What does scarcity mean in economics?
Economics Quiz

Passage
•
Social Studies
•
5th Grade
•
Hard
Katie Johnson
FREE Resource
26 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When there is too much of something.
When there is not enough of something.
When there is a perfect balance of resources.
When resources are distributed equally.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are limited resources?
Resources that are infinite in quantity.
Resources that are not important.
Resources that are only available to certain people.
Resources that are only available in a certain number.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does "unlimited wants" refer to?
The finite desires of people.
The ability to obtain everything one desires.
The never-ending amount of things people want.
The limited number of things people need.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the opportunity cost when you make a choice?
The financial cost of the choice
The thing you wanted second most
The time spent making the choice
The first thing you wanted
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to the lesson, economic systems differ based on how they answer which of the following questions?
What to produce, how to produce it, who gets what is going to be produced
Why to produce, where to produce it, who will sell what is produced
When to produce, who to produce for, how much to charge for what is produced
How often to produce, what materials to use, who decides the price of what is produced
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a Command Economy, who determines what to produce, how to produce it, and who gets it?
Corporations
Consumers
Government
Market forces
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What determines what to produce, how to produce it, and who gets it in a traditional economy?
Market demand
Government policies
Traditions
Corporate decisions
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