This quiz works best with JavaScript enabled. Home > Microeconomics > Scarcity > Scarcity – Quiz 16 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Scarcity Quiz 16 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following will shift the PPF to the right A) Reading more books. B) More people have moved to the country. C) A storm destroys the land. D) A computers stop working and all robots no longer work. Show Answer Correct Answer: B) More people have moved to the country. 2. Where was the longest drought ever recorded? A) The panhandle of Oklahoma. B) The Middle East. C) Northern Africa. D) Atacama Desert. Show Answer Correct Answer: D) Atacama Desert. 3. Complete this list of the factors of Production:A cook, A stove, A steak, and ..... A) An Owner. B) A Customer. C) A Knife. D) Electricity. Show Answer Correct Answer: A) An Owner. 4. Economics is the study of how society manages its A) Limited wants and unlimited resources. B) Unlimited wants and unlimited resources. C) Limited wants and limited resources. D) Unlimited wants and limited resources. Show Answer Correct Answer: D) Unlimited wants and limited resources. 5. The human-made objects used to create other goods and services A) Capital Resources. B) A Doctor. C) A Teacher. D) Knowledge. Show Answer Correct Answer: A) Capital Resources. 6. The total amount of a good or service that customers will buy at all prices is called A) Demand. B) Incentive. C) Profit. D) Supply. Show Answer Correct Answer: A) Demand. 7. Which is NOT a scarce resource? A) Labor. B) Trees. C) Time. D) Candy. Show Answer Correct Answer: D) Candy. 8. Because wants are unlimited but resources are limited, society must economize. This means that society must A) Use its resources in such a way as to get the most out of them. B) Save as much money as possible. C) Keep its budget balanced. D) Limit the use of its resources. Show Answer Correct Answer: A) Use its resources in such a way as to get the most out of them. 9. When water vapor comes together to form droplets? A) Condensation. B) Evaporation. C) Precipitation. D) Transpiration. Show Answer Correct Answer: A) Condensation. 10. What is Traditional Economy? A) Culture and Rituals. B) Government. C) Consumers. D) Market Concepts. Show Answer Correct Answer: A) Culture and Rituals. 11. Economics is the study of how individuals ..... to allocate (distribute) their scarce resources! A) Choose. B) Refuse. C) Forget. D) Avoid. Show Answer Correct Answer: A) Choose. 12. The 4 factors of production (FOP) are: A) Rent for land, wages or labor, profit for capital, interest or entrepreneurship. B) Land, labour, capital, entrepreneurship. C) Land, Labour, Physical capital, financial capital. D) Land, labor, resources, profits. Show Answer Correct Answer: B) Land, labour, capital, entrepreneurship. 13. Why do we have to make production choices about available resources? A) Too many resources for the demand. B) Limited wants. C) Unlimited resources. D) Scarcity. Show Answer Correct Answer: D) Scarcity. 14. A Hunter-Gatherer tribe's efforts to collect enough food in order to survive would be an example of a ..... A) Traditional Economy. B) Market Economy. C) Command Economy. D) None of above. Show Answer Correct Answer: A) Traditional Economy. 15. This term means there just is not enough water to go around. A) Economic Water Scarcity. B) Physical Water Scarcity. C) Unsanitary Water Scarcity. D) None of above. Show Answer Correct Answer: B) Physical Water Scarcity. 16. Someone who buys and uses goods and services A) Producer. B) Consumer. C) Spender. D) Borrower. Show Answer Correct Answer: B) Consumer. 17. When a product or service becomes scarce, the price of it often goes A) Down. B) Up. C) Neither. D) None of above. Show Answer Correct Answer: B) Up. 18. A want is ..... A) Things that keep us healthy and safe. B) Something we would like to have. C) Not having enough of a resource. D) None of above. Show Answer Correct Answer: B) Something we would like to have. 19. If you have a change in the level of technology in a business, you should never see a the ppf shift which way? A) Left. B) Right. C) Up. D) Down. Show Answer Correct Answer: A) Left. 20. Why many parts of Northern Africa experience water scarcity? A) Recreational activities demand a lot of water. B) Rainfall is low and unreliable. C) Extremely warm weather. D) Lack water. Show Answer Correct Answer: B) Rainfall is low and unreliable. ← 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