This quiz works best with JavaScript enabled. Home > Economics > Microeconomics > Scarcity > Scarcity – Quiz 8 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Scarcity Quiz 8 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which two products use the same scarce natural resources? A) Gasoline and Electricity. B) Gasoline and plastic. C) Apples and glass. D) Glass and gasoline. Show Answer Correct Answer: B) Gasoline and plastic. 2. The quantity demanded of a good or service changes at all price levels best describes the concept of A) Change in quantity demanded. B) Elasticity. C) Change in demand. D) Demand curve. Show Answer Correct Answer: C) Change in demand. 3. A decrease in the price of a good will A) Decrease supply. B) Increase supply. C) Increase quantity supplied. D) Decrease quantity supplied. Show Answer Correct Answer: D) Decrease quantity supplied. 4. How can the contamination of water be considered pollution? A) If it is harmful to humans and plants. B) If it is harmful to humans, plants, and animals. C) If pollutants are being put into the air by evaporation. D) If pollutants are being consumed by human beings. Show Answer Correct Answer: B) If it is harmful to humans, plants, and animals. 5. Scarcity is ..... A) School. B) A spider. C) Not having enough. D) None of above. Show Answer Correct Answer: C) Not having enough. 6. What word means that there's plenty of something or enough for everyone to purchase? A) Scarcity. B) Profit. C) Availability and supply. D) Increase. Show Answer Correct Answer: C) Availability and supply. 7. Risk takers who decide how to combine resources to create new goods and services. A) Entrepreneurs. B) Business Leaders. C) Tycoons. D) Industry Managers. Show Answer Correct Answer: A) Entrepreneurs. 8. ..... is the relationship between limited resources and unlimited wants. A) Efficiency. B) Scarcity. C) Economics. D) Efficient. Show Answer Correct Answer: B) Scarcity. 9. Which of the following are scarce? A) Time for recreation. B) Clean air. C) Information. D) All of the above. Show Answer Correct Answer: D) All of the above. 10. Which of the following is an example of CAPITAL A) A box of cereal. B) A machine. C) A new risky idea. D) Water. Show Answer Correct Answer: B) A machine. 11. What is the economic name for resources? A) Gifts of Nature. B) Bounty of the Earth. C) Factors of Production. D) Usable Resources. Show Answer Correct Answer: C) Factors of Production. 12. Which one of these is not a scarce item? A) Gold. B) Garbage. C) Clean air. D) Doctors. Show Answer Correct Answer: B) Garbage. 13. What happens when DEMAND INCREASES (people want more), but SUPPLY DECREASES (the maker puts out less of the product)? A) Prices go up. B) Prices go down. C) Prices stay the same. D) None of above. Show Answer Correct Answer: A) Prices go up. 14. Something we desire but don't necessarily need for survival A) Want. B) Interest. C) Physical CApital. D) Need. Show Answer Correct Answer: A) Want. 15. If there are only 100 televisions on sale and 200 people want to buy TV's, that is a problem of ..... A) Desire. B) Demand. C) Supply. D) Scarcity. Show Answer Correct Answer: D) Scarcity. 16. Which of the following best summarizes the concept of scarcity? A) Life is not fair. B) You can't have everything you want. C) People are selfish. D) Life is so hard. Show Answer Correct Answer: B) You can't have everything you want. 17. Which way does a supply curve slope? A) Down. B) Up. C) Both. D) Neither. Show Answer Correct Answer: B) Up. 18. Setting up of factories cause a ..... in the level of underground water. A) Decrease. B) Increase. C) Both. D) None. Show Answer Correct Answer: A) Decrease. 19. Having a short supply or not enough of something is: A) Supply. B) Demand. C) Scarcity. D) Trade-off. Show Answer Correct Answer: C) Scarcity. 20. Scarcity affects ..... A) The rich, but not the poor. B) The poor, but not the rich. C) Everyone involved in the economy. Individuals, individuals, and the government. D) None of above. Show Answer Correct Answer: C) Everyone involved in the economy. Individuals, individuals, and the government. 21. If there are 18 students in the class but there's only 10 textbooks, this is an example of ..... A) Scarcity. B) Trade. C) Opportunity cost. D) None of above. Show Answer Correct Answer: A) Scarcity. 22. When I choose one item over another because I cant afford both, this is called an ..... A) Choice. B) Incentive. C) Scarcity. D) Opportunity cost. Show Answer Correct Answer: D) Opportunity cost. 23. Land, labor, capital and entrepreneurship are the A) Basis of employment. B) Results of production. C) Factors of production. D) Results of supply and demand. Show Answer Correct Answer: C) Factors of production. 24. Water is a what type of resource? A) Renewable resource. B) Non-renewable resource. C) Continuous resource. D) None of above. Show Answer Correct Answer: A) Renewable resource. 25. How many people in the world are living in regions with water scarcity? A) 700 million people in 43 countries. B) 4.3 billion people in the word. C) 8 million 50 countries. D) None of above. Show Answer Correct Answer: A) 700 million people in 43 countries. 26. In economics, the term "physical capital" refers to ..... A) The finances necessary for firms to produce their products. B) Buildings and machines used in the production process. C) The money households use to purchase firms' output. D) Stocks and bonds. Show Answer Correct Answer: B) Buildings and machines used in the production process. 27. Individuals who start and direct businesses to produce goods and services are called A) Virtual resources. B) Global resources. C) Labor resources. D) Entrepreneurial resources. Show Answer Correct Answer: D) Entrepreneurial resources. 28. How many people are impacted by water scarcity? A) One trillion. B) One hundred million. C) One million. D) One billion. Show Answer Correct Answer: D) One billion. 29. During the years of little rainfall people have to conserve water. This is an example of- A) Abundance. B) B. Spending. C) A. Wants. D) C. Scarcity. Show Answer Correct Answer: D) C. Scarcity. 30. If the price rises from $ 7 to $ 10 and the quantity decreases from 100 to 70. This is an example of A) The law of demand. B) The law of supply. C) Opportunity cost. D) Trade off. Show Answer Correct Answer: A) The law of demand. ← PreviousNext →Related QuizzesMicroeconomics QuizzesEconomics QuizzesScarcity Quiz 1Scarcity Quiz 2Scarcity Quiz 3Scarcity Quiz 4Scarcity Quiz 5Scarcity Quiz 6Scarcity Quiz 7Scarcity Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books