This quiz works best with JavaScript enabled. Home > Microeconomics > Scarcity > Scarcity – Quiz 11 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Scarcity Quiz 11 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. 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. 2. A ..... is a person who starts a business. A) Teacher. B) Entrepreneur. C) Actor. D) Student. Show Answer Correct Answer: B) Entrepreneur. 3. ..... is the amount of something that is available. A) Trade. B) Scarcity. C) Demand. D) Supply. Show Answer Correct Answer: D) Supply. 4. 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. 5. Another name for the water cycle is ..... ? A) Hydrologic Cycle. B) Evaporation Process. C) Transpiration Cycle. D) Water Wheel. Show Answer Correct Answer: A) Hydrologic Cycle. 6. Labor A) People with all their efforts and abilities. B) Individuals who start a new business or bring a product to market. C) The work students complete, or are supposed to complete, for Mrs. Vosika. D) The work students complete, or are supposed to complete, for Mrs. Vosika. Show Answer Correct Answer: A) People with all their efforts and abilities. 7. The study of resources such as money, materials, and labor A) Economics. B) Services. C) Producers. D) Goods. Show Answer Correct Answer: A) Economics. 8. 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. 9. Which of the following is "human capital" necessary for producing a new video game? A) Slaves. B) Knowledge regarding programming languages. C) Hammers & Screw Drivers. D) Carrots. Show Answer Correct Answer: B) Knowledge regarding programming languages. 10. 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. 11. 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. 12. 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. 13. ..... is a main source of water among the following. A) Snow. B) Well. C) Tap. D) Handpump. Show Answer Correct Answer: A) Snow. 14. 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) Lakes. B) The atmosphere. C) Glaciers. D) The oceans. Show Answer Correct Answer: C) Glaciers. 15. 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. 16. 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. 17. 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. 18. 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. 19. 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. 20. What is a crop? A) A type of plant that is grown for food, especially grain, vegetables, and fruit. B) A narrow strip of territory projecting from the main territory of a state. C) A type of seed that is grown for flowering. D) A type of plant that is grown for its features. Show Answer Correct Answer: A) A type of plant that is grown for food, especially grain, vegetables, and fruit. ← 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