This quiz works best with JavaScript enabled. Home > Economics > Microeconomics > Scarcity > Scarcity – Quiz 5 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Scarcity Quiz 5 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Identify the region that experiences physical water scarcity. A) Southwest Australia. B) Northern Europe. C) Indonesia. D) Southeast Asia. Show Answer Correct Answer: A) Southwest Australia. 2. Your house is an example of a ..... A) Scarcity. B) Opportunity Cost. C) Need. D) Want. Show Answer Correct Answer: C) Need. 3. Shortages occur when A) Many people are unemployed. B) Interest rates go up. C) People have trouble supplying goods and services at current prices. D) The United States exports more than it imports. Show Answer Correct Answer: C) People have trouble supplying goods and services at current prices. 4. Which of the following is NOT and example of a LAND resource A) Water. B) Toothpaste. C) Crude oil. D) Minerals. Show Answer Correct Answer: B) Toothpaste. 5. Unlimited wants versus limited resources is A) Scarcity. B) Opportunity cost. C) Shortage. D) Freedom. Show Answer Correct Answer: A) Scarcity. 6. In a private enterprise economy, the success or failure of a business is determined primarily by A) Consumer demand. B) State and federal laws and regulations. C) The decisions each business makes. D) Competitors' actions. Show Answer Correct Answer: C) The decisions each business makes. 7. Which one of these statements is correct? A) Because of scarcity people have to make choices. B) Rich people do not experience scarcity. C) Scarcity only exists in poor countries. D) Gold is not considered scarce. Show Answer Correct Answer: A) Because of scarcity people have to make choices. 8. Hour spent on one activity takes away 1 hour from another activity. This trade off is called: A) Sacrifice. B) Opportunity cost. C) Shortage. D) Scarcity. Show Answer Correct Answer: B) Opportunity cost. 9. What is the impact of scarcity on price? A) It makes price go down. B) It makes price go up. C) It has no effect on price. D) None of above. Show Answer Correct Answer: B) It makes price go up. 10. Areas of economic water scarcity tend to be located in areas ..... A) With high temperatures. B) Of high economic development. C) With low levels of precipitation. D) Of low economic development. Show Answer Correct Answer: D) Of low economic development. 11. What causes water scarcity? A) Heat. B) Animals. C) Rain. D) Sewer. Show Answer Correct Answer: A) Heat. 12. Why is scarcity an important concept in Economics? A) Scarcity gives items value. B) Scarcity requires you to use the factors of production. C) Scarcity only occurs in the Market Economic System. D) Scarcity forces you to make a decision. Show Answer Correct Answer: D) Scarcity forces you to make a decision. 13. The supply of water by public utilities commercial organisations, community endeavors or by individuals, usually via a system of pumps and pipes is also called A) Water provision. B) Sewage maintenance. C) Water main. D) Water shut off. Show Answer Correct Answer: A) Water provision. 14. Water scarcity that is is a result of poor management of the sufficient available water. A) Economic water scarcity. B) Physical water scarcity. C) Arable land. D) IGO. Show Answer Correct Answer: A) Economic water scarcity. 15. Last year when the Samsung battery started catching fire, what effect did this have on the market for Iphone. A) Demand decreased. B) Supply increased. C) Demand increased. D) Supply decreased. Show Answer Correct Answer: C) Demand increased. 16. What word means to artificially apply water to land to help with farming and agriculture? A) Irrigation. B) Agriculture. C) Scarcity. D) Basin. Show Answer Correct Answer: A) Irrigation. 17. What is a synonym for scarcity? A) ) abundance. B) ) plenty. C) ) several. D) ) few. Show Answer Correct Answer: D) ) few. 18. ..... is what happens when an item is hard to find. A) Demand. B) Scarcity. C) Supply. D) Trade. Show Answer Correct Answer: B) Scarcity. 19. A steel factory is an example of A) Land. B) Labor. C) Entrepreneurs. D) Capital. Show Answer Correct Answer: D) Capital. 20. When you make a choice, you face a(n) A) Low cost. B) High cost. C) Opportunity cost. D) Sunk cost. Show Answer Correct Answer: C) Opportunity cost. 21. Technology will usually increase what? A) Resources. B) Lose. C) Production. D) Money. Show Answer Correct Answer: C) Production. 22. What will probably happen if something people want to buy is scarce? A) The price will go up. B) You will be able to get it for free. C) The price will go down. D) None of above. Show Answer Correct Answer: A) The price will go up. 23. ..... means that we have limited quantities of resources to meet our unlimited wants. A) Recession. B) Simplify. C) Scarcity. D) Shortage. Show Answer Correct Answer: C) Scarcity. 24. A sale is an example of an ..... This is a reward for buying something now rather then later. A) Opportunity cost. B) Choice. C) Incentive. D) Trade off. Show Answer Correct Answer: C) Incentive. 25. Something that motivates a consumer to purchase a good or service is called: A) Incentive. B) Sale. C) Promotion. D) The right decision. Show Answer Correct Answer: A) Incentive. 26. Proper and careful utilization of water, avoiding it's wastage, and maintaining the amount of water in its different sources, is called ..... A) Rain water harvesting. B) Water conservation. C) Both. D) None. Show Answer Correct Answer: B) Water conservation. 27. A tool or good such as machinery or equipment that is used by businesses to produce other products. A) Consumer Good. B) Durable Good. C) Capital Good. D) Nondurable Good. Show Answer Correct Answer: C) Capital Good. 28. Which type of growth is related to imports and exports of goods? A) Productivity. B) Trade. C) Technology. D) None of above. Show Answer Correct Answer: B) Trade. 29. In this type of economy, the government places control on businesses, but the individual decides what to make. A) Mixed. B) Market. C) Command. D) Traditional. Show Answer Correct Answer: A) Mixed. 30. Scarcity forces people to do what? A) Buy more. B) Buy less. C) Make a decision. D) Ask for advice. Show Answer Correct Answer: C) Make a decision. ← PreviousNext →Related QuizzesMicroeconomics QuizzesEconomics QuizzesScarcity Quiz 1Scarcity Quiz 2Scarcity Quiz 3Scarcity Quiz 4Scarcity Quiz 6Scarcity Quiz 7Scarcity Quiz 8Scarcity Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books