Question

1. which of the following is a trade - off?

a) deciding to buy a phone instead of saving money
b) breathing air
c) sleeping at night
d) eating lunch when hungry

1. what is considered a need?

a) video games
b) designer clothes
c) nutritious food
d) luxury car

1. what is the purpose of studying opportunity cost?

a) to waste time
b) to analyze the best alternative
c) to ignore scarcity
d) to increase wants

1. if a student spends money on snacks instead of school supplies, the opportunity cost is?

a) the snacks enjoyed
b) the money saved
c) the school supplies not bought
d) the time spent

1. which situation best illustrates scarcity?

a) a limited number of tickets for a concert
b) unlimited internet access
c) air available for breathing
d) sunlight

1. a trade - off occurs when?

a) we get everything we want
b) we choose between alternatives
c) resources are unlimited
d) there is no scarcity

1. which of the following is a want?

a) water
b) medicine
c) laptop for gaming
d) shelter

1. what is the economic problem of scarcity?

a) resources are unlimited
b) unlimited wants with limited resources
c) everyone can get what they want
d) choices are unnecessary

Explanation:

1. A trade - off is giving up one thing for another. Buying a phone instead of saving money is a trade - off as you are choosing one alternative over another.
2. A 'need' is something essential for survival. Nutritious food is essential for health and survival.
3. The purpose of studying opportunity cost is to analyze the best alternative among choices.
4. Opportunity cost is the value of the next best alternative forgone. If a student spends money on snacks instead of school supplies, the opportunity cost is the school supplies not bought.
5. Scarcity is when resources are limited. A limited number of concert tickets shows scarcity.
6. A trade - off occurs when we choose between alternatives due to limited resources.
7. A 'want' is something not essential for survival. A laptop for gaming is a want.
8. The economic problem of scarcity is unlimited wants with limited resources.

Answer:

1. a. Deciding to buy a phone instead of saving money
2. c. Nutritious food
3. b. To analyze the best alternative
4. c. The school supplies not bought
5. a. A limited number of tickets for a concert
6. b. We choose between alternatives
7. c. Laptop for gaming
8. b. Unlimited wants with limited resources