This quiz works best with JavaScript enabled. Home > Microeconomics > Scarcity > Scarcity – Quiz 12 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Scarcity Quiz 12 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A decrease in the price of a good will A) Increase supply. B) Decrease supply. C) Increase quantity supplied. D) Decrease quantity supplied. Show Answer Correct Answer: D) Decrease quantity supplied. 2. 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. 3. What is air? A) Natural Resource. B) Capital Resource. C) Labour Resource. D) None of above. Show Answer Correct Answer: A) Natural Resource. 4. Scarcity is ..... A) School. B) A spider. C) Not having enough. D) None of above. Show Answer Correct Answer: C) Not having enough. 5. 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. 6. Risk takers who decide how to combine resources to create new goods and services. A) Business Leaders. B) Entrepreneurs. C) Tycoons. D) Industry Managers. Show Answer Correct Answer: B) Entrepreneurs. 7. ..... is the relationship between limited resources and unlimited wants. A) Scarcity. B) Efficiency. C) Efficient. D) Economics. Show Answer Correct Answer: A) Scarcity. 8. 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. 9. Which of the following is an example of CAPITAL A) A machine. B) A box of cereal. C) Water. D) A new risky idea. Show Answer Correct Answer: A) A machine. 10. What is the economic name for resources? A) Gifts of Nature. B) Factors of Production. C) Usable Resources. D) Bounty of the Earth. Show Answer Correct Answer: B) Factors of Production. 11. Which one of these is not a scarce item? A) Doctors. B) Gold. C) Clean air. D) Garbage. Show Answer Correct Answer: D) Garbage. 12. 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. 13. Something we desire but don't necessarily need for survival A) Physical CApital. B) Want. C) Need. D) Interest. Show Answer Correct Answer: B) Want. 14. 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. 15. Which of the following best summarizes the concept of scarcity? A) Life is not fair. B) Life is so hard. C) You can't have everything you want. D) People are selfish. Show Answer Correct Answer: C) You can't have everything you want. 16. Which way does a supply curve slope? A) Down. B) Up. C) Both. D) Neither. Show Answer Correct Answer: B) Up. 17. 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. 18. 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. 19. 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. 20. 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. ← 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