Economics Scarcity Quiz

What is the central idea in all of economics?

• Scarcity

• Sustainability

• Abundance

• Equality

What does scarcity mean in the field of economics?

• Limited resources

• Abundance of resources

• Equal distribution of resources

• Sustainable resources

What is caviar considered as - a scarce resource or a free resource?

• Scarce resource

• Free resource

• Abundant resource

• Limited resource

Is labor considered as a scarce resource or a free resource?

• Free resource

• Scarce resource

• Abundant resource

• Limited resource

Is the view from a house next to an alpine lake considered as a scarce resource or a free resource?

• Scarce resource

• Free resource

• Limited resource

• Abundant resource

Is water in a town considered as a scarce resource or a free resource?

• Scarce resource

• Limited resource

• Free resource

• Abundant resource

Is oxygen on our planet considered as a scarce resource or a free resource?

• Limited resource

• Abundant resource

• Free resource

• Scarce resource

What is the reason why the field of economics is needed?

• Scarcity of resources

• Equal distribution of resources

• Sustainable resources

• Abundance of resources

What do people have to give up in order to have access to scarce resources?

• Nothing

• Other resources

• Money

• Time

What will be studied in micro and macroeconomics related to scarce resources?

• Resource abundance

• Resource distribution

• Resource preservation

• Allocation methods