Scarcity and Opportunity Cost Quizziz
Authored by Joseph Farrell
Life Skills
10th - 12th Grade
CCSS covered
Used 1K+ times
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
These are the things we desire to have.
Wants
Goals
Opportunity Costs
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Because of scarcity, people are forced to make _________ about how to use resources.
Choices
Opportunities
Houses
Desires
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In economics a decision is free if:
There is no money involved.
There are no products involved.
There is no exchange with another person.
A decision is never free. There is usually an alternative which results in an opportunity cost. Not free.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The opportunity cost of a good is
its price in dollars and cents.
the alternative goods forgone.
the price of alternative goods foregone.
none of the other options
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Amber was shopping at the mall. She had $80 to spend. She found three items she liked: $75 for a pair of shoes, $70 for a jacket, and $62 for a dress. After shopping for a couple hours, she decided to borrow a pair of shoes from her cousin and to buy the jacket for $70. What was her opportunity cost?
Shoes
Jacket
Dress
Purse
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Tom was shopping for a car. He has looked at a Ford, Honda, Toyota, and Dodge. After a lot of debate, he narrowed it down to either the Ford or the Honda. He selected the Ford, because he liked the interior a little better. What was his opportunity cost?
Ford
Honda
Toyota
Dodge
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is it called if we ran out of coffee creamer?
Scarcity
Opportunity Cost
Producer
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