This quiz works best with JavaScript enabled. Home > Economics > Microeconomics > Scarcity > Scarcity – Quiz 3 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Scarcity Quiz 3 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the factors of production are used in producing and selling a hat? A) Only capital and human resources. B) Natural, capital, and human resources. C) Only human resources and entrepreneurship. D) Only capital and natural resources. Show Answer Correct Answer: B) Natural, capital, and human resources. 2. What is it called when you choose between two possible uses for a resource, giving up one alternative for another? A) Trading spaces. B) Real Costs. C) Building materials. D) Trade Offs. Show Answer Correct Answer: D) Trade Offs. 3. Which of the following in an example of LAND. A) Cash Register. B) Bulldozer. C) Office Building. D) Coal. Show Answer Correct Answer: D) Coal. 4. If resources are scarce, what must a business be? A) Efficient. B) Rich. C) Productive. D) Lazy. Show Answer Correct Answer: A) Efficient. 5. A person who purchases a good or service A) Taxes. B) Supply. C) Consumer. D) Good. Show Answer Correct Answer: C) Consumer. 6. A storm destroys all of the farmland in Ireland. What does this do for the market for vegetables? A) Demand increases. B) Demand decreases. C) Supply increases. D) Supply decreases. Show Answer Correct Answer: D) Supply decreases. 7. What is one way that we can deal with situations of scarcity? A) Rationing the good that is in short supply. B) Native. C) Cropland. D) None of the above. Show Answer Correct Answer: A) Rationing the good that is in short supply. 8. When water falls from the sky as rain, hail, sleet or snow. A) Condensation. B) Precipitation. C) Transpiration. D) Evaporation. Show Answer Correct Answer: B) Precipitation. 9. Hour spent on 1 activity takes away 1 hour of another activity. This trade-off is called A) Shortage. B) Opportunity cost. C) Sacrifice. D) Scarcity. Show Answer Correct Answer: B) Opportunity cost. 10. The branch of knowledge concerned with the production, consumption, and transfer of wealth A) Choice. B) Economics. C) Scarcity. D) Resources. Show Answer Correct Answer: B) Economics. 11. Which of the following is an example of a capital resource? A) Tools and Equipment. B) Salesperson. C) Oil. D) Mark Cuban. Show Answer Correct Answer: A) Tools and Equipment. 12. Why doesn't Mexico City have clean drinking water today? Where can this information be found? A) An earthquake in 1985, paragraph 6. B) Pacific Gas and Electric Company, paragraph 6. C) An earthquake in 1995, paragraph 5. D) The burning of fossil fuels, paragraph 5. Show Answer Correct Answer: A) An earthquake in 1985, paragraph 6. 13. Knowledge and skills a worker gains through education and experience A) Human Capital. B) Labor. C) Physical Capital. D) Entrepreneurship. Show Answer Correct Answer: A) Human Capital. 14. We can avoid wastage of water by- A) Using water sprinkler for irrigation. B) Over irrigation of fields. C) Washing our car with a jet of water. D) Allowing water to leak from taps. Show Answer Correct Answer: A) Using water sprinkler for irrigation. 15. Scarcity exists when ..... exceed the capacity of available ..... A) Inventions, materials. B) Wants, resources. C) Supplies, resources. D) Investments, capital. Show Answer Correct Answer: B) Wants, resources. 16. A sale at a store would be an example of ..... A) A decision. B) A want or need. C) A cost. D) An incentive. Show Answer Correct Answer: D) An incentive. 17. Factors causing shortage of water are ..... A) Population. B) Deforestation. C) Setting up of factories. D) All. Show Answer Correct Answer: D) All. 18. In the winter, Canada's climate was too cold to grow many crops. Some crops became scarce. What caused this scarcity? A) The season. B) Exports. C) Trade. D) A disaster. Show Answer Correct Answer: A) The season. 19. The combination of limited economic resources and unlimited wants is known as: A) Opportunity Costs. B) Trade-off. C) Economics. D) Scarcity. Show Answer Correct Answer: D) Scarcity. 20. When the price of a product increases, a consumer is able to buy less of it with a given money income. This describes: A) The money effect. B) The income effect. C) The Vosika effect. D) The cost effect. Show Answer Correct Answer: B) The income effect. 21. The term "factors of production" means: A) How we spend our money. B) How society creates jobs. C) The resources of the government. D) Things or skills needed to produce goods or services. Show Answer Correct Answer: D) Things or skills needed to produce goods or services. 22. What is the fundamental problem of economics? A) How to keep consumers out of debt?. B) How to fulfill our unlimited wants and needs with limited resources?. C) How to figure out the way to make the most money?. D) How do we ensure all people get a college education?. Show Answer Correct Answer: B) How to fulfill our unlimited wants and needs with limited resources?. 23. When it comes to our needs, water usage dominates which single aspect of our lives the most? A) Energy. B) National security. C) Education. D) Agriculture. Show Answer Correct Answer: D) Agriculture. 24. What is the definition of economics? A) The study of how people use relatively scarce resources. B) The study of how people use toothbrushes. C) The study of the U.S. presidents. D) None of above. Show Answer Correct Answer: A) The study of how people use relatively scarce resources. 25. Scarcity is good because it forces the use of the smallest amount of resources to produce the greatest amount of output, or ..... A) Allocation. B) Efficiency. C) Specialization. D) Division of labor. Show Answer Correct Answer: B) Efficiency. 26. Can the water get polluted A) Maybe. B) Yes. C) No. D) I don't know. Show Answer Correct Answer: B) Yes. 27. Which goods are scarce in Florida? A) Oranges. B) Limes. C) Alligators. D) Oil. Show Answer Correct Answer: D) Oil. 28. Which of the following is an example of "land" necessary to produce "steel." A) How should I know where they produce steel?. B) The Pittsburgh Steelers. C) Factories. D) Iron Ore. Show Answer Correct Answer: D) Iron Ore. 29. Here is a prioritized list of things you want to buy at Meijer.clothes (what you did buy) junk food healthy food a gift for your teacher What is the opportunity cost of buying the clothes? A) Junk food. B) A gift for your teacher. C) Clothes. D) Healthy food. Show Answer Correct Answer: A) Junk food. 30. Which of the following would be an example of human capital? A) The amount of workers who work in a Nike factory. B) The skills of the shoe designers at Nike. C) Philip Knight, the CEO of Nike. D) The land that the Nike headquarters is located on in Beaverton Oregon. Show Answer Correct Answer: B) The skills of the shoe designers at Nike. ← PreviousNext →Related QuizzesMicroeconomics QuizzesEconomics QuizzesScarcity Quiz 1Scarcity Quiz 2Scarcity Quiz 4Scarcity Quiz 5Scarcity Quiz 6Scarcity Quiz 7Scarcity Quiz 8Scarcity Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books