Scarcity Quizzes & Trivia

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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: 9 | Attempts: 3662 | Last updated: Mar 22, 2022

Sample Question
What is scarcity?

The act of being afraid.

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

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

The amount of goods and services consumers want.

The Basic Economic Problem : Scarcity And Choice

Questions: 5 | Attempts: 1822 | Last updated: Mar 22, 2022

Sample Question
What can happen in a planned economy that does not happen in a market economy?

The allocation of resources can take account of the total effects on society.

There can be full employment of factors of production.

There can be inflation.

There can be international trade.

Demand And A Little Scarcity

10 questions for this weeks fiveski.

Questions: 10 | Attempts: 99 | Last updated: Mar 21, 2022

Sample Question
When economists talk about `economic efficiency' they are implying that

All economic resources are being fully utilised

the best quality resources are acquired by firms in factor markets

Society is making the best possible use of available resources

Unemployment of any resources is being minimised