Scarcity is a basic economic problem because —
4th Six Weeks Economics Test Review

Quiz
•
History
•
12th Grade
•
Easy
Amy Dick
Used 6+ times
FREE Resource
25 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
resources are limited
governments limit production
opportunity costs limit demand
people have trouble making choices
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The basic idea of choice presents which of the problems in economics?
People get to decide what they want.
Businesses can sell what they want.
Decisions produce costs.
Choice is a way of life.
3.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
What is the relationship between scarcity and decision making in economics?
Consumers are more likely to choose goods and services that are scarce.
When certain goods are scarce it complicates decision making.
Individuals must choose how to use scarce resources to satisfy their wants.
When resources are scarce the government will prioritize certain goods to influence decision making.
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
In a free market society, the answer to the question about how much to produce is determined by —
census data
profit projections
consumer demand
government quotes
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which of the following represents capital needed to start a tailoring or garment making business?
Dressmakers
Building space
Marketing team
Sewing machines
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which factor of production completes the excerpt?
Laborers
Landlords
Entrepreneurs
Capital investors
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which resource would be considered the factor of production called land?
Coal
Factory
Money
Tractor
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