Scarcity Quiz Questions And Answers
So, would you like to take some scarcity quiz questions and answers? Do you fancy yourself knowledgeable in economics and all matters of finance and money? Are you aware of what the term scarcity means? Take this quiz to find out if you know anything about the scarcity of resources. We wish you all the best with the quiz, and we hope you enjoy your time playing this quiz. Go for it!
- 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 number of goods and services consumers want
Correct Answer
C. The inability to satisfy the unlimited wants and needs of people.Explanation
Scarcity refers to the condition where there are limited resources or availability of goods and services in comparison to the unlimited wants and needs of people. It signifies the fundamental economic problem of allocation and choice, as there is always a scarcity of resources to fulfill all desires. This concept highlights the need for individuals, businesses, and societies to make choices and prioritize their needs and wants due to the limited availability of resources.Rate this question:
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- 2.
When a limited amount of resources are available, consumers must:
- A.
Demand more
- B.
Choose an alternative
- C.
Wait
- D.
Fight for them
Correct Answer
B. Choose an alternativeExplanation
When a limited amount of resources are available, consumers cannot demand more as the resources are limited. Waiting or fighting for the resources may not be feasible or productive. Therefore, the only logical option for consumers is to choose an alternative, which means selecting a different option or substitute that is available and can fulfill their needs or desires.Rate this question:
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- 3.
All are alternatives to scarcity EXCEPT:
- A.
Wish
- B.
Ration
- C.
Trade
- D.
Substitute
Correct Answer
A. WishExplanation
Scarcity refers to the limited availability of resources, goods, or services. While rationing, trading, and substituting are all strategies that can be used to address scarcity, wishing does not have any direct impact on scarcity. Wishing for something does not increase the availability of resources or goods, nor does it address the problem of limited supply. Therefore, "wish" is the exception among the given alternatives.Rate this question:
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- 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
Correct Answer
B. DistributionExplanation
When scarcity exists, societies have to make choices on how to allocate the scarce resource among different individuals or groups. This process of allocating the resource is called distribution. It involves deciding who gets how much of the resource and in what manner, aiming to ensure fairness and meet the needs of the society as a whole.Rate this question:
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- 5.
Since there are not enough flu shots available for everyone, the government has decided to give the vaccines in a certain number. This is an example of:
- A.
Rationing
- B.
Selling
- C.
Equalizing
- D.
Distribution
Correct Answer
D. DistributionExplanation
The government's decision to give the vaccines in a certain number indicates that they are distributing the flu shots among the population. Distribution refers to the act of dividing or allocating resources among individuals or groups. In this case, the government is distributing the limited number of flu shots available to ensure that as many people as possible receive the vaccine.Rate this question:
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- 6.
Scarcity refers to a basic
- A.
Political problem
- B.
Social problem
- C.
Economic's problem
- D.
None of these
Correct Answer
C. Economic's problemExplanation
Scarcity refers to a basic economic problem. This is because scarcity refers to the limited availability of resources in comparison to the unlimited wants and needs of individuals and society. In economics, the concept of scarcity is central to understanding the allocation of resources and the choices individuals and societies make in order to satisfy their needs and wants. Therefore, scarcity is primarily an economic problem.Rate this question:
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- 7.
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
Correct Answer
A. ScarcityExplanation
The given scenario describes a situation where there is high demand for Zhu Zhu Pets as a holiday gift, but there is not enough supply to meet that demand. This creates scarcity, which refers to the limited availability of a resource or product in relation to the demand for it. In this case, the scarcity of Zhu Zhu Pets leads to adults scrambling to buy them for children, indicating that the product is highly sought after but not easily attainable for everyone.Rate this question:
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- 8.
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
Correct Answer
D. DistributionExplanation
The given scenario describes the process of sending Zhu Zhu Pets, a specific toy, to selected toy stores. This process involves the movement of goods from the manufacturer to the retailers, ensuring that the product reaches the intended market. Therefore, the correct answer is distribution, as it refers to the activities involved in delivering goods or services from the producer to the consumer.Rate this question:
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- 9.
When you don't receive the Zhu Zhu Pets you wanted but instead receive a Webkinz, this method of dealing with scarcity is called:
- A.
Distribution
- B.
Allocation
- C.
Substitution
- D.
Evaluation
Correct Answer
C. SubstitutionExplanation
Substitution is the correct answer because it refers to the act of replacing one item with another when the desired item is not available or scarce. In this scenario, when someone does not receive the Zhu Zhu Pets they wanted and instead receives a Webkinz, it is an example of substitution as the Webkinz is being used as a substitute for the desired Zhu Zhu Pets.Rate this question:
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- 10.
Since there are not enough flu shots available for everyone, the government has decided to give the vaccines in a certain order. This is an example of the:
- A.
Rationing
- B.
Production
- C.
Intervention
- D.
Allowance
Correct Answer
A. RationingExplanation
The given scenario presents a situation where there is a limited supply of flu shots, and the government has made a decision to distribute them in a specific order. This action of distributing resources based on a set criteria or priority is known as rationing. Rationing is a method used to allocate scarce resources in a fair and equitable manner when there is not enough supply to meet the demand. In this case, the government is implementing a rationing system to ensure that the limited flu shots are distributed to those who need them the most.Rate this question:
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Current Version
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Aug 19, 2023Quiz Edited by
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Nov 29, 2009Quiz Created by
Teach5678
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