This quiz works best with JavaScript enabled. Home > Economics > Microeconomics > Scarcity > Scarcity – Quiz 12 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Scarcity Quiz 12 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Society will never be able to satisfy all wants and ..... A) Needs. B) Money problems. C) Desires. D) Hungers. Show Answer Correct Answer: A) Needs. 2. Which of the following is NOT one of the three basic questions producers must ask? A) What to produce?. B) How to produce?. C) Where to produce?. D) For whom to produce?. Show Answer Correct Answer: C) Where to produce?. 3. When water changes from a GAS to a LIQUID? A) Condensation. B) Evaporation. C) Precipitation. D) None of above. Show Answer Correct Answer: A) Condensation. 4. What does an Entrepreneur do? A) The person who works with the government to make sure the business is following the law. B) Organizes the other factors of production. C) Makes sure the company turns a profit. D) The person who produces the company's products. Show Answer Correct Answer: B) Organizes the other factors of production. 5. What forces us to make choices A) Problems. B) Scarcity. C) Consumers. D) Mrs. Vosika's advice. Show Answer Correct Answer: B) Scarcity. 6. What word means how much you pay for something? A) Supply. B) Purchase. C) Profit. D) Price or cost. Show Answer Correct Answer: D) Price or cost. 7. Which of the following are considered resources? A) Humans. B) Land. C) Capital (money and equipment). D) All of the above. Show Answer Correct Answer: D) All of the above. 8. There are vast reserves of oil in Saudi Arabia, but it is still considered scarce. Why is this true? A) It is expensive to purchase. B) It is inexpensive to purchase. C) It is not desirable. D) It has many uses. Show Answer Correct Answer: D) It has many uses. 9. Which means the same as human resources? A) Service providers. B) Unskilled workers. C) Capital resources. D) Labor resources. Show Answer Correct Answer: D) Labor resources. 10. A company or person who accepts less of one thing to have more of something else is A) Making a trade-off. B) Eliminating scarcity. C) Balancing demand and supply. D) Exchanging with other people. Show Answer Correct Answer: A) Making a trade-off. 11. What percent of Earth's freshwater is available for humans to use? A) 3. B) 97. C) 10. D) Less than 1. Show Answer Correct Answer: D) Less than 1. 12. When we have unlimited needs and wants, but a limited supply of a particular resource A) Scarcity. B) Choice. C) Extinction. D) Deforestation. Show Answer Correct Answer: A) Scarcity. 13. What word means a good or service? A) Cost. B) Product. C) The answer is not here. D) None of above. Show Answer Correct Answer: B) Product. 14. What goes on the x axis of a demand graph? A) Price. B) Quantity demanded. C) Quantity supplied. D) Change in demand. Show Answer Correct Answer: B) Quantity demanded. 15. A herd of cattle is an example of ..... A) Land. B) Labor. C) Entrepreneur. D) Capital. Show Answer Correct Answer: A) Land. 16. What two requirements must an item meet to be considered scarce? A) Limited in quantity and desirable. B) Expensive and rare. C) A natural resource and plentiful. D) A man made resource and cheap. Show Answer Correct Answer: A) Limited in quantity and desirable. 17. This is the reason we have to make choices. A) Scarcity. B) Trade offs. C) Shortages. D) Opportunity Costs. Show Answer Correct Answer: A) Scarcity. 18. What word means that this is how much you will have to pay for something? A) Cost. B) Price. C) Price and cost. D) Purchase. Show Answer Correct Answer: C) Price and cost. 19. The following items (accountant's computer, carpenter's drill, and a tailor's sewing machine) are all examples of which factor of production? A) Capital. B) Entrepreneurshipt. C) Land. D) Labor. Show Answer Correct Answer: A) Capital. 20. The Chromebooks you are using are examples of A) Land. B) Labor. C) Entrepreneurs. D) Capital. Show Answer Correct Answer: D) Capital. 21. Out of 5 of children ..... die worldwide due to water related diseases. A) Ages 2 and under. B) Ages 5 and under. C) Ages 11 and under. D) Ages 13 and under. Show Answer Correct Answer: B) Ages 5 and under. 22. The principle that limited amounts of goods and services are available to meet unlimited wants and needs A) Shortage. B) Empty Economy. C) Scarcity. D) Capital. Show Answer Correct Answer: C) Scarcity. 23. Approximately ..... percent of Earth's water is freshwater. A) 10. B) 3. C) 1. D) 97. Show Answer Correct Answer: B) 3. 24. Which of the following would NOT be classified as physical capital? A) Coffeepot at Starbuck's. B) Charbroil grill at Hardee's. C) Oven in your kitchen. D) Cash register at Bell's. Show Answer Correct Answer: C) Oven in your kitchen. 25. What happens when a government prints too much money? A) The money have more value. B) The money will lose its value. C) People will buy more things. D) People will be happy. Show Answer Correct Answer: B) The money will lose its value. 26. In regards to CLIMATE CHANGE, which of the following is NOT true? A) Flooding threatens clean water access points. B) Higher Temperatures results in less rainfall. C) Sanitation facilities can be destroyed by flooding. D) Food production will be plentiful. Show Answer Correct Answer: D) Food production will be plentiful. 27. A resource that comes from nature such as water and trees is called a ..... ..... A) Human resource. B) Capital resource. C) Intermediary resource. D) Natural resource. Show Answer Correct Answer: D) Natural resource. 28. A change in the price of a good causes people to buy more or less of an item. This is ..... ? A) The demand curve. B) Change in quantity demanded. C) Change in demand. D) Elasticity. Show Answer Correct Answer: B) Change in quantity demanded. 29. When does scarcity occur? A) Always. B) When prices are too high. C) When others have more than you. D) When you can't find the product you want. Show Answer Correct Answer: A) Always. 30. According to an economist, which of the following would be considered "scarce" ? A) A teacher. B) A worker at McDonalds. C) An Astronaut. D) A youth baseball coach. Show Answer Correct Answer: C) An Astronaut. ← 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