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- 1. Multiple Choice
What is a want?
A person
Colour
Something you would like to have but don't need to live
Something you need to live
- 2. Multiple Choice
The definition of Scarcity is...
a city where individuals commit themselves to unlimited wants and needs.
An unlimited amount of resources to meet limited wants and needs.
A limited amount of resources to meet unlimited wants and needs.
When people use time and energy to create events.
- 3. Multiple Choice
Considering all the questions above, it all comes down to ___________________. These are decisions we all must make due to scarcity.
trade offs
scarcity
choice
incentive
- 4. Multiple Choice
Which one of these is NOT a cause of scarcity?
overproduction of time
not enough materials
Poor Distribution of Resources
Rapid Increase in Demand
- 5. Multiple Choice
Which of these is NOT a way we deal with Scarcity?
Creating more resources
Making better use of our resources
Doing without something
Expanding time
- 6. Multiple Choice
Economics is the study of how people...
Calculate their income tax
Chose from limited resources to meet their needs
Respond to war and drought
Gain knowledge and skills from study and experience
- 7. Multiple Choice
What is the difference between a shortage and scarcity?
A shortage is temporary but scarcity always exists
A shortage results from rising prices; scarcity results from falling prices
A shortage is lack of all goods and services; scarcity concerns a single item
There is no real difference between a shortage and scarcity
- 8. Multiple Choice
When people need to make economic choices due to a lack of available goods and money, this is called _________________________ in economic terms.
trade offs
scarcity
opportunity cost
incentive
- 9. Multiple Choice
If 5 people want an ice-cream, is there a scarcity?
Yes, there is a scarcity.
No, there is not a scarcity.
- 10. Multiple Choice
If 2 people want a soccer ball, is there a scarcity?
Yes, there is a scarcity.
No, there is not a scarcity.
- 11. Multiple Choice
Who is affected by the condition of scarcity?
The rich
Large economies
All societies
Producers (ie: businesses)
- 12. Multiple Choice
Why do all societies have to make decisions about how resources will be used?
People are greedy
There are not enough resources for those who want them
Resources are too expensive for most people
Because there is a huge gap between the rich and poor
- 13. Multiple Choice
TRUE or FALSE: We can have everything that we want because we have unlimited resources.
TRUE
FALSE
- 14. Multiple Choice
What happens when a government prints too much money especially during pandemic COVID-19?
People will be happy
The money have more value
People will buy more things
The money will lose its value
- 15. Multiple Choice
Why is time considered to be a scarcity?
Humans live forever
Humans do not live forever
Humans can live forever because of cryonics
Humans do not live forever if they choose not to
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