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- 1. Multiple Choice
The economic problem is that
resources are limited and wants are limited.
resources are unlimited and wants are limited.
resources are limited and wants are unlimited.
resources are unlimited and wants are unlimited.
- 2. 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
- 3. Multiple ChoiceWhat is opportunity cost?your choicewhat you give up to make a choice
- 4. Multiple ChoiceWhat is scarcity?Having too many resourcesNot having enough resources
- 5. Multiple Choice
A need is something we can't live without.
True
False
- 6. Multiple Choice
A want is something we would like to have but could live without it.
True
False
- 7. Multiple Choice
Which items should you pay for before buying something you want?
rent
utilities
groceries
all of the above
- 8. Multiple Choice
Which is a need?
iPhone
medication
coffee
Ray-Ban sunglasses
- 9. Multiple ChoiceColumns are labeled by ______________.numbersletterssymbolscolors
- 10. Multiple ChoiceRows are labeled by __________.numbersletterssymbolscolors
- Answer choicesTagsAnswer choicesTags