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Scarcity Quiz 10 (25 MCQs)

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1. The total amount of a good or service that customers will buy at all prices is called
2. Which is NOT a scarce resource?
3. Because wants are unlimited but resources are limited, society must economize. This means that society must
4. When water vapor comes together to form droplets?
5. What is Traditional Economy?
6. Economics is the study of how individuals _____ to allocate (distribute) their scarce resources!
7. The 4 factors of production (FOP) are:
8. Why do we have to make production choices about available resources?
9. A Hunter-Gatherer tribe's efforts to collect enough food in order to survive would be an example of a _____
10. This term means there just is not enough water to go around.
11. When a product or service becomes scarce, the price of it often goes
12. If you have a change in the level of technology in a business, you should never see a the ppf shift which way?
13. Why many parts of Northern Africa experience water scarcity?
14. When there is an increase in demand for a product or service, but there is a decrease in the amount of it that is available, the price of the item will
15. Physical objects that someone produces
16. How do dictatorships exercise their power over people in terms of water?
17. A robot that delivers packages within a factory would be classified as which factor or production?
18. What percent of Earth's water is saltwater?
19. Name a country that has a free market leaning mixed economy.
20. Federal plumbing standards now specify that new toilets can only use up to how many gallons per flush?
21. A computer is an example of what kind of resource?
22. Things purchased by consumers
23. Name a country that has a command leaning mixed economy.
24. What is a synonym for the word "scarcity" ?
25. A person who provides a good or service
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