Title: QUIZ: Opportunity Cost -- Economic Lowdown Audio Series
Course: Andria Testing FRE2 > Section: Opportunity Cost -- Economic Lowdown Audio Series

Q: What is scarcity?
- The condition that exists because our wants exceed our needs
- The condition that exists because our wants and needs are satisfied
- The condition that exists because our wants and needs are fully satisfied with abundant resources
- The condition that exists because there are not enough resources to produce everyone's wants
A: The condition that exists because there are not enough resources to produce everyone's wants

Q: Because people have unlimited wants and limited resources, they ________.
- neglect our wants
- create more resources
- must make choices
- must limit our wants
A: must make choices

Q: What is an opportunity cost?
- The most valued opportunity you choose when making a choice
- The most valued opportunity you give up when making a choice
- The least valued opportunity you choose when making a choice
- The least valued opportunity you give up when making a choice
A: The most valued opportunity you give up when making a choice

Q: Because of ______________, people must make choices, and when they choose, they incur a(n)___________________.
- wages; opportunity cost
- scarcity; opportunity cost
- resources; opportunity cost
- opportunity cost; scarcity
A: scarcity; opportunity cost