Scarcity Quiz 8 (25 MCQs)

Quiz Instructions:

Select an option to see the correct answer instantly.

1. Scarcity affects _____

2. If there are 18 students in the class but there's only 10 textbooks, this is an example of _____

3. How many people in the world are living in regions with water scarcity?

4. In economics, the term "physical capital" refers to _____

5. Individuals who start and direct businesses to produce goods and services are called

6. How many people are impacted by water scarcity?

7. During the years of little rainfall people have to conserve water. This is an example of-

8. If the price rises from $ 7 to $ 10 and the quantity decreases from 100 to 70. This is an example of

9. Which of the following is the best "economics" definition for the word "Resource?"

10. Which of the following has the greatest quantity of freshwater?

11. Approximately what percentage of the world's economies experience scarcity?

12. What could be a reason why we have "unlimited" wants and needs?

13. Groundwater can form underground streams, the are termed _____

14. When there is a shortage the price will usually?

15. The end of a pencil is made of rubber. This represents what factor of production?

16. Which type of economy has private property, consumer sovereignty, individual choice, profit, and no government involvement?

17. What is the definition of Real Costs?

18. The study of how individuals and nations make choices about how to use scarce resources to fulfill their wants describes

19. Which of the following refers to the resource of land?

20. When Amy returns a good library book without finishing it so she won't have to pay a late fee, what is her opportunity cost?

21. A decision to use resources in a way that results in the greatest profit for the producer is known as

22. Which among the choices below creates an imbalance between resources and wants and needs?

23. Utilities of dam-1. To check flood 2. To store large quantity of water. Choose the correct option.

24. A shortage means

25. Which type of economic system bases its decisions on custom and historical precedent?