True/False: Human wants will always exceed available resources.
  • TRUE
  • FALSE
These are the things we desire to have.
  • Wants
  • Goals
  • Opportunity Costs
  • Needs
When "wants are greater than the resources available to satisfy them," it is called...
  • Scarcity
  • Needs
  • Opportunity Cost
  • None of these answers
When you make a choice, you often have to give up other options. The value of what you gave up is called ________.
  • Opportunity Cost
  • Missed Opportunities
  • Misused Resources
  • Scarce Options
Which one of the following is an opportunity cost?
  • You stay out late and your parents ground you.
  • You run a red light and you get a ticket.
  • You choose to give up math to study for history.
  • In a softball game, you miss the ball and strike out.
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.
This Economic term refers to the things you use to create goods and services.
  • Resources
  • Materials
  • Wants
  • Scarcities
A popular bakery has only a few ingredients left to make their products.  They could bake muffins or cookies, but they can’t make both.  The bakers decide to make cookies for their customers.  What is the opportunity cost of their decision?
  • muffins 
  • cookies 
Opportunity Cost is best defined as
  • the value of the next best alternative that is given up due to the choice you made 
  • The price you pay to purchase something 
  • The benefit you gain by making a decision 
  • The amount of debt you take on by making a decision 
What is the production possibilities curve?
  • a graph that shows how much an economy can produce between 2 goods
  • how much money something is
  • the opportunity one has to give up in order to gain something else
  • land, labor, capital, entrepreneurs
If a point lies on the curve this means the company is being efficient. If a point lies inside the curve, this tells the company what?
  • They are being over efficient
  • They are not efficient
  • It is impossible
  • None of the above
The opportunity cost of shifting production from "Point E" to "Point C" would be:
s-7 sb-1-Scarcity and Choiceimg_no 111.jpg
  • 30 cans of cola
  • 30 chocolate bars
  • 70 cans of soda
  • 20 chocolate bars
The concept of opportunity cost would no longer be relevant if
  • poverty in an economy no longer existed
  • the supply of all resources were unlimited
  • resources were allocated efficiently
  • real wages were flexible
  • all current incomes were invested in technological research
Which of the following concepts can be illustrated using the production possibilities curve?I. ChoiceII. ScarcityIII. Price levelIV. Opportunity cost
  • II only
  • I and III only
  • III and IV only
  • I, II, and IV only
  • II, III, and IV only
Which is a need?
  • Pop
  • Coffee
  • Water
  • Gatorade
Which is a want?
  • A place to live (shelter)
  • Oxygen
  • Car
  • Food
A need is something we can live without.
  • True
  • False
A want is something we would like to have but could easily live without it.
  • True
  • False
Is this type of shelter a need or want?
s-7 sb-1-Scarcity and Choiceimg_no 112.jpg
  • Need
  • Want
Which items should you pay for before buying any of your wants?
  • Rent
  • Utilities
  • Groceries
  • All of the above
Is a gym membership a need or a want?
  • Need
  • Want
Is exercise a need or want?
  • Need
  • Want
If an economy is producing at a point inside its production possibility curve, then
  • consumption is greater than production.
  • productive resources are not used to their full potential.
  • production of capital goods is inadequate.
  • it cannot benefit by specialisation and trade.
You are having a difficult time deciding if you should spend your money on tickets to see a new movie or going bowling with your friend. You decide to go to the movies, so bowling with your friend would be considered an opportunity cost.
  • True
  • False
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