This quiz works best with JavaScript enabled. Home > Microeconomics > Scarcity > Scarcity – Quiz 3 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Scarcity Quiz 3 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Forests are examples of ..... A) Land. B) Labor. C) Entrepreneurs. D) Capital. Show Answer Correct Answer: A) Land. 2. The total amount of a good or service that is available to buy is called A) Demand. B) Incentive. C) Profit. D) Supply. Show Answer Correct Answer: D) Supply. 3. Another simpler phrase for opportunity cost is ..... A) Trade off. B) Scarcity. C) Choice. D) Incentive. Show Answer Correct Answer: A) Trade off. 4. PART TWO:If a disease were to damage the plants that produce cocoa in Ghana what effect would it have on world cocoa prices? A) World cocoa prices would go down. B) World cocoa prices would go up. C) World cocoa prices would stay the same. D) None of above. Show Answer Correct Answer: B) World cocoa prices would go up. 5. This term means the people do not have the money to easily access clean drinking water. A) Economic Water Scarcity. B) Physical Water Scarcity. C) Unsanitary Water Scarcity. D) None of above. Show Answer Correct Answer: A) Economic Water Scarcity. 6. Name two characteristics of a command economy. A) Centrally-planned, profit. B) Central ownership of property, lack of choice. C) Competition, central ownership of resources. D) Centrally-planned, consumer sovereignty. Show Answer Correct Answer: B) Central ownership of property, lack of choice. 7. Your Mail lady is an example of ..... A) Land. B) Labor. C) Entrepreneurs. D) Capital. Show Answer Correct Answer: B) Labor. 8. Movement along a supply curve demonstrates A) A change in quantity supplied. B) A change in quantity demanded. C) A change in supply. D) A change in demand. Show Answer Correct Answer: A) A change in quantity supplied. 9. Scarcity is defined as a limited supply of resources and ..... A) Limited wants for those resources. B) Unlimited resources. C) Limited resources. D) Unlimited wants for available resources. Show Answer Correct Answer: D) Unlimited wants for available resources. 10. When scarcity happens, societies choose to do this to make use of the scarce resource. A) Shortage. B) Surplus. C) Barter. D) Distribution. Show Answer Correct Answer: D) Distribution. 11. Every time we go shopping we make ..... A) Choices. B) Money. C) Products. D) None of above. Show Answer Correct Answer: A) Choices. 12. When water is scarce, it must be saved for most important things like growing crops. This is an example of: A) A decision that a community might have made when there was water scarcity. B) A trade-off that one person could have made to save water. C) An opportunity cost. D) None of above. Show Answer Correct Answer: A) A decision that a community might have made when there was water scarcity. 13. Most of Earths fresh water (~70%) is used for ..... ? A) Agriculture (farming). B) Industry (making products). C) Domestic (at home). D) None of above. Show Answer Correct Answer: A) Agriculture (farming). 14. In two hours, John can write two essays or construct one presentation. His opportunity cost of of constructing one presentation is: A) Feeding the dog. B) One essay. C) Two essays. D) Calculus homework. Show Answer Correct Answer: C) Two essays. 15. What is it called when a country sells goods and services to another country? A) Import. B) Recognizable. C) Export. D) Durable. Show Answer Correct Answer: C) Export. 16. Goods that are bought and used together are A) Complementary goods. B) Substitute goods. C) Income goods. D) Unrelated goods. Show Answer Correct Answer: A) Complementary goods. 17. Which of these is NOT a reason on why we have scarcity? A) All resources are limited. B) People are satisfied with what they have. C) People want more than our country can produce. D) None of above. Show Answer Correct Answer: B) People are satisfied with what they have. 18. Something that is essential for survival A) Want. B) Physical Capital. C) Need. D) Tools. Show Answer Correct Answer: C) Need. 19. Jenny has saved some money from babysitting and she now wants to spend some of the money. She either wants to buy a new cell phone or a new Ipad. She decides to buy the phone so what is her opportunity cost? A) Cell phone. B) Ipad. C) New clothes. D) Savings. Show Answer Correct Answer: B) Ipad. 20. Goods naturally found on the earth A) Natural resources. B) Supply. C) Demand. D) Services. Show Answer Correct Answer: A) Natural resources. ← PreviousNext →Related QuizzesMicroeconomics QuizzesScarcity Quiz 1Scarcity Quiz 2Scarcity Quiz 4Scarcity Quiz 5Scarcity Quiz 6Scarcity Quiz 7Scarcity Quiz 8Scarcity Quiz 9Scarcity Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books