This quiz works best with JavaScript enabled. Home > Microeconomics > Scarcity > Scarcity – Quiz 14 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Scarcity Quiz 14 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What type of economy does the United States have? A) Traditional. B) Command. C) Unlimited. D) Market. Show Answer Correct Answer: D) Market. 2. Which of the following refers to the resource of land? A) Bus drivers. B) Iron ore. C) Money. D) Machinery. Show Answer Correct Answer: B) Iron ore. 3. Where is most of the freshwater found on Earth? A) Lakes. B) Glaciers. C) Oceans. D) Rivers. Show Answer Correct Answer: B) Glaciers. 4. 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. 5. 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 the fee. B) Paying for something else. C) Finishing the book. D) Reading a different book. Show Answer Correct Answer: C) Finishing the book. 6. 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. 7. A decision to use resources in a way that results in the greatest profit for the producer is known as A) Free enterprise. B) Scarcity. C) The profit motive. D) Value. Show Answer Correct Answer: C) The profit motive. 8. 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. 9. 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. 10. A shortage means A) QD is greater that QS. B) Mrs. Vosika says there is one. C) Equilbrium. D) QS is greater than QD. Show Answer Correct Answer: A) QD is greater that QS. 11. 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. 12. Why is radioactive waste not scarce? A) It is not desirable. B) It is expensive. C) It has more than one use. D) It is not limited in quantity. Show Answer Correct Answer: A) It is not desirable. 13. 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. 14. 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. 15. 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. 16. Which of the following is an example of a want? A) ) water. B) ) clothing. C) ) McDonalds. D) ) Shelter. Show Answer Correct Answer: C) ) McDonalds. 17. 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. 18. 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. 19. Which of the following would NOT be land A) Water. B) Minerals. C) Toothpaste. D) Crude oil. Show Answer Correct Answer: C) Toothpaste. 20. ..... is a major natural source of water. A) Snow. B) Well. C) Tap. D) Handpump. Show Answer Correct Answer: A) Snow. ← 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