This quiz works best with JavaScript enabled. Home > Economics > Microeconomics > Scarcity > Scarcity – Quiz 6 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Scarcity Quiz 6 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Proper and careful utilisation 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. 2. All of the following are trade-offs for a semester study abroad EXCEPT: A) Eating all of the favorite foods. B) Seeing friends from home daily. C) Experiencing the culture of another country. D) Missing family activities at home. Show Answer Correct Answer: A) Eating all of the favorite foods. 3. I have 12 fresh baked muffins, but I have 25 students that want one, this is a situation of A) Biodiversity. B) Opportunity cost. C) Deforestation. D) Scarcity. Show Answer Correct Answer: D) Scarcity. 4. During war time, food was limited . In order for everyone to receive this food, the government distributed an assigned amount to be given out, This is an example of A) Rationing. B) Production. C) Intervention. D) Allowance. Show Answer Correct Answer: A) Rationing. 5. Mexico uses wheat, but it cannot grow it because of the weather. Wheat is scarce in Mexico. What caused this scarcity? A) The climate. B) A disaster. C) Imports. D) Trade. Show Answer Correct Answer: A) The climate. 6. What are the effects of water scarcity? A) Less water, dirty water, more insects, undrinkable water. B) No insects. C) Healthy water. D) Drinkable water. Show Answer Correct Answer: A) Less water, dirty water, more insects, undrinkable water. 7. What two states are currently experiencing extreme drought? A) Florida and Georgia. B) Florida and Oklahoma. C) Africa and Australia. D) Georgia and Oklahoma. Show Answer Correct Answer: D) Georgia and Oklahoma. 8. When you give up something to have something else A) Opportunity cost. B) Trade-off. C) Sacrifice of need. D) Sacrifice of want. Show Answer Correct Answer: B) Trade-off. 9. Access to clean water can mean the difference between ..... A) Showers and baths. B) Life and death. C) Eating and starving. D) Earth and Mars. Show Answer Correct Answer: B) Life and death. 10. Why is it ok to be late to Economics? A) It's never ok to be late to Economics. B) Because time is a scarcity. C) Because there was more value in eating 2 more slices of pizza. D) Because Mom forgot. Show Answer Correct Answer: A) It's never ok to be late to Economics. 11. Which is NOT a Factor of Production? A) Land. B) Capital. C) Money. D) Labor. Show Answer Correct Answer: C) Money. 12. Scarcity exists because A) Resources are limited. B) People aren't willing to share their wealth. C) Resources are insufficient to satisfy people's wants. D) People have wants. Show Answer Correct Answer: C) Resources are insufficient to satisfy people's wants. 13. Distinguish Which economic goal reflects the desire of individuals to make their own choices about owning property or becoming entrepreneurs? A) Efficiency. B) Security. C) Equity. D) Freedom. Show Answer Correct Answer: D) Freedom. 14. WANTS are greater than RESOURCES because resources are A) Unlimited. B) Scarce. C) Expensive. D) Experiencing a shortage. Show Answer Correct Answer: B) Scarce. 15. A ..... is something you give up to get something else. A) Opportunity Cost. B) Benefit. C) Demand. D) Service. Show Answer Correct Answer: A) Opportunity Cost. 16. Why is there scarcity even in an affluent country like the United States? A) Entrepreneurs are scarce and companies need leaders. B) Some people are poor while others are wealthy. C) . D) Wants are limited but needs are unlimited. Show Answer Correct Answer: C) . 17. All are alternates to Scarcity EXCEPT: A) Substitute. B) Wish. C) Trade. D) Ration. Show Answer Correct Answer: B) Wish. 18. The basic economic conditions that exist when unlimited wants exceed limited productive resources is called A) Economics. B) Factors of production. C) Scarcity. D) Capital. Show Answer Correct Answer: C) Scarcity. 19. When the quantity (amount) of a product or service is high, but the demand is low, the price will often A) Go down. B) Go up. C) Neither. D) Stay the same. Show Answer Correct Answer: A) Go down. 20. A sales clerk represents which factor of production? A) Entrepreneur. B) Capital. C) Labor. D) Land. Show Answer Correct Answer: C) Labor. 21. The effort people devote to tasks for which they are paid A) Land. B) Labor. C) Capital. D) None of above. Show Answer Correct Answer: B) Labor. 22. When scarcity exist, the choices society make for the use of the scarce resource is called A) Distribution. B) Bartering. C) Surplus. D) Shortage. Show Answer Correct Answer: A) Distribution. 23. Which of the following is NOT a way that we often deal with scarcity of an essential good like freshwater A) Conserve (use less & save) it. B) Ration (divide what we have up and share smaller amounts of it). C) Use it all as quickly as we can. D) By a similar item (substitution). Show Answer Correct Answer: C) Use it all as quickly as we can. 24. An example of an IGO is A) Philadelphia Eagles. B) Starbucks. C) Facebook. D) United Nations. Show Answer Correct Answer: D) United Nations. 25. A good intended for final use by individuals. (example:clothes) A) Durable Good. B) Consumer Good. C) Nondurable Good. D) Capital Good. Show Answer Correct Answer: B) Consumer Good. 26. Which of the water sources listed below involves a form of hard engineering? A) Natural lake. B) Water conservation. C) Reservoir and dam. D) Aquifer. Show Answer Correct Answer: C) Reservoir and dam. 27. The term used to describe the way a nation provides for the needs and wants of its people A) Economy. B) Factors of production. C) Resources. D) Infrastructure. Show Answer Correct Answer: A) Economy. 28. What determines the Quantity Supplied and the Quantity Demanded for a Product? A) Price. B) Command Economy. C) Market Economy. D) Suppliers' Costs. Show Answer Correct Answer: A) Price. 29. What is the ratio of people that do not have clean water to drink? What paragraph is this information in? A) 1 in 10, paragraph 3. B) 1 in 100, paragraph 2. C) 1 in 10, paragraph 2. D) 1 in 1, 000, paragraph 1. Show Answer Correct Answer: C) 1 in 10, paragraph 2. 30. A graphical representation of the alternative combinations of goods and services an economy can produce. A) Production Performance Curve. B) Production Frontier Curve. C) Production Alternative Frontier. D) Production Possibilities Frontier. Show Answer Correct Answer: D) Production Possibilities Frontier. ← PreviousNext →Related QuizzesMicroeconomics QuizzesEconomics QuizzesScarcity Quiz 1Scarcity Quiz 2Scarcity Quiz 3Scarcity Quiz 4Scarcity Quiz 5Scarcity Quiz 7Scarcity Quiz 8Scarcity Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books