This quiz works best with JavaScript enabled. Home > Microeconomics > Scarcity > Scarcity – Quiz 6 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Scarcity Quiz 6 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The physical development of a country including roads, ports, utilities A) Land. B) Labor. C) Infrastructure. D) Entrepreneurship. Show Answer Correct Answer: C) Infrastructure. 2. Which of these is a want? A) Designer clothes. B) Clothes. C) Water. D) Food. Show Answer Correct Answer: A) Designer clothes. 3. In economics, capital refers to A) All natural resources. B) Labor used to produce a product. C) Man-made items needed for production. D) The risk taker who invests in a new product. Show Answer Correct Answer: C) Man-made items needed for production. 4. Does utility vary depending on the person? A) No. B) Yes. C) I don't know what utility is. D) None of above. Show Answer Correct Answer: B) Yes. 5. Complete this list of the Factors of Production:A Gas Station Owner; A Gas Pump, A Mechanic A) Gasoline. B) Customers. C) Tools. D) An Owner. Show Answer Correct Answer: A) Gasoline. 6. Identify the natural cause of water scarcity. A) Agricultural processes. B) Climate change. C) Pollution. D) Economic development. Show Answer Correct Answer: B) Climate change. 7. Which of these is NOT a way we deal with Scarcity? A) Creating more resources. B) Doing without something. C) Making better use of our resources. D) Expanding time. Show Answer Correct Answer: D) Expanding time. 8. A new toy was much more popular than expected. It is now scarce. What caused this scarcity? A) A disaster. B) The climate. C) The demand. D) The season. Show Answer Correct Answer: C) The demand. 9. When a limited amount of resources are available, consumers must A) Choose an alternative. B) Demand more. C) Wait. D) Fight for them. Show Answer Correct Answer: A) Choose an alternative. 10. Which of these countries is "water rich" ? A) Australia. B) Egypt. C) New Zealand. D) None of above. Show Answer Correct Answer: C) New Zealand. 11. Which needs are satisfied and how resources are distributed in a country depend on A) Raw materials. B) Consumer education. C) Product prices. D) The country's economic system. Show Answer Correct Answer: D) The country's economic system. 12. What are the four key elements of economics? A) Gucci, Supreme, Chanel, and Louis Vuitton. B) Money, dollar bills, cash, and bags. C) Description, analysis, explanation, and prediction. D) None of above. Show Answer Correct Answer: C) Description, analysis, explanation, and prediction. 13. When a country is water poor, it has ..... A) Little access to water and low rainfall. B) Lots of money to buy water. C) Lots of access to water, through rain and rivers. D) No water at all. Show Answer Correct Answer: A) Little access to water and low rainfall. 14. What happened to a supply curve when supply goes down? A) Moves left. B) Moves rights. C) Moves up. D) Moves down. Show Answer Correct Answer: A) Moves left. 15. Which is NOT a question all societies have to answer due to scarce resources? A) When will products be produced?. B) How will products be produced?. C) What products will be produced?. D) Who will gets access to the resources and the products they produce?. Show Answer Correct Answer: A) When will products be produced?. 16. There are four types of economic systems. Most economies are ..... A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: D) Mixed. 17. In order for goods and services to be created we need our economic resources, also known as: A) Factors of Production. B) Resources. C) Scarcity. D) Economics. Show Answer Correct Answer: A) Factors of Production. 18. An example of a non scarce good A) Computers. B) Air. C) Cars. D) Cell phones. Show Answer Correct Answer: B) Air. 19. Which of the following is not a factor causing shortage of water? A) Planet. B) Using Manual Sprinklers. C) Watering. D) Setting-Up-Factories. Show Answer Correct Answer: D) Setting-Up-Factories. 20. What is the driving force of the water cycle? A) Evaporation from the ocean. B) Heat from the sun. C) Precipitation from rainfall. D) Runoff from mountains. Show Answer Correct Answer: B) Heat from the sun. ← PreviousNext →Related QuizzesMicroeconomics QuizzesScarcity Quiz 1Scarcity Quiz 2Scarcity Quiz 3Scarcity Quiz 4Scarcity Quiz 5Scarcity Quiz 7Scarcity Quiz 8Scarcity Quiz 9Scarcity Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books