This quiz works best with JavaScript enabled. Home > Microeconomics > Scarcity > Scarcity – Quiz 17 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Scarcity Quiz 17 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. When there is an increase in demand for a product or service, but there is a decrease in the amount of it that is available, the price of the item will A) Go down. B) Go up. C) Stay the same. D) Neither. Show Answer Correct Answer: B) Go up. 2. Physical objects that someone produces A) Want. B) Need. C) Good. D) Service. Show Answer Correct Answer: C) Good. 3. How do dictatorships exercise their power over people in terms of water? A) They contaminate the water. B) They restrict access to water. C) They clean the water for people. D) They build factories that pollute water. Show Answer Correct Answer: B) They restrict access to water. 4. A robot that delivers packages within a factory would be classified as which factor or production? A) Land (Natural Resources). B) Labor (Human Resources). C) Capital (Tools). D) Entrepreneur (Organizer). Show Answer Correct Answer: C) Capital (Tools). 5. What percent of Earth's water is saltwater? A) 3%. B) 68.7%. C) 97%. D) 30.1%. Show Answer Correct Answer: C) 97%. 6. Microeconomics A) Deals with individual decisions. B) Unemployment. C) Inflation. D) Economic growth. Show Answer Correct Answer: A) Deals with individual decisions. 7. Name a country that has a free market leaning mixed economy. A) United States. B) Cuba. C) N. Korea. D) Russia. Show Answer Correct Answer: A) United States. 8. Federal plumbing standards now specify that new toilets can only use up to how many gallons per flush? A) 18 gallons. B) 1.6 gallons. C) 3 gallons. D) 2 gallons. Show Answer Correct Answer: B) 1.6 gallons. 9. Basic things humans need to survive A) Need. B) Want. C) Import. D) Demand. Show Answer Correct Answer: A) Need. 10. A computer is an example of what kind of resource? A) Capital. B) Human. C) Natural. D) None of above. Show Answer Correct Answer: A) Capital. 11. Things purchased by consumers A) Goods. B) Consumer. C) Producer. D) Supply. Show Answer Correct Answer: A) Goods. 12. Water on the top the earth can form lakes or rivers, these are termed ..... A) Fresh water. B) Infiltration. C) Surface water. D) Groundwater. Show Answer Correct Answer: C) Surface water. 13. Name a country that has a command leaning mixed economy. A) United States. B) Great Britain. C) Germany. D) N. Korea. Show Answer Correct Answer: D) N. Korea. 14. Your garbage man is an example of A) Land. B) Labor. C) Entrepreneurs. D) Capital. Show Answer Correct Answer: B) Labor. 15. What is a synonym for the word "scarcity" ? A) Unlimited. B) Limited. C) Sacrifice. D) Generous. Show Answer Correct Answer: B) Limited. 16. A person who provides a good or service A) Producer. B) Need. C) Want. D) Consumer. Show Answer Correct Answer: A) Producer. 17. The study of how individuals, institutions, and scarcity make choices under the conditions of scarcity is A) Allocation. B) Scarcity. C) Economics. D) Specialization. Show Answer Correct Answer: C) Economics. 18. Water scarcity that is the result of inadequate natural water resources to supply a region's demand A) Economic water scarcity. B) Physical water scarcity. C) Water stress. D) United Nations. Show Answer Correct Answer: B) Physical water scarcity. 19. A person is considered an entrepreneur because she A) Has earned millions of dollars. B) Has many employees who work for her. C) Combined resources to create new products. D) Was a woman who succeeded in a male dominated industry. Show Answer Correct Answer: C) Combined resources to create new products. 20. What is one major benefit of privatizing water suppy? A) Increased stability of water supply, despite government problems. B) Increased government regulation of water supply. C) Lower water prices throughout the region. D) None of above. Show Answer Correct Answer: A) Increased stability of water supply, despite government problems. ← 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