This quiz works best with JavaScript enabled. Home > Microeconomics > Scarcity > Scarcity – Quiz 5 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Scarcity Quiz 5 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The term "factors of production" means: A) Things or skills needed to produce goods or services. B) How we spend our money. C) The resources of the government. D) How society creates jobs. Show Answer Correct Answer: A) Things or skills needed to produce goods or services. 2. What is the fundamental problem of economics? A) How to keep consumers out of debt?. B) How to fulfill our unlimited wants and needs with limited resources?. C) How to figure out the way to make the most money?. D) How do we ensure all people get a college education?. Show Answer Correct Answer: B) How to fulfill our unlimited wants and needs with limited resources?. 3. When it comes to our needs, water usage dominates which single aspect of our lives the most? A) Agriculture. B) Education. C) Energy. D) National security. Show Answer Correct Answer: A) Agriculture. 4. What is the definition of economics? A) The study of how people use relatively scarce resources. B) The study of how people use toothbrushes. C) The study of the U.S. presidents. D) None of above. Show Answer Correct Answer: A) The study of how people use relatively scarce resources. 5. Scarcity is good because it forces the use of the smallest amount of resources to produce the greatest amount of output, or ..... A) Allocation. B) Efficiency. C) Specialization. D) Division of labor. Show Answer Correct Answer: B) Efficiency. 6. Can the water get polluted A) Yes. B) No. C) Maybe. D) I don't know. Show Answer Correct Answer: A) Yes. 7. Which goods are scarce in Florida? A) Oranges. B) Limes. C) Alligators. D) Oil. Show Answer Correct Answer: D) Oil. 8. Which of the following is an example of "land" necessary to produce "steel." A) Iron Ore. B) How should I know where they produce steel?. C) The Pittsburgh Steelers. D) Factories. Show Answer Correct Answer: A) Iron Ore. 9. Here is a prioritized list of things you want to buy at Meijer.clothes (what you did buy) junk food healthy food a gift for your teacher What is the opportunity cost of buying the clothes? A) Clothes. B) Junk food. C) Healthy food. D) A gift for your teacher. Show Answer Correct Answer: B) Junk food. 10. Which of the following would be an example of human capital? A) The amount of workers who work in a Nike factory. B) The skills of the shoe designers at Nike. C) Philip Knight, the CEO of Nike. D) The land that the Nike headquarters is located on in Beaverton Oregon. Show Answer Correct Answer: B) The skills of the shoe designers at Nike. 11. In the world, natural elements like water, oil, and trees can be described as: A) Short. B) Rarity. C) Insufficiant. D) Scarce. Show Answer Correct Answer: D) Scarce. 12. Low Income Countries use a higher proportion of water on ..... A) Agriculture. B) Domestic. C) Industry. D) None of above. Show Answer Correct Answer: A) Agriculture. 13. We live in a world of scarce resources. Scarcity means that three questions should be answered. What to produce, how to produce and? A) What goods and services. B) Tools and equipment needed. C) To whom to produce. D) Factors pf Production. Show Answer Correct Answer: C) To whom to produce. 14. Incentives are important because ..... A) The may change the cost of an item. B) They create opportunity cost. C) The may change your decision. D) They require the use of the factors of production. Show Answer Correct Answer: C) The may change your decision. 15. The resources used to make all goods and services A) Capital. B) Labor. C) Factors of Production. D) Land. Show Answer Correct Answer: C) Factors of Production. 16. An economy that is NOT using all its resources to gain the maximum possible production is A) Efficient. B) Trading off. C) Growing. D) Underutilized. Show Answer Correct Answer: D) Underutilized. 17. A fishing village would be an example of which economic system: A) Market. B) Command. C) Free Enterprise. D) Traditional. Show Answer Correct Answer: D) Traditional. 18. Factories use ..... water. A) Rain. B) Snow. C) Underground. D) None. Show Answer Correct Answer: C) Underground. 19. Water percentage of water is fresh drinking water available for us immediately A) Less than 1%. B) 67%. C) 25%. D) 3%. Show Answer Correct Answer: A) Less than 1%. 20. Which is a need? A) Coffee. B) Water. C) Gatorade. D) Pop. Show Answer Correct Answer: B) Water. ← PreviousNext →Related QuizzesMicroeconomics QuizzesScarcity Quiz 1Scarcity Quiz 2Scarcity Quiz 3Scarcity Quiz 4Scarcity Quiz 6Scarcity Quiz 7Scarcity Quiz 8Scarcity Quiz 9Scarcity Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books