| What to create | Quiz |
| Which subject | Economics |
| What age group | Year or Grade 11 |
| What topic | Scarcity |
| Question types | Close-ended |
| Number of questions | 10 |
| Number of answers | 4 |
| Correct answers | Exactly 1 |
| Show correct answers | |
| Use images (descriptions) | |
| Any other preferences |
Choose the best answer for each of the following questions regarding the concept of scarcity in economics.
What does the term "scarcity" refer to in economics?
A. Unlimited resources available to meet unlimited wants
B. A situation where resources are limited compared to human wants
C. The ability to produce goods at a zero cost
D. A market condition where demand exceeds supply
Which of the following is a consequence of scarcity?
A. An increase in consumer surplus
B. The need to make choices about resource allocation
C. A decrease in market prices
D. The elimination of competition
Scarcity implies that:
A. All goods are free to consumers
B. Every economic choice involves an opportunity cost
C. Governments can create more resources at will
D. There is no limit to human wants
Which of the following best exemplifies scarcity?
A. A sale in a retail store
B. A natural disaster that destroys crops
C. A surplus of factory-produced goods
D. An increase in minimum wage
How can societies respond to scarcity?
A. By increasing resources without limits
B. By developing new technologies and methods of production
C. By allowing consumers unlimited access to goods
D. By ignoring the problem
In the context of scarcity, what is an opportunity cost?
A. The total cost of production
B. The value of the best alternative that is forgone
C. The profit made from selling a product
D. The expenses incurred in delivering a service
Which of the following choices reflects how scarcity affects prices?
A. Scarcity leads to lower prices for goods and services
B. Scarcity has no impact on prices
C. Scarcity typically leads to higher prices as demand outstrips supply
D. Scarcity results in fixed prices across all markets
What role does scarcity play in determining the allocation of resources?
A. It allows for unlimited distribution of resources
B. It forces individuals and businesses to prioritize their needs and wants
C. It eliminates the need for a market economy
D. It ensures equal access for everyone
Which economic principle is directly influenced by the concept of scarcity?
A. The Law of Supply
B. The Principle of Marginal Utility
C. The Law of Diminishing Returns
D. The Circular Flow of Income
Which factor is NOT a contributing element to scarcity?
A. Limited availability of natural resources
B. Rapidly growing population
C. Technological advancements
D. Inefficiencies in resource management