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Scarcity and Economic Concepts

Authored by Brian White

Social Studies

11th Grade

Used 6+ times

Scarcity and Economic Concepts
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is scarcity in economics?

The unlimited availability of resources

The limited availability of resources

The equal distribution of resources

The absence of resources

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the opposite of scarcity?

Abundance

Poverty

Shortage

Excess

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Unlimited resources

Limited resources

Equal distribution of resources

No scarcity

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

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