4 - Economics Quiz - Scarcity

The entire field of economics is based on the idea of...

• stone money

• scarcity

• gold

• the stock market

Scarcity means....

• a scary city

• overproduction is common

• not enough of something to go around, a limited amount

• consumers have too many choices

"Free Resources" are...

• the opposite of scarce resources

• resources like air

• relatively unlimited resources

• all of these

If there is a large demand for a scarce resource then the price of the resource is most likely...

• Low

• the same as a free resource

• High

• none of these

Labor is....

• a free resource

• a scarce resource

• an unlimited resource

• easy to get