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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
Define scarcity in your own words.
💡 Hint: Think about how choices must be made due to limited resources.
Question 2
Easy
Provide an example of opportunity cost.
💡 Hint: What did you give up to make that choice?
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What does scarcity imply in an economy?
- A. Unlimited resources
- B. Limited resources
- C. Equal demands
💡 Hint: Think about how everything in economics starts with limited resources.
Question 2
True or False: Every decision made has an opportunity cost.
- True
- False
💡 Hint: Consider your recent decisions and what you had to give up.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Evaluate a government's decision to cut education funding in favor of defense spending. Analyze the opportunity costs involved.
💡 Hint: Consider the long-term effects of this decision on society.
Question 2
A business has $10,000 to invest. Discuss how understanding opportunity cost could alter their investment decision.
💡 Hint: What other alternative investments could yield better outcomes?
Challenge and get performance evaluation