This quiz works best with JavaScript enabled. Home > Economics > Microeconomics > Scarcity > Scarcity – Quiz 11 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Scarcity Quiz 11 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is Traditional Economy? A) Culture and Rituals. B) Government. C) Consumers. D) Market Concepts. Show Answer Correct Answer: A) Culture and Rituals. 2. Economics is the study of how individuals ..... to allocate (distribute) their scarce resources! A) Choose. B) Forget. C) Avoid. D) Refuse. Show Answer Correct Answer: A) Choose. 3. The 4 factors of production (FOP) are: A) Rent for land, wages or labor, profit for capital, interest or entrepreneurship. B) Land, labour, capital, entrepreneurship. C) Land, Labour, Physical capital, financial capital. D) Land, labor, resources, profits. Show Answer Correct Answer: B) Land, labour, capital, entrepreneurship. 4. Why do we have to make production choices about available resources? A) Too many resources for the demand. B) Limited wants. C) Unlimited resources. D) Scarcity. Show Answer Correct Answer: D) Scarcity. 5. A Hunter-Gatherer tribe's efforts to collect enough food in order to survive would be an example of a ..... A) Traditional Economy. B) Market Economy. C) Command Economy. D) None of above. Show Answer Correct Answer: A) Traditional Economy. 6. This term means there just is not enough water to go around. A) Economic Water Scarcity. B) Physical Water Scarcity. C) Unsanitary Water Scarcity. D) None of above. Show Answer Correct Answer: B) Physical Water Scarcity. 7. Someone who buys and uses goods and services A) Borrower. B) Consumer. C) Producer. D) Spender. Show Answer Correct Answer: B) Consumer. 8. When a product or service becomes scarce, the price of it often goes A) Down. B) Up. C) Neither. D) None of above. Show Answer Correct Answer: B) Up. 9. If you have a change in the level of technology in a business, you should never see a the ppf shift which way? A) Down. B) Right. C) Left. D) Up. Show Answer Correct Answer: C) Left. 10. Why many parts of Northern Africa experience water scarcity? A) Recreational activities demand a lot of water. B) Rainfall is low and unreliable. C) Extremely warm weather. D) Lack water. Show Answer Correct Answer: B) Rainfall is low and unreliable. 11. 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 A) Go up. B) Neither. C) Stay the same. D) Go down. Show Answer Correct Answer: A) Go up. 12. Physical objects that someone produces A) Need. B) Good. C) Want. D) Service. Show Answer Correct Answer: B) Good. 13. How do dictatorships exercise their power over people in terms of water? A) They build factories that pollute water. B) They clean the water for people. C) They contaminate the water. D) They restrict access to water. Show Answer Correct Answer: D) They restrict access to water. 14. A robot that delivers packages within a factory would be classified as which factor or production? A) Land (Natural Resources). B) Labor (Human Resources). C) Capital (Tools). D) Entrepreneur (Organizer). Show Answer Correct Answer: C) Capital (Tools). 15. What percent of Earth's water is saltwater? A) 3%. B) 30.1%. C) 68.7%. D) 97%. Show Answer Correct Answer: D) 97%. 16. Name a country that has a free market leaning mixed economy. A) N. Korea. B) United States. C) Cuba. D) Russia. Show Answer Correct Answer: B) United States. 17. Federal plumbing standards now specify that new toilets can only use up to how many gallons per flush? A) 18 gallons. B) 1.6 gallons. C) 3 gallons. D) 2 gallons. Show Answer Correct Answer: B) 1.6 gallons. 18. Basic things humans need to survive A) Need. B) Want. C) Import. D) Demand. Show Answer Correct Answer: A) Need. 19. A computer is an example of what kind of resource? A) Capital. B) Human. C) Natural. D) None of above. Show Answer Correct Answer: A) Capital. 20. Things purchased by consumers A) Producer. B) Goods. C) Consumer. D) Supply. Show Answer Correct Answer: B) Goods. 21. Water on the top the earth can form lakes or rivers, these are termed ..... A) Groundwater. B) Surface water. C) Infiltration. D) Fresh water. Show Answer Correct Answer: B) Surface water. 22. Name a country that has a command leaning mixed economy. A) N. Korea. B) Germany. C) United States. D) Great Britain. Show Answer Correct Answer: A) N. Korea. 23. Your garbage man is an example of A) Land. B) Labor. C) Entrepreneurs. D) Capital. Show Answer Correct Answer: B) Labor. 24. What is a synonym for the word "scarcity" ? A) Generous. B) Unlimited. C) Sacrifice. D) Limited. Show Answer Correct Answer: D) Limited. 25. A person who provides a good or service A) Producer. B) Consumer. C) Want. D) Need. Show Answer Correct Answer: A) Producer. 26. The study of how individuals, institutions, and scarcity make choices under the conditions of scarcity is A) Allocation. B) Scarcity. C) Economics. D) Specialization. Show Answer Correct Answer: C) Economics. 27. Water scarcity that is the result of inadequate natural water resources to supply a region's demand A) United Nations. B) Economic water scarcity. C) Water stress. D) Physical water scarcity. Show Answer Correct Answer: D) Physical water scarcity. 28. A person is considered an entrepreneur because she A) Has many employees who work for her. B) Combined resources to create new products. C) Was a woman who succeeded in a male dominated industry. D) Has earned millions of dollars. Show Answer Correct Answer: B) Combined resources to create new products. 29. What is one major benefit of privatizing water suppy? A) Increased stability of water supply, despite government problems. B) Increased government regulation of water supply. C) Lower water prices throughout the region. D) None of above. Show Answer Correct Answer: A) Increased stability of water supply, despite government problems. 30. Which productive resources are scarce? A) Land. B) Labor. C) Capital. D) All of them. Show Answer Correct Answer: D) All of them. ← PreviousNext →Related QuizzesMicroeconomics QuizzesEconomics QuizzesScarcity Quiz 1Scarcity Quiz 2Scarcity Quiz 3Scarcity Quiz 4Scarcity Quiz 5Scarcity Quiz 6Scarcity Quiz 7Scarcity Quiz 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books