12th Grade

10 Qs

quiz-placeholder

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Scarcity/Opportunity Cost

Scarcity/Opportunity Cost

Assessment

Quiz

History

9th - 12th Grade

Medium

Created by

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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