This quiz works best with JavaScript enabled. Home > Microeconomics > Scarcity > Scarcity – Quiz 2 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Scarcity Quiz 2 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. An action or activity that one person performs for another A) Want. B) Need. C) Good. D) Service. Show Answer Correct Answer: D) Service. 2. What is a truck? A) Labour Resource. B) Capital Resource. C) Natural Resource. D) None of above. Show Answer Correct Answer: B) Capital Resource. 3. When Russia was the Soviet Union, they had a Command economy because of their ..... government. A) Communist. B) Democratic. C) Oligarchy. D) None of above. Show Answer Correct Answer: A) Communist. 4. Which option would be the most appropriate solution for a high income country? A) Spill over ponds. B) Desalination plants. C) Terracing. D) Sediment trapping. Show Answer Correct Answer: B) Desalination plants. 5. How does technology promote economic growth? A) By reinforcing traditional values in a society. B) By introducing new goods and services that create new markets. C) By ensuring people's freedom to make their own choices. D) By rewarding the development of efficient technology. Show Answer Correct Answer: B) By introducing new goods and services that create new markets. 6. What term refers to the principle that society has limited resources and therefore cannot produce all the goods & services people wish to have? A) Inefficiency. B) Inequality. C) Scarcity. D) Market failure. Show Answer Correct Answer: C) Scarcity. 7. The government has little to no role in the production of goods in this type of economy. A) Traditional. B) Mixed. C) Command. D) Market. Show Answer Correct Answer: D) Market. 8. What is an economic want? A) Things people need in order to survive. B) Things people would like to have. C) Things people don't want anymore. D) None of above. Show Answer Correct Answer: B) Things people would like to have. 9. Who is affected by the condition of scarcity? A) The rich. B) Large economies. C) All societies. D) Producers (ie:businesses). Show Answer Correct Answer: C) All societies. 10. Susan wants to play softball and work after school. She cannot do both, so she decides to play softball. What is her opportunity cost? A) Playing softball. B) Working. C) Being with her friends. D) There is no opportunity cost because she spends no money. Show Answer Correct Answer: B) Working. 11. If the price of a good or service decreases what will happen to the demand for it? A) Increase. B) Decrease. C) Stay the same. D) Who knows. Show Answer Correct Answer: A) Increase. 12. What percentage of the earth's fresh water is easily accessible on the surface? A) 0.3%. B) 3%. C) 13%. D) 33%. Show Answer Correct Answer: A) 0.3%. 13. Found in agricultural societies where people live the same way their parents and grandparents did; people produce what they need to survive. A) Traditional Economy. B) Market Economy. C) Command Economy. D) Mixed Economy. Show Answer Correct Answer: A) Traditional Economy. 14. All of the following are factors of production EXCEPT A) Land. B) Money. C) Labor. D) Capital. Show Answer Correct Answer: B) Money. 15. When a resource becomes scarce, what happens to its cost? A) The cost increases. B) The cost stays the same. C) The cost goes down. D) The cost always doubles. Show Answer Correct Answer: A) The cost increases. 16. WANTS > RESOURCES because resources are A) Unlimited. B) Scarce. C) Experiencing a shortage. D) Expensive. Show Answer Correct Answer: B) Scarce. 17. What is the key factor in determining the type of economy a country has? A) Public and private sector. B) What will be produced, how it will be produced, and for whom it will be produced. C) The availability of resources and demand. D) The extent of government involvement. Show Answer Correct Answer: D) The extent of government involvement. 18. A bulldozer is an example of which type of Factor of Production? A) Land. B) Labor. C) Capital. D) None of above. Show Answer Correct Answer: C) Capital. 19. China has a scarcity of pineapples. How can it solve this problem? A) Import pineapples from another country. B) Grow fewer pineapples. C) Export pineapples from its country. D) Demand other countries give it pineapples. Show Answer Correct Answer: A) Import pineapples from another country. 20. The basic economic problem is A) Scarcity. B) Monopolies. C) Consumers. D) Capitalism. Show Answer Correct Answer: A) Scarcity. ← PreviousNext →Related QuizzesMicroeconomics QuizzesScarcity Quiz 1Scarcity Quiz 3Scarcity Quiz 4Scarcity Quiz 5Scarcity Quiz 6Scarcity Quiz 7Scarcity Quiz 8Scarcity Quiz 9Scarcity Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books