Scarcity Quiz 11 (25 MCQs)

Quiz Instructions:

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1. A person is considered an entrepreneur because she

2. What is one major benefit of privatizing water suppy?

3. Which productive resources are scarce?

4. Society will never be able to satisfy all wants and _____

5. Which of the following is NOT one of the three basic questions producers must ask?

6. What does an Entrepreneur do?

7. What forces us to make choices

8. What word means how much you pay for something?

9. Which of the following are considered resources?

10. There are vast reserves of oil in Saudi Arabia, but it is still considered scarce. Why is this true?

11. A company or person who accepts less of one thing to have more of something else is

12. When we have unlimited needs and wants, but a limited supply of a particular resource

13. What word means a good or service?

14. What goes on the x axis of a demand graph?

15. What two requirements must an item meet to be considered scarce?

16. This is the reason we have to make choices.

17. What word means that this is how much you will have to pay for something?

18. Out of 5 of children _____ die worldwide due to water related diseases.

19. The principle that limited amounts of goods and services are available to meet unlimited wants and needs

20. Approximately _____ percent of Earth's water is freshwater.

21. Which of the following would NOT be classified as physical capital?

22. What happens when a government prints too much money?

23. In regards to CLIMATE CHANGE, which of the following is NOT true?

24. A resource that comes from nature such as water and trees is called a _____ _____

25. A change in the price of a good causes people to buy more or less of an item. This is _____ ?