This quiz works best with JavaScript enabled. Home > Microeconomics > Scarcity > Scarcity – Quiz 18 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Scarcity Quiz 18 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which productive resources are scarce? A) Land. B) Labor. C) Capital. D) All of them. Show Answer Correct Answer: D) All of them. 2. Society will never be able to satisfy all wants and ..... A) Desires. B) Needs. C) Hungers. D) Money problems. Show Answer Correct Answer: B) Needs. 3. Which of the following is NOT one of the three basic questions producers must ask? A) Where to produce?. B) For whom to produce?. C) What to produce?. D) How to produce?. Show Answer Correct Answer: A) Where to produce?. 4. When water changes from a GAS to a LIQUID? A) Condensation. B) Evaporation. C) Precipitation. D) None of above. Show Answer Correct Answer: A) Condensation. 5. What does an Entrepreneur do? A) Organizes the other factors of production. B) Makes sure the company turns a profit. C) The person who works with the government to make sure the business is following the law. D) The person who produces the company's products. Show Answer Correct Answer: A) Organizes the other factors of production. 6. What forces us to make choices A) Scarcity. B) Problems. C) Mrs. Vosika's advice. D) Consumers. Show Answer Correct Answer: A) Scarcity. 7. What word means how much you pay for something? A) Purchase. B) Supply. C) Price or cost. D) Profit. Show Answer Correct Answer: C) Price or cost. 8. Which of the following are considered resources? A) Humans. B) Land. C) Capital (money and equipment). D) All of the above. Show Answer Correct Answer: D) All of the above. 9. There are vast reserves of oil in Saudi Arabia, but it is still considered scarce. Why is this true? A) It has many uses. B) It is not desirable. C) It is inexpensive to purchase. D) It is expensive to purchase. Show Answer Correct Answer: A) It has many uses. 10. Which means the same as human resources? A) Capital resources. B) Service providers. C) Labor resources. D) Unskilled workers. Show Answer Correct Answer: C) Labor resources. 11. A company or person who accepts less of one thing to have more of something else is A) Making a trade-off. B) Eliminating scarcity. C) Balancing demand and supply. D) Exchanging with other people. Show Answer Correct Answer: A) Making a trade-off. 12. What percent of Earth's freshwater is available for humans to use? A) 3. B) Less than 1. C) 97. D) 10. Show Answer Correct Answer: B) Less than 1. 13. When we have unlimited needs and wants, but a limited supply of a particular resource A) Deforestation. B) Extinction. C) Scarcity. D) Choice. Show Answer Correct Answer: C) Scarcity. 14. What word means a good or service? A) Cost. B) Product. C) The answer is not here. D) None of above. Show Answer Correct Answer: B) Product. 15. What goes on the x axis of a demand graph? A) Price. B) Quantity demanded. C) Quantity supplied. D) Change in demand. Show Answer Correct Answer: B) Quantity demanded. 16. A herd of cattle is an example of ..... A) Land. B) Labor. C) Entrepreneur. D) Capital. Show Answer Correct Answer: A) Land. 17. What two requirements must an item meet to be considered scarce? A) Limited in quantity and desirable. B) Expensive and rare. C) A natural resource and plentiful. D) A man made resource and cheap. Show Answer Correct Answer: A) Limited in quantity and desirable. 18. This is the reason we have to make choices. A) Scarcity. B) Shortages. C) Opportunity Costs. D) Trade offs. Show Answer Correct Answer: A) Scarcity. 19. What word means that this is how much you will have to pay for something? A) Cost. B) Price. C) Price and cost. D) Purchase. Show Answer Correct Answer: C) Price and cost. 20. The following items (accountant's computer, carpenter's drill, and a tailor's sewing machine) are all examples of which factor of production? A) Capital. B) Entrepreneurshipt. C) Land. D) Labor. Show Answer Correct Answer: A) Capital. ← 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