Scarcity and Opportunity Cost quiz
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Which meal is never free, as the saying goes?
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More questions about Scarcity and Opportunity Cost
These visible examples show the question style. LearnClash turns the full topic into ranked duels and spaced repetition.
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Which costly dye colour could only Roman emperors wear?
Answer: Purple
Why: About 12,000 sea snails gave just 1.4 grams of pure dye, enough to colour only the trim of a single garment.
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What do you give up by holding cash instead of bonds?
Answer: Interest
Why: That forgone interest is why people hold less cash when interest rates rise: keeping money idle costs more.
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Whose paradox says efficiency gains can raise a resource's total use?
Answer: William Jevons
Why: Coal was his example: Watt's thriftier steam engine made coal power cheaper, and England went on to burn far more of it.
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Which gem did one firm stockpile for decades to keep prices high?
Answer: Diamonds
Why: The firm was De Beers, which handled roughly 80% to 85% of the world's rough diamond trade for over a century.
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Who profits in Bastiat's broken window parable?
Answer: The glazier
Why: The hidden cost is the new shoes or book those six francs would have bought, so the town as a whole is no richer.
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Why do diamonds cost more than water, though water is vital?
Answer: Marginal utility
Why: Water's total usefulness is far greater, but one more glass of plentiful water adds little, while one more scarce diamond adds a lot.
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