Why do we have scarcity?

We have unlimited wants and needs, but limited resources

When choosing between possible uses for a resource

What are the causes of scarcity?

Personal perspective,Poor distribution, Increase in demand

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Economics Quiz 1

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Questions 14

Answers

1
What are needs?
The things a person need to survive
Food, Shelter, Clothing
Food, Transportation, Shelter
All of the above
2
Baili snuck out of ACT prep instead of going to class. What is the opportunity cost?
Getting caught by Mr. Williams, running & breaking her leg
Sneaking out of class
ACT Prep
Getting caught by Mr. Williams
3
Ben puts on his uniform shoes instead of getting a detention. What is the opportunity cost?
Detention
Getting lectured by Mr. Williams
Uniform shoes
Dying in a car crash
4
What are wants?
All of the Above
The things you would like but do not need to survive
Clothing
Transportation
5
What is scarcity?
When we have limited amount of resources and unlimited wants
When we have unlimited amount of resources and limited wants
When the government runs out of money
All of the above
6
How do we deal with scarcity?
Making better use of our resources
Doing without something
Creating more resources
All of the above
7
What are real cost?
The resources used to build our company
All of the above
The cost of stock
All of the resources used to produce a good or service
8
MaddyHam wore her coat in class instead of following dress code. what is the opportunity cost?
freezing to death
being uncomfortably hot in Ms. Harvey's class
following dress code
wearing her coat
9
Victoria decides to join the cheer team instead of getting a job. What is the opportunity cost
Arguing with Steph
Cheering
a job
she joins the circus to pay for college
10
Why do we have scarcity?
We are greedy
We have unlimited wants and needs, but limited resources
We wasted all of our resources
There aren't enough jobs, so there isn't enough money
11
Brittany decided to stay home, instead of the movies What is the opportunity cost?
Movies
Staying at home
Dancing on tables
Missing out on seeing her friend get asked to prom
12
What is opportunity cost?
The value of money,time,goods and services given up
The loss of potential gain from other alternatives
All of the above
The value of the first alternative
13
What are tradeoffs?
Trading Stock
When choosing between possible uses for a resource
Bartering
All of the Above
14
What are the causes of scarcity?
Personal perspective, no resources, decrease in demand
Personal perspective,Poor distribution, Increase in demand
Personal opinion,Poor distribution, rapid increase in demand
All of the Above

Economics Quiz 1 Flashcards | StudBud