This quiz works best with JavaScript enabled. Home > Economics > Microeconomics > Scarcity > Scarcity – Quiz 4 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Scarcity Quiz 4 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. In the world, natural elements like water, oil, and trees can be described as: A) Short. B) Rarity. C) Insufficiant. D) Scarce. Show Answer Correct Answer: D) Scarce. 2. Low Income Countries use a higher proportion of water on ..... A) Agriculture. B) Domestic. C) Industry. D) None of above. Show Answer Correct Answer: A) Agriculture. 3. We live in a world of scarce resources. Scarcity means that three questions should be answered. What to produce, how to produce and? A) What goods and services. B) Tools and equipment needed. C) To whom to produce. D) Factors pf Production. Show Answer Correct Answer: C) To whom to produce. 4. Incentives are important because ..... A) The may change your decision. B) They require the use of the factors of production. C) The may change the cost of an item. D) They create opportunity cost. Show Answer Correct Answer: A) The may change your decision. 5. The resources used to make all goods and services A) Capital. B) Labor. C) Factors of Production. D) Land. Show Answer Correct Answer: C) Factors of Production. 6. An economy that is NOT using all its resources to gain the maximum possible production is A) Underutilized. B) Efficient. C) Growing. D) Trading off. Show Answer Correct Answer: A) Underutilized. 7. A fishing village would be an example of which economic system: A) Market. B) Command. C) Free Enterprise. D) Traditional. Show Answer Correct Answer: D) Traditional. 8. Factories use ..... water. A) Rain. B) Snow. C) Underground. D) None. Show Answer Correct Answer: C) Underground. 9. Water percentage of water is fresh drinking water available for us immediately A) 25%. B) 67%. C) 3%. D) Less than 1%. Show Answer Correct Answer: D) Less than 1%. 10. Which is a need? A) Pop. B) Water. C) Coffee. D) Gatorade. Show Answer Correct Answer: B) Water. 11. The physical development of a country including roads, ports, utilities A) Land. B) Labor. C) Infrastructure. D) Entrepreneurship. Show Answer Correct Answer: C) Infrastructure. 12. Which of these is a want? A) Water. B) Designer clothes. C) Food. D) Clothes. Show Answer Correct Answer: B) Designer clothes. 13. In economics, capital refers to A) All natural resources. B) Labor used to produce a product. C) Man-made items needed for production. D) The risk taker who invests in a new product. Show Answer Correct Answer: C) Man-made items needed for production. 14. Does utility vary depending on the person? A) No. B) Yes. C) I don't know what utility is. D) None of above. Show Answer Correct Answer: B) Yes. 15. Complete this list of the Factors of Production:A Gas Station Owner; A Gas Pump, A Mechanic A) Tools. B) Gasoline. C) An Owner. D) Customers. Show Answer Correct Answer: B) Gasoline. 16. Identify the natural cause of water scarcity. A) Climate change. B) Agricultural processes. C) Economic development. D) Pollution. Show Answer Correct Answer: A) Climate change. 17. Which of these is NOT a way we deal with Scarcity? A) Creating more resources. B) Doing without something. C) Making better use of our resources. D) Expanding time. Show Answer Correct Answer: D) Expanding time. 18. A new toy was much more popular than expected. It is now scarce. What caused this scarcity? A) A disaster. B) The climate. C) The demand. D) The season. Show Answer Correct Answer: C) The demand. 19. When a limited amount of resources are available, consumers must A) Choose an alternative. B) Demand more. C) Wait. D) Fight for them. Show Answer Correct Answer: A) Choose an alternative. 20. Which of these countries is "water rich" ? A) Australia. B) Egypt. C) New Zealand. D) None of above. Show Answer Correct Answer: C) New Zealand. 21. Which needs are satisfied and how resources are distributed in a country depend on A) The country's economic system. B) Product prices. C) Consumer education. D) Raw materials. Show Answer Correct Answer: A) The country's economic system. 22. What are the four key elements of economics? A) Gucci, Supreme, Chanel, and Louis Vuitton. B) Money, dollar bills, cash, and bags. C) Description, analysis, explanation, and prediction. D) None of above. Show Answer Correct Answer: C) Description, analysis, explanation, and prediction. 23. When a country is water poor, it has ..... A) Little access to water and low rainfall. B) Lots of money to buy water. C) Lots of access to water, through rain and rivers. D) No water at all. Show Answer Correct Answer: A) Little access to water and low rainfall. 24. What happened to a supply curve when supply goes down? A) Moves rights. B) Moves up. C) Moves left. D) Moves down. Show Answer Correct Answer: C) Moves left. 25. Which is NOT a question all societies have to answer due to scarce resources? A) When will products be produced?. B) How will products be produced?. C) What products will be produced?. D) Who will gets access to the resources and the products they produce?. Show Answer Correct Answer: A) When will products be produced?. 26. There are four types of economic systems. Most economies are ..... A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: D) Mixed. 27. In order for goods and services to be created we need our economic resources, also known as: A) Scarcity. B) Economics. C) Resources. D) Factors of Production. Show Answer Correct Answer: D) Factors of Production. 28. An example of a non scarce good A) Air. B) Cell phones. C) Computers. D) Cars. Show Answer Correct Answer: A) Air. 29. Which of the following is not a factor causing shortage of water? A) Planet. B) Using Manual Sprinklers. C) Watering. D) Setting-Up-Factories. Show Answer Correct Answer: D) Setting-Up-Factories. 30. What is the driving force of the water cycle? A) Evaporation from the ocean. B) Heat from the sun. C) Precipitation from rainfall. D) Runoff from mountains. Show Answer Correct Answer: B) Heat from the sun. ← PreviousNext →Related QuizzesMicroeconomics QuizzesEconomics QuizzesScarcity Quiz 1Scarcity Quiz 2Scarcity Quiz 3Scarcity Quiz 5Scarcity Quiz 6Scarcity Quiz 7Scarcity Quiz 8Scarcity Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books