What Is Scarcity?

9 Questions | Total Attempts: 3892

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What Is Scarcity? - Quiz

Do you fancy yourself knowledgeable in economics and all matters finance and money? Are you aware of what the term scarcity means? Take this quiz to find out if you know anything about scarcity of resources.


Questions and Answers
  • 1. 
    What is scarcity?
    • A. 

      The act of being afraid.

    • B. 

      The excess of a product that hasn't been sold.

    • C. 

      The inability to satisfy the unlimited wants and needs of people.

    • D. 

      The amount of goods and services consumers want.

  • 2. 
    When a limited amount of resources are available, consumers must:
    • A. 

      Demand more.

    • B. 

      Choose an alternative.

    • C. 

      Wait.

    • D. 

      Fight for them.

  • 3. 
    All are alternatives to scarcity EXCEPT:
    • A. 

      Wish.

    • B. 

      Ration.

    • C. 

      Trade.

    • D. 

      Substitute.

  • 4. 
    When scarcity exists, the choices societies make for the use of that scarce resource is called:
    • A. 

      Bartering

    • B. 

      Distribution

    • C. 

      Surplus

    • D. 

      Shortage

  • 5. 
    Since there are not enough flu shots available for everyone, the government has decided give the vaccines in a certain order.  This is an example of:
    • A. 

      Rationing

    • B. 

      Selling

    • C. 

      Equalizing

    • D. 

      Distribution

  • 6. 
    Zhu Zhu Pets are a popular gift for the holiday season.  Adults will scramble to buy these for children.  But, there will not be enough available for everyone.  This is an example of: 
    • A. 

      Scarcity.

    • B. 

      Loss.

    • C. 

      Profit.

    • D. 

      Loss.

  • 7. 
    The manufacturer of Zhu Zhu Pets sends these toys to selected toy stores.  This is an example of:
    • A. 

      Production

    • B. 

      Substitutions

    • C. 

      Rationing

    • D. 

      Distribution

  • 8. 
    When you don't receive the Zhu Zhu Pets you wanted, but instead receive a Webkin, this method of dealing with scarcity is called:
    • A. 

      Distribution

    • B. 

      Allocation

    • C. 

      Substitution

    • D. 

      Evaluation

  • 9. 
    During wartime, food was limited.  In order for everyone to receive this food, the government distributed an assigned amount to be given out.  This is an example of:
    • A. 

      Rationing

    • B. 

      Production

    • C. 

      Intervention

    • D. 

      Allowance