Scarcity and Economic Concepts

What is scarcity in economics?

• The unlimited availability of resources

• The limited availability of resources

• The equal distribution of resources

• The absence of resources

What is the opposite of scarcity?

• Abundance

• Poverty

• Shortage

• Excess

Who defined economics as the science that studies human behavior as a relationship between ends and scarce means?

• Thomas Robert Malthus

• Lionel Robbins

• Paul Samuelson

• Adam Smith

What is absolute scarcity?

• When there is an abundance of resources

• When there is a shortage of resources

• When human requirements exceed available quantities

• When human requirements are equal to available quantities

What is relative scarcity?

• When there is an abundance of resources

• When there is a shortage of resources

• When human requirements exceed available quantities

• When human requirements are equal to available quantities

According to Lionel Robbins, what is necessary for economics to exist?

• Unlimited resources

• Limited resources

• Equal distribution of resources

• No scarcity

What is the condition of relative sufficiency?

• Human requirements exceed available quantities

• Human requirements are equal to available quantities

• Available quantities exceed human requirements

• None of the above

What is the condition of relative abundance?

• Human requirements exceed available quantities

• Human requirements are equal to available quantities

• Available quantities exceed human requirements

• None of the above

What is scarcity in the real world?

• A surplus of resources

• A balance between resources and wants

• A gap between limited resources and limitless wants

• An equal distribution of resources

What is the role of competition in a scarce resource allocation?

• Competition ensures equal distribution of resources

• Competition leads to scarcity

• Competition leads to abundance

• Competition determines who gets the resources