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- 1. Multiple ChoiceWhat is scarcity?Having too many resourcesNot having enough resources
- 2. Multiple ChoiceWhat is opportunity cost?your choicewhat I give up to make a choice
- 3. Multiple ChoiceA 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?muffinscookies
- 4. Multiple ChoiceThe Welch family has saved some money. They can spend it on a vacation to the Grand Canyon or build a swimming pool in their back yard. They decide to spend the money on a swimming pool. What is the opportunity cost of their decision?vacationswimming pool
- 5. Multiple ChoiceEmelia has been invited to a sleep over at Chloe’s house for this Saturday. Emelia has tickets to see her favorite band in concert that same night. She decides to give the tickets to her sister and go to Chloe’s house. What is the opportunity cost of her decision?seeing her favorite bandspending time at a friends house
- 6. Multiple ChoiceMax is studying for his spelling test. Unfortunately, his favorite TV program is on right now. If he studies for the test, he will miss watching the show. Max decides to study for his test instead of watching TV. What is the opportunity cost of his decision?studying for a testwatching TV
- 7. Multiple ChoiceThe local government for a community must decide what to do with the sales tax collected. They could build a new skate park or they could buy more computers for the public library. The officials decide to build a skate park. What is the opportunity cost of their decision?new skate parkmore computers
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