Practice The Central Economic Problem – Scarcity (2)

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9 questions

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6 questions · about 4 min · pass mark 70%. Hints available.
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6 sample questions

Question 1.
What does scarcity mean in economics?
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Think about what happens when resources are not enough.
Question 2.
Name one reason why scarcity exists.
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Remember the limits of what we can use.
3Question 3.
What is scarcity?
- A lack of resources
- Unlimited resources
- A choice between opportunities
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Consider the balance between supply and demand.
4Question 4.
True or False: Unlimited human wants are limited to basic necessities.
- True
- False
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Think about lifestyle choices.
Question 5.
A government has a budget of $100 million. To improve healthcare, it considers using $40 million for new hospitals. They also need to address education and infrastructure. How should they weigh their options, and what opportunity costs might arise?
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Think about the ripple effect of budget cuts.
Question 6.
Discuss how finite resources can affect a country's competitive positioning in global resource markets, particularly in regard to technology adoption.
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Consider how technology can mitigate the effects of scarcity.

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