This quiz works best with JavaScript enabled. Home > Microeconomics > Scarcity > Scarcity – Quiz 15 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Scarcity Quiz 15 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is it called when trading happens between two countries? A) Easy trade. B) International trade. C) Internal trade. D) Free trade. Show Answer Correct Answer: B) International trade. 2. If all resources are being used, what would have to be produced less of if more houses are built? A) Cars. B) Candy. C) Computers. D) Cabinets. Show Answer Correct Answer: D) Cabinets. 3. What does an economist refer to as land? A) Farmland only. B) Food crops grown on farmland as well as the farmland itself. C) Goods and services that are produced from the land. D) All natural resources used to produce goods and services. Show Answer Correct Answer: D) All natural resources used to produce goods and services. 4. When you give up something to buy another thing, the thing you give up is your ..... A) The benefit. B) The opportunity cost. C) Scarcity. D) None of above. Show Answer Correct Answer: B) The opportunity cost. 5. Planting of more trees will help in- A) Reducing the ground water level. B) Setting up more factories. C) Deforestation. D) Increasing the rainfall. Show Answer Correct Answer: D) Increasing the rainfall. 6. Dams are constructed to ....., ..... and ..... A) Check floods. B) Store huge quantity of water. C) Generate electricity. D) All of the above. Show Answer Correct Answer: D) All of the above. 7. Which of the following is NOT an example of scarcity? A) Only some people can afford to buy a BMW automobile. B) Not everyone in society can achieve the highest possible living standard to which they might aspire. C) Miranda has an unlimited supply of Oranges in her magical orchard. D) None of above. Show Answer Correct Answer: C) Miranda has an unlimited supply of Oranges in her magical orchard. 8. Scarcity can be defined as ..... A) Unlimited Wants, Unlimited Resources. B) Limited Wants, Unlimited Resources. C) Unlimited Wants, Limited Resources. D) None of above. Show Answer Correct Answer: C) Unlimited Wants, Limited Resources. 9. ..... is the fundamental, universal, and perpetual economic problem that no one is immune to. A) Price floors/ price ceilings. B) Shortage. C) Scarcity. D) The study of microeconomics. Show Answer Correct Answer: C) Scarcity. 10. What is it called when a country buys goods and services from another country? A) Import. B) Durable. C) Export. D) Portable. Show Answer Correct Answer: A) Import. 11. Water that is stored in layers of rock and soil beneath the Earth's surface is called ..... A) Groundwater. B) Sewage. C) A reservoir. D) An underground stream. Show Answer Correct Answer: A) Groundwater. 12. Elasticity refers to A) How producers of goods and services react to price changes. B) How consumers of goods and services react to price changes. C) The stretchiness of a rubber band. D) How often the price of a good or service changes when quantity demanded changes. Show Answer Correct Answer: B) How consumers of goods and services react to price changes. 13. Which of the following resources is NOT (technically) scarce? (Even if it is a bit unusual) A) Appleseed. B) Corn. C) Knowledge of Central Asian Geography. D) None of above. Show Answer Correct Answer: C) Knowledge of Central Asian Geography. 14. When we have to give up one thing, in order to choose another thing A) Opportunity cost. B) Diversity. C) Capital. D) Income. Show Answer Correct Answer: A) Opportunity cost. 15. What word means that there's not much of something; not enough for everyone to have? A) Increase. B) Availability and supply. C) Profit. D) Scarcity. Show Answer Correct Answer: D) Scarcity. 16. What is an Engineer? A) Natural Resource. B) Capital Resource. C) Labour Resource. D) None of above. Show Answer Correct Answer: C) Labour Resource. 17. Most of the earth's surface is covered with A) Land. B) Polar ice. C) Salt water. D) Fresh water. Show Answer Correct Answer: C) Salt water. 18. When a country is water rich, it has ..... A) Little access to water and low rainfall. B) Lots of money to buy water. C) Lots of access to water, through rain and rivers. D) No water at all. Show Answer Correct Answer: C) Lots of access to water, through rain and rivers. 19. Which of the following are the ways to conserve Water? A) Keep the tap running while brushing teeth or washing hands.. B) Take only that much of water used for washing vegetable.. C) Throw away water used for washing vegetables.. D) Do not use a mug and bucket to take bath.. Show Answer Correct Answer: B) Take only that much of water used for washing vegetable.. 20. Rain water can be collected in ..... A) Overhead tanks. B) Underground tanks. C) Both. D) None. Show Answer Correct Answer: C) Both. ← 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