Test
Scarcity and opportunity cost quiz
This 11th-grade quiz helps students practice understanding economic concepts such as scarcity, choices, and opportunity cost through multiple-choice and selection questions. It also introduces the production possibilities curve to analyze resource allocation.
By Edform · Economics and personal finance · Grade 11 · Published Oct 15, 2026 · New
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Questions
- Which of the following best describes the concept of scarcity in economics?
- What is the opportunity cost of spending $50 on a concert ticket instead of saving the money?
- A production possibilities curve (PPC) shows the maximum combinations of two goods that can be produced with available resources and technology.
- Which of the following are examples of opportunity cost? Select all that apply.
- What term describes the cost of the next best alternative that is given up when a choice is made?
- If a country is producing inside its production possibilities curve, what does this indicate?
- If a factory can produce either 100 cars or 200 motorcycles with its resources, what is the opportunity cost of producing 1 car in terms of motorcycles?
- Scarcity only affects poor countries, not wealthy ones.
- Which of the following are illustrated by a production possibilities curve? Select all that apply.
- What is the term for the point on a PPC where resources are used most efficiently?
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