This quiz works best with JavaScript enabled. Home > Microeconomics > Scarcity > Scarcity – Quiz 7 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Scarcity Quiz 7 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Identify the region that experiences physical water scarcity. A) Northern Europe. B) Southwest Australia. C) Southeast Asia. D) Indonesia. Show Answer Correct Answer: B) Southwest Australia. 2. Your house is an example of a ..... A) Need. B) Want. C) Scarcity. D) Opportunity Cost. Show Answer Correct Answer: A) Need. 3. Shortages occur when A) Many people are unemployed. B) Interest rates go up. C) People have trouble supplying goods and services at current prices. D) The United States exports more than it imports. Show Answer Correct Answer: C) People have trouble supplying goods and services at current prices. 4. Which of the following is NOT and example of a LAND resource A) Water. B) Minerals. C) Toothpaste. D) Crude oil. Show Answer Correct Answer: C) Toothpaste. 5. Unlimited wants versus limited resources is A) Shortage. B) Scarcity. C) Opportunity cost. D) Freedom. Show Answer Correct Answer: B) Scarcity. 6. In a private enterprise economy, the success or failure of a business is determined primarily by A) Consumer demand. B) State and federal laws and regulations. C) The decisions each business makes. D) Competitors' actions. Show Answer Correct Answer: C) The decisions each business makes. 7. Which one of these statements is correct? A) Because of scarcity people have to make choices. B) Rich people do not experience scarcity. C) Scarcity only exists in poor countries. D) Gold is not considered scarce. Show Answer Correct Answer: A) Because of scarcity people have to make choices. 8. Hour spent on one activity takes away 1 hour from another activity. This trade off is called: A) Scarcity. B) Shortage. C) Sacrifice. D) Opportunity cost. Show Answer Correct Answer: D) Opportunity cost. 9. What is the impact of scarcity on price? A) It makes price go down. B) It makes price go up. C) It has no effect on price. D) None of above. Show Answer Correct Answer: B) It makes price go up. 10. Areas of economic water scarcity tend to be located in areas ..... A) Of high economic development. B) With low levels of precipitation. C) Of low economic development. D) With high temperatures. Show Answer Correct Answer: C) Of low economic development. 11. What causes water scarcity? A) Heat. B) Rain. C) Sewer. D) Animals. Show Answer Correct Answer: A) Heat. 12. Tanzania is in A) East Africa. B) West Africa. C) North Africa. D) South Africa. Show Answer Correct Answer: A) East Africa. 13. Why is scarcity an important concept in Economics? A) Scarcity forces you to make a decision. B) Scarcity gives items value. C) Scarcity requires you to use the factors of production. D) Scarcity only occurs in the Market Economic System. Show Answer Correct Answer: A) Scarcity forces you to make a decision. 14. The supply of water by public utilities commercial organisations, community endeavors or by individuals, usually via a system of pumps and pipes is also called A) Water provision. B) Sewage maintenance. C) Water main. D) Water shut off. Show Answer Correct Answer: A) Water provision. 15. Water scarcity that is is a result of poor management of the sufficient available water. A) Economic water scarcity. B) Physical water scarcity. C) Arable land. D) IGO. Show Answer Correct Answer: A) Economic water scarcity. 16. Last year when the Samsung battery started catching fire, what effect did this have on the market for Iphone. A) Demand decreased. B) Supply increased. C) Demand increased. D) Supply decreased. Show Answer Correct Answer: C) Demand increased. 17. What word means to artificially apply water to land to help with farming and agriculture? A) Irrigation. B) Scarcity. C) Agriculture. D) Basin. Show Answer Correct Answer: A) Irrigation. 18. What is a synonym for scarcity? A) ) plenty. B) ) several. C) ) few. D) ) abundance. Show Answer Correct Answer: C) ) few. 19. ..... is what happens when an item is hard to find. A) Demand. B) Scarcity. C) Supply. D) Trade. Show Answer Correct Answer: B) Scarcity. 20. A steel factory is an example of A) Land. B) Labor. C) Entrepreneurs. D) Capital. Show Answer Correct Answer: D) Capital. ← PreviousNext →Related QuizzesMicroeconomics QuizzesScarcity Quiz 1Scarcity Quiz 2Scarcity Quiz 3Scarcity Quiz 4Scarcity Quiz 5Scarcity Quiz 6Scarcity Quiz 8Scarcity Quiz 9Scarcity Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books