Title: QUIZ: Opportunity Cost and Scarcity -- Explore Economics Video Series
Course: Kelly's Copy-Export Course > Section: Opportunity Cost and Scarcity -- Explore Economics Video Series

Q: In the video, the students had unlimited wants for playground equipment, but the land was scarce. What did the students have to do since their wants were unlimited?
- Make choices about which playground equipment to include
- Find more land for all the playground equipment
- Go with the parking lot idea
- Choose all of the equipment
A: Make choices about which playground equipment to include

Q: What is opportunity cost?
- The next best thing that we give up when making a choice
- The alternative you chose when making a decision
- The list of alternatives when making a decision
- Everything you did not choose when making a decision
A: The next best thing that we give up when making a choice

Q: Cameron wanted the slides and the swings. Because of scarcity, he chose the slides and gave up the swings. This is an example of opportunity cost.
- True
- False
A: True

Q: Why is the land available for the playground scarce?
- There is more than enough space for the playground equipment
- There is not enough room for all the playground equipment
- The school board did not approve the playground
- The school board decided to build the parking lot
A: There is not enough room for all the playground equipment

Q: People have unlimited wants, but the resources to produce those wants are limited. This best describes what type of problem?
- Alternative’s problem
- Choice problem
- Scarcity problem
- Decisionmaking problem
A: Scarcity problem

Q: Gathering information is a way to help you make a decision.
- True
- False
A: True

Q: The scarcity problem exists because
- people have limited wants.
- there are not enough wants.
- resources are too expensive.
- there are not enough resources.
A: there are not enough resources.