This quiz works best with JavaScript enabled. Home > Economics > Microeconomics > Scarcity > Scarcity – Quiz 7 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Scarcity Quiz 7 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Not having enough of something is called ..... A) Choices. B) Benefit. C) Scarcity. D) Opportunity cost. Show Answer Correct Answer: C) Scarcity. 2. Which of these would MOST LIKELY be a cause for a scarcity of fruit? A) Cold weather. B) Healthy soil. C) Average rainfall. D) Early spring. Show Answer Correct Answer: A) Cold weather. 3. The law of DEMAND says that ..... A) The lower the price, the greater the demand. B) The higher the price, the lower the demand. C) The higher the price, the higher the demand. D) The lower the price, the lower the demand. Show Answer Correct Answer: A) The lower the price, the greater the demand. 4. Which of the following is not resources? A) Land. B) Labour. C) Capital. D) Money. Show Answer Correct Answer: D) Money. 5. Transpiration is the process of water evaporating from ..... A) The oceans surface. B) The ground. C) The leaves of plants. D) None of above. Show Answer Correct Answer: C) The leaves of plants. 6. A person who provides goods or services A) Need. B) Consumer. C) Want. D) Producer. Show Answer Correct Answer: D) Producer. 7. What is virtual water? A) Water used to produce food or objects. B) Online water. C) Water that we drink. D) Water available in the world. Show Answer Correct Answer: A) Water used to produce food or objects. 8. Why is time considered to be scarce? A) Humans live forever. B) Humans can live forever because of cryonics. C) Humans do not live forever if they choose not to. D) Humans do not live forever. Show Answer Correct Answer: D) Humans do not live forever. 9. Opportunity cost A) Is the highest valued alternative given up whenever someone makes a choice. B) Does not relate to the use of one's time. C) Is defined as the amount of money spent to buy something. D) Is a change in prices. Show Answer Correct Answer: A) Is the highest valued alternative given up whenever someone makes a choice. 10. Name a group of people that use a traditional economy. A) Americans. B) Native Americans. C) Europeans. D) None of above. Show Answer Correct Answer: B) Native Americans. 11. What makes a resource or good scarce? Select all that apply. A) Must be limited in quantity. B) Must be something that people want. C) Must have more than 1 use. D) None of above. Show Answer Correct Answer: C) Must have more than 1 use. 12. Land capable of being ploughed and used to grow crops. A) Pasture. B) Field. C) Arable land. D) Desert. Show Answer Correct Answer: C) Arable land. 13. Example of a natural resource used to produce goods and services. A) Land. B) Labor. C) Capital. D) None of above. Show Answer Correct Answer: A) Land. 14. Mexico and the United States export fruits and vegetables. Why do they export these goods? A) They do not want so much fruit. B) To exchange their resources for something they need. C) They like to share. D) To show that they are great farmers. Show Answer Correct Answer: B) To exchange their resources for something they need. 15. Read the following situation to answer the question:The yeast needed to to make whole wheat bread rises sharply in price. What will happen to the price of whole wheat bread? A) The price will rise. B) The price will stay the same. C) The price will fall. D) None of above. Show Answer Correct Answer: A) The price will rise. 16. A ..... is a person who starts a business. A) Student. B) Teacher. C) Actor. D) Entrepreneur. Show Answer Correct Answer: D) Entrepreneur. 17. ..... is the amount of something that is available. A) Trade. B) Scarcity. C) Demand. D) Supply. Show Answer Correct Answer: D) Supply. 18. When water changes form from a LIQUID to a GAS? A) Condensation. B) Evaporation. C) Precipitation. D) None of above. Show Answer Correct Answer: B) Evaporation. 19. Another name for the water cycle is ..... ? A) Water Wheel. B) Hydrologic Cycle. C) Evaporation Process. D) Transpiration Cycle. Show Answer Correct Answer: B) Hydrologic Cycle. 20. The study of resources such as money, materials, and labor A) Economics. B) Producers. C) Goods. D) Services. Show Answer Correct Answer: A) Economics. 21. What is the difference between scarcity and a shortage? A) They are the same. B) Scarcity is temporary while a shortage is permanent. C) A shortage of something is temporary. D) None of above. Show Answer Correct Answer: C) A shortage of something is temporary. 22. Which of the following is "human capital" necessary for producing a new video game? A) Knowledge regarding programming languages. B) Carrots. C) Hammers & Screw Drivers. D) Slaves. Show Answer Correct Answer: A) Knowledge regarding programming languages. 23. The problem of whom to produce means A) The choice between the goods to be produce. B) The choice between the technique to be used in production. C) The choice to distribute the national income among individuals. D) All the above. Show Answer Correct Answer: C) The choice to distribute the national income among individuals. 24. What type of economy involves a powerful government which owns all the "means of production" and makes all decisions regarding society's resources. A) Traditional Economy. B) Market Economy. C) Command Economy. D) None of above. Show Answer Correct Answer: C) Command Economy. 25. The creation of Henry Ford's assembly line is an example of growth by: A) Technology. B) Productivity. C) Trade. D) None of above. Show Answer Correct Answer: A) Technology. 26. ..... is a main source of water among the following. A) Snow. B) Well. C) Tap. D) Handpump. Show Answer Correct Answer: A) Snow. 27. Only about 3% of Earth's water is fresh water. Of this 3% most of it cannot be used by humans because it is found in ..... A) Glaciers. B) Lakes. C) The atmosphere. D) The oceans. Show Answer Correct Answer: A) Glaciers. 28. What is Scarcity? A) The act of being scared. B) The inability to satisfy the unlimited wants and needs of people. C) The excess of a product that hasn't been sold. D) The amount of goods and services consumers want. Show Answer Correct Answer: B) The inability to satisfy the unlimited wants and needs of people. 29. What are the two different types of water scarcity? A) Chemical water scarcity and economic water scarcity. B) Physical water scarcity and economic water scarcity. C) Physical water scarcity and money water scarcity. D) Material water scarcity and money water scarcity. Show Answer Correct Answer: B) Physical water scarcity and economic water scarcity. 30. The people who work in both the public and private sector A) Land. B) Labor. C) Entrepreneurahip. D) Capital. Show Answer Correct Answer: B) Labor. ← PreviousNext →Related QuizzesMicroeconomics QuizzesEconomics QuizzesScarcity Quiz 1Scarcity Quiz 2Scarcity Quiz 3Scarcity Quiz 4Scarcity Quiz 5Scarcity Quiz 6Scarcity Quiz 8Scarcity Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books