This quiz works best with JavaScript enabled. Home > Microeconomics > Scarcity > Scarcity – Quiz 13 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Scarcity Quiz 13 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. When I choose one item over another because I cant afford both, this is called an ..... A) Scarcity. B) Opportunity cost. C) Choice. D) Incentive. Show Answer Correct Answer: B) Opportunity cost. 2. Land, labor, capital and entrepreneurship are the A) Basis of employment. B) Results of production. C) Factors of production. D) Results of supply and demand. Show Answer Correct Answer: C) Factors of production. 3. Water is a what type of resource? A) Renewable resource. B) Non-renewable resource. C) Continuous resource. D) None of above. Show Answer Correct Answer: A) Renewable resource. 4. How many people in the world are living in regions with water scarcity? A) 700 million people in 43 countries. B) 4.3 billion people in the word. C) 8 million 50 countries. D) None of above. Show Answer Correct Answer: A) 700 million people in 43 countries. 5. In economics, the term "physical capital" refers to ..... A) The finances necessary for firms to produce their products. B) Buildings and machines used in the production process. C) The money households use to purchase firms' output. D) Stocks and bonds. Show Answer Correct Answer: B) Buildings and machines used in the production process. 6. Individuals who start and direct businesses to produce goods and services are called A) Entrepreneurial resources. B) Global resources. C) Labor resources. D) Virtual resources. Show Answer Correct Answer: A) Entrepreneurial resources. 7. How many people are impacted by water scarcity? A) One million. B) One hundred million. C) One billion. D) One trillion. Show Answer Correct Answer: C) One billion. 8. During the years of little rainfall people have to conserve water. This is an example of- A) A. Wants. B) B. Spending. C) C. Scarcity. D) Abundance. Show Answer Correct Answer: C) C. Scarcity. 9. If the price rises from $ 7 to $ 10 and the quantity decreases from 100 to 70. This is an example of A) The law of demand. B) The law of supply. C) Opportunity cost. D) Trade off. Show Answer Correct Answer: A) The law of demand. 10. 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. 11. 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. 12. Approximately what percentage of the world's economies experience scarcity? A) 19%. B) 40%. C) 85%. D) 100%. Show Answer Correct Answer: D) 100%. 13. What could be a reason why we have "unlimited" wants and needs? A) We long to live comfortably. B) We want our lives to be miserable. C) We do not have the urge to own anything. D) We want to create problems for ourselves. Show Answer Correct Answer: A) We long to live comfortably. 14. Groundwater can form underground streams, the are termed ..... A) Transpiration flows. B) Infiltration paths. C) Aquifers. D) Water footprints. Show Answer Correct Answer: C) Aquifers. 15. 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. 16. 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. 17. 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. 18. 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. 19. 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. 20. The study of how individuals and nations make choices about how to use scarce resources to fulfill their wants describes A) An opportunity cost. B) Entrepreneurship. C) Economics. D) Scarcity. Show Answer Correct Answer: C) Economics. ← 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