WorksheetsScarcity Quiz
Total questions: 31
Worksheet time: 29mins
Factors affecting scarcity: What are the three main factors that contribute to scarcity?
Limited resources, unlimited wants, and alternative uses of resources.
Abundant resources, limited wants, and single use of resources
Unlimited resources, limited needs, and single use of resources
Limited resources, unlimited needs, and single use of resources
Factors affecting scarcity: How does population growth impact scarcity?
Population growth has no impact on scarcity.
Population growth increases scarcity.
Population growth only impacts abundance, not scarcity.
Population growth decreases scarcity.
Factors affecting scarcity: Explain how natural disasters can affect scarcity.
Natural disasters can destroy or damage resources, leading to scarcity.
Natural disasters only affect resources in urban areas, not scarcity.
Natural disasters have no impact on scarcity.
Natural disasters can create more resources, reducing scarcity.
Factors affecting scarcity: Discuss the role of technology in influencing scarcity.
Scarcity is not influenced by technology
Technology can both alleviate and exacerbate scarcity.
Technology always leads to scarcity
Technology has no impact on scarcity
Production possibilities curve: Define the concept of production possibilities curve.
The production possibilities curve shows the minimum combination of goods and services that can be produced given the available resources and technology.
The production possibilities curve is not affected by the available resources and technology.
The production possibilities curve represents the unlimited combination of goods and services that can be produced.
The production possibilities curve represents the maximum combination of goods and services that can be produced given the available resources and technology.
Production possibilities curve: How does a point inside the curve represent in terms of production?
Maximum utilization of resources and efficiency
Underutilization of resources and inefficiency
No impact on resource utilization and efficiency
Overutilization of resources and inefficiency
Production possibilities curve: What does a point outside the curve indicate?
An underutilization of resources
A point of maximum efficiency
An unattainable combination of goods
A balanced combination of goods
Impact of scarcity on society: How does scarcity impact the distribution of resources in a society?
Competition and prioritization
Equal distribution and abundance
Generosity and sharing
Hoarding and monopolization
Impact of scarcity on society: Discuss the relationship between scarcity and competition in a society.
Scarcity leads to abundance
Scarcity leads to competition
Scarcity leads to collaboration
Scarcity leads to equality
Impact of scarcity on society: Explain the role of government policies in addressing scarcity and its impact on society.
Government policies worsen scarcity by limiting resources
Government policies have no impact on scarcity
Scarcity is not a real issue in society
Government policies play a crucial role in addressing scarcity by implementing regulations, subsidies, and incentives to manage resources and ensure equitable distribution.
All societies face a trade-off for every decision for which of the following reasons?
A.
A decision entails zero opportunity cost.
Resources are scarce.
Some resources are always unemployed.
Resources have no alternative uses.
Resources are not allocated efficiently.
Opportunity cost refers to:
The cost of goods and services in an economy.
The value of the next best alternative given up when a choice is made.
The total amount of money available to an individual or a government.
The price of a resource in the market.
Scarcity is best defined as:
Having an abundance of resources compared to unlimited wants.
The availability of resources without any restrictions.
The fundamental economic problem of limited resources and unlimited wants.
A situation where resources are distributed equally among all individuals.
Economics is the study of ______________
Money
How to get rich
Consequences and Punishments
Choices
Scarcity is
Whatever you are giving up to do something.
The study of production, employment, prices, and policies on a nationwide scale
The tension caused by infinite wants and finite resources.
A set of external motivators that help people make choices.
Opportunity cost is
Whatever you are giving up to do something.
The study of production, employment, prices, and policies on a nationwide scale
The tension caused by infinite wants and finite resources.
A set of external motivators that help people make choices.
Incentives are ______________
A set of external motivators that help people make choices.
Whatever you are giving up to do something.
The tension caused by infinite wants and finite resources.
The study of production, employment, prices, and policies on a nationwide scale
What are the four types of resources? Choose all that apply?
Land
Labor
Capital
Entrepreneurship.
Oil, water, and wood are examples of ______________ resources.
Land
Labor
Capital
Entrepreneurship
Oprah Winfrey, Guy Fieri, and Steve Jobs are examples of ______________ resources.
Land
Labor
Capital
Entrepreneurship
Hammers, pencils, and computers are examples of ______________ .
Land
Labor
Capital
Entrepreneurship
Teachers, construction workers, and mechanics are examples of ______________ .
Land
Labor
Capital
Entrepreneurship
When we make a choice the option we give up is the ______________________________.
Scarcity
Opportunity Cost
Capital
Entrepreneurship
True or false: Scarcity and opportunity cost can be found in every economic example
True
False
________________________ are a set of external motivators that help people make choices.
Incentives
Opportunity Cost
Scarcity
Finite Resources
True or False: Whenever we are PUNISHED in order to change our economic choices are Negative Incentives
True
False
Is the following a positive or negative incentive? Brandon got a 50% on his history exam. His mom grounded him for the weekend so he would work on improving his grade.
Positive Incentive
Negative Incentive
Neutral Incentive
Is the following a positive or negative incentive? Ms. Matthews class brought in the most pop-tabs for charity. She rewarded his class with a pizza party in May.
Positive Incentive
Negative Incentive
Neutral Incentive
About 30,000 people die a year from car accidents. A solution could be to destroy all cars. We don't do that because of ________________ and _________________.
Positive and negative incentives
Scarcity and opportunity cost
Determinate of cost and choices
Gold is considered two types of resources. What TWO types of resources is Gold considered?
Labor
Entrepreneurship
Land
Capital
A factory Owner is considered two types of resources. What TWO types of resources is a factory owner considered?
Labor
Entrepreneurship
Land
Capital
