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Scarcity Quiz Flashcards | StudBud
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Scarcity Quiz
Scarcity Quiz
12 terms
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StudBud Administration
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238 plays
First place gets a bonus point added to their scarcity assignment.
Flashcards
12 cards
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Practice quiz
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Host live
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Questions
12
Answers
1
A winter freeze kills 30% of Florida's citrus during the growing season. What factor of production is now scarce?
Lond
Capital
Labor
Land
2
Every resource can become scarce
False
True
3
A low amount of Nintendo Switches available due to an increase in demand is an example of scarcity
False
True
4
The amount of oil being produced in the Middle East goes down. This is an example of:
A shortage
Scarcity
A problem, bro
5
Scarcity means....
There is not enough resources
That I am scared and want to go home
There is a surplus of resources
6
Labor is a resource that can become scarce
True
Labor can never become scarce
False
7
A drought in England is an example of water scarcity
False
True
8
Bread being in short supply due to a small harvest in the Midwest is an example of scarcity
True
False
9
Why do resources go scarce?
There is limited resources and unlimited wants
Scarcity is not a real issue in modern society
There is unlimited supply despite limited demand
Mo' resources mo' problems
10
Wants are....
Resources required for survival
Resources that improve life but are not required to survive
Things that are constantly scarce
11
What is a shortage?
An artificial limitation brought about by market demands
A lack of resources due to unlimited demand and limited supply
12
Needs are....
Things that help improve life but aren't required to survive
Resources that are scarce
Resources required to survive
