Scarcity and Surplus Quiz

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Test your knowledge on scarcity, surplus, and shortages in economics!

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Casey s

United States

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Scarcity and Surplus Quiz


Scarcity and Surplus QuizVersion en ligne Test your knowledge on scarcity, surplus, and shortages in economics! par Casey s 1 What is scarcity in economics? a Excess supply of products. b Abundance of resources. c Limited resources to meet unlimited wants. d Equal distribution of goods. 2 What does surplus refer to? a When demand exceeds supply. b A balanced economy. c When supply exceeds demand. d Equal supply and demand. 3 What is a shortage? a A stable market condition. b An economic surplus. c When demand exceeds supply. d When supply exceeds demand. 4 Which of the following can cause a shortage? a Decreased production costs. b Higher supply levels. c Stable prices. d Increased consumer demand. 5 What typically happens when there is a surplus? a Prices tend to increase. b Supply stabilizes. c Demand increases. d Prices tend to decrease. 6 What is an example of scarcity? a Limited water supply in a drought. b Plentiful energy resources. c Excess clothing in stores. d Abundant food supply. 7 How can businesses respond to a surplus? a Increase production. b Reduce prices to stimulate demand. c Limit supply. d Raise prices. 8 What is a common effect of a shortage? a Surplus of goods. b Stable prices. c Lower prices for goods. d Increased prices for goods. 9 Which market condition indicates scarcity? a Balanced supply and demand. b High demand with low supply. c Excess inventory. d Low demand with high supply. 10 What can lead to a surplus in the market? a Increased consumer interest. b Overproduction of goods. c Underproduction of goods. d Higher demand.

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Scarcity and Surplus Quiz

Test

À propos de cette activité

Créé par

Téléchargez la version pour jouer sur papier

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Scarcity and Surplus QuizVersion en ligne

par Casey s

What is scarcity in economics?

What does surplus refer to?

What is a shortage?

Which of the following can cause a shortage?

What typically happens when there is a surplus?

What is an example of scarcity?

How can businesses respond to a surplus?

What is a common effect of a shortage?

Which market condition indicates scarcity?

What can lead to a surplus in the market?