This quiz works best with JavaScript enabled. Home > Microeconomics > Scarcity > Scarcity – Quiz 10 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Scarcity Quiz 10 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is the ratio of people that do not have clean water to drink? What paragraph is this information in? A) 1 in 100, paragraph 2. B) 1 in 10, paragraph 3. C) 1 in 1, 000, paragraph 1. D) 1 in 10, paragraph 2. Show Answer Correct Answer: D) 1 in 10, paragraph 2. 2. A graphical representation of the alternative combinations of goods and services an economy can produce. A) Production Frontier Curve. B) Production Possibilities Frontier. C) Production Performance Curve. D) Production Alternative Frontier. Show Answer Correct Answer: B) Production Possibilities Frontier. 3. Not having enough of something is called ..... A) Choices. B) Benefit. C) Opportunity cost. D) Scarcity. Show Answer Correct Answer: D) Scarcity. 4. 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. 5. 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. 6. Scarcity means: A) Too much of something you wanted. B) The exact amount of something you wanted. C) Not enough of something you wanted. D) None of above. Show Answer Correct Answer: C) Not enough of something you wanted. 7. Which of the following is not resources? A) Land. B) Labour. C) Capital. D) Money. Show Answer Correct Answer: D) Money. 8. What is value? A) The monetary worth of something. B) Something we want. C) Something we need. D) None of above. Show Answer Correct Answer: A) The monetary worth of something. 9. 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. 10. Land A) The "gifts of nature" or natural resources not created by human effort. B) The tools, equipment, and factories used in production of goods and services. C) People with all their efforts and abilities. D) Individuals who start a new business or bring a product to market. Show Answer Correct Answer: A) The "gifts of nature" or natural resources not created by human effort. 11. A PPC shows, A) The best combination of goods to produce. B) The plans for increasing output in the short run. C) What can be produced with various combinations of resources. D) Resources are constrained by choices. Show Answer Correct Answer: C) What can be produced with various combinations of resources. 12. A person who provides goods or services A) Consumer. B) Want. C) Need. D) Producer. Show Answer Correct Answer: D) Producer. 13. What is virtual water? A) Water available in the world. B) Water that we drink. C) Online water. D) Water used to produce food or objects. Show Answer Correct Answer: D) Water used to produce food or objects. 14. Why is time considered to be scarce? A) Humans live forever. B) Humans do not live forever. C) Humans can live forever because of cryonics. D) Humans do not live forever if they choose not to. Show Answer Correct Answer: B) Humans do not live forever. 15. Opportunity cost A) Does not relate to the use of one's time. B) Is a change in prices. C) Is defined as the amount of money spent to buy something. D) Is the highest valued alternative given up whenever someone makes a choice. Show Answer Correct Answer: D) Is the highest valued alternative given up whenever someone makes a choice. 16. 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. 17. 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. 18. 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. 19. 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. 20. Mexico and the United States export fruits and vegetables. Why do they export these goods? A) To exchange their resources for something they need. B) They like to share. C) They do not want so much fruit. D) To show that they are great farmers. Show Answer Correct Answer: A) To exchange their resources for something they need. ← PreviousNext →Related QuizzesMicroeconomics QuizzesScarcity Quiz 1Scarcity Quiz 2Scarcity Quiz 3Scarcity Quiz 4Scarcity Quiz 5Scarcity Quiz 6Scarcity Quiz 7Scarcity Quiz 8Scarcity Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books