This quiz works best with JavaScript enabled. Home > Economics > Microeconomics > Scarcity > Scarcity – Quiz 9 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Scarcity Quiz 9 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following is the best "economics" definition for the word "Resource?" A) A material removed from earth using human labor. B) Anything that can be used to make something else. C) When you "source" again and again and again. D) None of above. Show Answer Correct Answer: B) Anything that can be used to make something else. 2. Which of the following has the greatest quantity of freshwater? A) Ice Caps and Glaciers. B) Surface Water. C) Groundwater. D) None of the above. Show Answer Correct Answer: A) Ice Caps and Glaciers. 3. Approximately what percentage of the world's economies experience scarcity? A) 85%. B) 19%. C) 40%. D) 100%. Show Answer Correct Answer: D) 100%. 4. What could be a reason why we have "unlimited" wants and needs? A) We want to create problems for ourselves. B) We do not have the urge to own anything. C) We long to live comfortably. D) We want our lives to be miserable. Show Answer Correct Answer: C) We long to live comfortably. 5. Groundwater can form underground streams, the are termed ..... A) Transpiration flows. B) Infiltration paths. C) Water footprints. D) Aquifers. Show Answer Correct Answer: D) Aquifers. 6. When there is a shortage the price will usually? A) Rise. B) Fall. C) Remain the same. D) Equilibrium. Show Answer Correct Answer: A) Rise. 7. The end of a pencil is made of rubber. This represents what factor of production? A) Land. B) Labor. C) Capital. D) Entrepreneurship. Show Answer Correct Answer: C) Capital. 8. The desire to have some good or service and the ability to pay for it A) Supply. B) Equilibrium. C) Demand. D) Quantity demanded. Show Answer Correct Answer: C) Demand. 9. Which type of economy has private property, consumer sovereignty, individual choice, profit, and no government involvement? A) Traditional economy. B) Command economy. C) Free market economy. D) Mixed economy. Show Answer Correct Answer: C) Free market economy. 10. What is the definition of Real Costs? A) Only the the main element used in creating a product. B) Every minute used to sell an item. C) Costs that are not subjective as opposed to interjection. D) All of the resources used to produce a good or service. Show Answer Correct Answer: D) All of the resources used to produce a good or service. 11. The study of how individuals and nations make choices about how to use scarce resources to fulfill their wants describes A) Economics. B) Entrepreneurship. C) Scarcity. D) An opportunity cost. Show Answer Correct Answer: A) Economics. 12. What type of economy does the United States have? A) Traditional. B) Command. C) Unlimited. D) Market. Show Answer Correct Answer: D) Market. 13. Which of the following refers to the resource of land? A) Bus drivers. B) Iron ore. C) Machinery. D) Money. Show Answer Correct Answer: B) Iron ore. 14. Where is most of the freshwater found on Earth? A) Lakes. B) Glaciers. C) Oceans. D) Rivers. Show Answer Correct Answer: B) Glaciers. 15. A shift in a supply curve demonstrates A) A change in quantity supplied. B) A change in quantity demanded. C) A change in supply. D) A change in demand. Show Answer Correct Answer: C) A change in supply. 16. 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? A) Paying for something else. B) Reading a different book. C) Finishing the book. D) Paying the fee. Show Answer Correct Answer: C) Finishing the book. 17. Everything contained in the earth or found in the sea ex:coal and crude oil A) Land. B) Labor. C) Resources. D) Infrastructure. Show Answer Correct Answer: A) Land. 18. A decision to use resources in a way that results in the greatest profit for the producer is known as A) Scarcity. B) The profit motive. C) Value. D) Free enterprise. Show Answer Correct Answer: B) The profit motive. 19. Which among the choices below creates an imbalance between resources and wants and needs? A) Making responsible decisions. B) Doing things that you want to do. C) Consulting other people before doing something. D) Considering if something is really a need or just a want. Show Answer Correct Answer: B) Doing things that you want to do. 20. Utilities of dam-1. To check flood 2. To store large quantity of water. Choose the correct option. A) Only 1. B) Only 2. C) Both 1 & 2. D) None. Show Answer Correct Answer: C) Both 1 & 2. 21. A shortage means A) Mrs. Vosika says there is one. B) QS is greater than QD. C) Equilbrium. D) QD is greater that QS. Show Answer Correct Answer: D) QD is greater that QS. 22. Which type of economic system bases its decisions on custom and historical precedent? A) Free Market Economy. B) Mixed Economy. C) Command Economy. D) Traditional Economy. Show Answer Correct Answer: D) Traditional Economy. 23. Why is radioactive waste not scarce? A) It has more than one use. B) It is not limited in quantity. C) It is expensive. D) It is not desirable. Show Answer Correct Answer: D) It is not desirable. 24. The law of supply is when there is a A) Rise in price and a decrease in quantity supplied. B) Increase in price and an increase in quantity supplied. C) Increase in price and an increase in supply. D) Decrease in price and a decrease in supply. Show Answer Correct Answer: B) Increase in price and an increase in quantity supplied. 25. In a market economy, who decides on the prices of goods and services? A) Government. B) Buyers and sellers. C) Firms. D) Local leaders. Show Answer Correct Answer: B) Buyers and sellers. 26. What can YOU do to help? A) Become informed. B) Raise awareness. C) Take action. D) All THREE steps. Show Answer Correct Answer: D) All THREE steps. 27. Which of the following is an example of a want? A) ) water. B) ) Shelter. C) ) McDonalds. D) ) clothing. Show Answer Correct Answer: C) ) McDonalds. 28. How does water impact Gender Equality? A) The biggest impact is on men. B) Mostly women are responsible for gathering water. C) The impact is equal on both men and women. D) None of above. Show Answer Correct Answer: B) Mostly women are responsible for gathering water. 29. Tangible and intangible items people produce to sell A) Consumers. B) Producers. C) Goods and services. D) Opportunity costs. Show Answer Correct Answer: C) Goods and services. 30. Which of the following would NOT be land A) Crude oil. B) Minerals. C) Water. D) Toothpaste. Show Answer Correct Answer: D) Toothpaste. ← PreviousNext →Related QuizzesMicroeconomics QuizzesEconomics QuizzesScarcity Quiz 1Scarcity Quiz 2Scarcity Quiz 3Scarcity Quiz 4Scarcity Quiz 5Scarcity Quiz 6Scarcity Quiz 7Scarcity Quiz 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books