This quiz works best with JavaScript enabled. Home > Microeconomics > Scarcity > Scarcity – Quiz 9 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Scarcity Quiz 9 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Access to clean water can mean the difference between ..... A) Showers and baths. B) Life and death. C) Eating and starving. D) Earth and Mars. Show Answer Correct Answer: B) Life and death. 2. Why is it ok to be late to Economics? A) Because time is a scarcity. B) Because there was more value in eating 2 more slices of pizza. C) Because Mom forgot. D) It's never ok to be late to Economics. Show Answer Correct Answer: D) It's never ok to be late to Economics. 3. Which is NOT a Factor of Production? A) Land. B) Capital. C) Money. D) Labor. Show Answer Correct Answer: C) Money. 4. Scarcity exists because A) Resources are insufficient to satisfy people's wants. B) Resources are limited. C) People have wants. D) People aren't willing to share their wealth. Show Answer Correct Answer: A) Resources are insufficient to satisfy people's wants. 5. Distinguish Which economic goal reflects the desire of individuals to make their own choices about owning property or becoming entrepreneurs? A) Freedom. B) Efficiency. C) Equity. D) Security. Show Answer Correct Answer: A) Freedom. 6. WANTS are greater than RESOURCES because resources are A) Unlimited. B) Scarce. C) Experiencing a shortage. D) Expensive. Show Answer Correct Answer: B) Scarce. 7. A ..... is something you give up to get something else. A) Opportunity Cost. B) Benefit. C) Demand. D) Service. Show Answer Correct Answer: A) Opportunity Cost. 8. Why is there scarcity even in an affluent country like the United States? A) Entrepreneurs are scarce and companies need leaders. B) Some people are poor while others are wealthy. C) . D) Wants are limited but needs are unlimited. Show Answer Correct Answer: C) . 9. All are alternates to Scarcity EXCEPT: A) Wish. B) Ration. C) Trade. D) Substitute. Show Answer Correct Answer: A) Wish. 10. The basic economic conditions that exist when unlimited wants exceed limited productive resources is called A) Capital. B) Scarcity. C) Economics. D) Factors of production. Show Answer Correct Answer: B) Scarcity. 11. When the quantity (amount) of a product or service is high, but the demand is low, the price will often A) Go down. B) Go up. C) Stay the same. D) Neither. Show Answer Correct Answer: A) Go down. 12. A sales clerk represents which factor of production? A) Entrepreneur. B) Capital. C) Labor. D) Land. Show Answer Correct Answer: C) Labor. 13. The effort people devote to tasks for which they are paid A) Land. B) Labor. C) Capital. D) None of above. Show Answer Correct Answer: B) Labor. 14. When scarcity exist, the choices society make for the use of the scarce resource is called A) Bartering. B) Surplus. C) Distribution. D) Shortage. Show Answer Correct Answer: C) Distribution. 15. Which of the following is NOT a way that we often deal with scarcity of an essential good like freshwater A) Conserve (use less & save) it. B) Ration (divide what we have up and share smaller amounts of it). C) Use it all as quickly as we can. D) By a similar item (substitution). Show Answer Correct Answer: C) Use it all as quickly as we can. 16. An example of an IGO is A) Philadelphia Eagles. B) Facebook. C) Starbucks. D) United Nations. Show Answer Correct Answer: D) United Nations. 17. A good intended for final use by individuals. (example:clothes) A) Durable Good. B) Nondurable Good. C) Consumer Good. D) Capital Good. Show Answer Correct Answer: C) Consumer Good. 18. Which of the water sources listed below involves a form of hard engineering? A) Natural lake. B) Water conservation. C) Reservoir and dam. D) Aquifer. Show Answer Correct Answer: C) Reservoir and dam. 19. The term used to describe the way a nation provides for the needs and wants of its people A) Resources. B) Economy. C) Factors of production. D) Infrastructure. Show Answer Correct Answer: B) Economy. 20. What determines the Quantity Supplied and the Quantity Demanded for a Product? A) Price. B) Command Economy. C) Market Economy. D) Suppliers' Costs. Show Answer Correct Answer: A) Price. ← PreviousNext →Related QuizzesMicroeconomics QuizzesScarcity Quiz 1Scarcity Quiz 2Scarcity Quiz 3Scarcity Quiz 4Scarcity Quiz 5Scarcity Quiz 6Scarcity Quiz 7Scarcity Quiz 8Scarcity Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books