Scarcity Quiz 1 (25 MCQs)

Quiz Instructions:

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1. During a hurricane, plywood and other supplies were scarce. What caused this scarcity?

2. Most American households receive income from selling which resource?

3. What to produce means-

4. Which of the following would be CAPITAL

5. The point where supply and demand are balanced is?

6. Every choice has a _____

7. To be considered scarces, something must be _____

8. Which of the following resources is NOT scarce?

9. What is the accepted rule with rare resources on Earth?

10. Water scarcity is _____

11. Three percent of the water on Earth is freshwater. Less than 0.5% of all the fresh water on Earth is found

12. High Income Countries use a higher proportion of water on _____

13. The effort devoted to a task for which you get paid is called

14. An action or activity that one person performs for another

15. What is a truck?

16. When Russia was the Soviet Union, they had a Command economy because of their _____ government.

17. Which option would be the most appropriate solution for a high income country?

18. How does technology promote economic growth?

19. What term refers to the principle that society has limited resources and therefore cannot produce all the goods & services people wish to have?

20. The government has little to no role in the production of goods in this type of economy.

21. What is an economic want?

22. Who is affected by the condition of scarcity?

23. Susan wants to play softball and work after school. She cannot do both, so she decides to play softball. What is her opportunity cost?

24. If the price of a good or service decreases what will happen to the demand for it?

25. What percentage of the earth's fresh water is easily accessible on the surface?