What is the concept of scarcity in economics?

Unit 1 Economics A Level Quiz Cambridge A Level

Quiz
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Other
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11th Grade
•
Medium

Joe Brogan
Used 65+ times
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Limited availability of resources compared to unlimited wants and needs
Equal availability of resources and wants and needs
Scarcity refers to the excess of resources compared to wants and needs
Unlimited availability of resources compared to limited wants and needs
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Explain the relationship between scarcity, choice, and opportunity costs.
Scarcity has no impact on choices or opportunity costs
Scarcity leads to unlimited choices and no opportunity costs
Scarcity leads to choices, but there are no opportunity costs
Scarcity leads to choices, and making choices involves opportunity costs.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Discuss the economic methodology used to study and analyze economic issues.
Historical and sociological analysis
Political and philosophical perspectives
Theoretical and empirical tools
Geographical and environmental factors
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Identify and explain the factors of production in an economy.
Technology, infrastructure, machinery, and tools
Water, air, fire, and earth
Land, labor, capital, and entrepreneurship
Money, goods, services, and resources
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Compare and contrast resource allocation in different economic systems such as capitalism, socialism, and mixed economies.
Capitalism and socialism have identical resource allocation methods
There is no difference in resource allocation between mixed economies and other economic systems
Resource allocation is the same in all economic systems
Resource allocation differs based on private ownership, market forces, central planning, and public ownership in capitalism, socialism, and mixed economies.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Draw and explain a production possibility curve for a hypothetical economy.
The curve represents the trade-off between producing different goods in the economy.
The answer is not provided as it requires a visual representation.
The curve illustrates the demand and supply of goods in the economy.
The curve shows the maximum combination of goods that an economy can produce given its resources and technology.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does a point inside the production possibility curve indicate?
No impact on resource utilization
Overutilization of resources
Efficient use of resources
Underutilization of resources
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