This quiz works best with JavaScript enabled. Home > Microeconomics > Scarcity > Scarcity – Quiz 8 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Scarcity Quiz 8 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. When you make a choice, you face a(n) A) Opportunity cost. B) High cost. C) Low cost. D) Sunk cost. Show Answer Correct Answer: A) Opportunity cost. 2. Entrepreneurs A) People with all their efforts and abilities. B) Individuals who start a new business or bring a product to market. C) The "gifts of nature" or natural resources not created by human effort. D) The tools, equipment, and factories used in production of goods and services. Show Answer Correct Answer: B) Individuals who start a new business or bring a product to market. 3. Technology will usually increase what? A) Lose. B) Production. C) Money. D) Resources. Show Answer Correct Answer: B) Production. 4. What will probably happen if something people want to buy is scarce? A) The price will go up. B) You will be able to get it for free. C) The price will go down. D) None of above. Show Answer Correct Answer: A) The price will go up. 5. ..... means that we have limited quantities of resources to meet our unlimited wants. A) Shortage. B) Scarcity. C) Recession. D) Simplify. Show Answer Correct Answer: B) Scarcity. 6. A sale is an example of an ..... This is a reward for buying something now rather then later. A) Choice. B) Opportunity cost. C) Incentive. D) Trade off. Show Answer Correct Answer: C) Incentive. 7. Something that motivates a consumer to purchase a good or service is called: A) Promotion. B) Incentive. C) Sale. D) The right decision. Show Answer Correct Answer: B) Incentive. 8. Proper and careful utilization of water, avoiding it's wastage, and maintaining the amount of water in its different sources, is called ..... A) Rain water harvesting. B) Water conservation. C) Both. D) None. Show Answer Correct Answer: B) Water conservation. 9. A tool or good such as machinery or equipment that is used by businesses to produce other products. A) Durable Good. B) Nondurable Good. C) Consumer Good. D) Capital Good. Show Answer Correct Answer: D) Capital Good. 10. Which type of growth is related to imports and exports of goods? A) Productivity. B) Trade. C) Technology. D) None of above. Show Answer Correct Answer: B) Trade. 11. In this type of economy, the government places control on businesses, but the individual decides what to make. A) Mixed. B) Market. C) Command. D) Traditional. Show Answer Correct Answer: A) Mixed. 12. Scarcity forces people to do what? A) Make a decision. B) Buy more. C) Buy less. D) Ask for advice. Show Answer Correct Answer: A) Make a decision. 13. Proper and careful utilisation of water, avoiding it's wastage, and maintaining the amount of water in its different sources, is called- A) Rain water harvesting. B) Water conservation. C) Both. D) None. Show Answer Correct Answer: B) Water conservation. 14. All of the following are trade-offs for a semester study abroad EXCEPT: A) Eating all of the favorite foods. B) Seeing friends from home daily. C) Experiencing the culture of another country. D) Missing family activities at home. Show Answer Correct Answer: A) Eating all of the favorite foods. 15. I have 12 fresh baked muffins, but I have 25 students that want one, this is a situation of A) Biodiversity. B) Deforestation. C) Opportunity cost. D) Scarcity. Show Answer Correct Answer: D) Scarcity. 16. During war time, food was limited . In order for everyone to receive this food, the government distributed an assigned amount to be given out, This is an example of A) Rationing. B) Production. C) Intervention. D) Allowance. Show Answer Correct Answer: A) Rationing. 17. Mexico uses wheat, but it cannot grow it because of the weather. Wheat is scarce in Mexico. What caused this scarcity? A) A disaster. B) The climate. C) Trade. D) Imports. Show Answer Correct Answer: B) The climate. 18. What are the effects of water scarcity? A) Less water, dirty water, more insects, undrinkable water. B) Healthy water. C) Drinkable water. D) No insects. Show Answer Correct Answer: A) Less water, dirty water, more insects, undrinkable water. 19. What two states are currently experiencing extreme drought? A) Florida and Georgia. B) Florida and Oklahoma. C) Africa and Australia. D) Georgia and Oklahoma. Show Answer Correct Answer: D) Georgia and Oklahoma. 20. When you give up something to have something else A) Trade-off. B) Opportunity cost. C) Sacrifice of need. D) Sacrifice of want. Show Answer Correct Answer: A) Trade-off. ← PreviousNext →Related QuizzesMicroeconomics QuizzesScarcity Quiz 1Scarcity Quiz 2Scarcity Quiz 3Scarcity Quiz 4Scarcity Quiz 5Scarcity Quiz 6Scarcity Quiz 7Scarcity Quiz 9Scarcity Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books