1. Practice EOCT questions
Scarcity and resources

2. Which is a human resource that Ms
 Which is a human resource that Ms. Johnson could use for her art gallery?
A      Light fixtures to help display the artwork
B       A security system to protect the artwork
C      Knowledge of trends in modern art
D      A series of paintings by a prominent local artist

3. 2. Which economic situation is characterized by unlimited wants exceeding limited resources?
A      shortage
B       surplus
C      specialization
D      scarcity

4. 3. In the production of chocolate chip cookies, which represents the factor of capital?
A      the dough used to bake the cookies
B       the oven used to bake the cookies
C      the worker who decorates the cookies
D      the retailer who sells the cookies

5. 4. Which describes scarcity. A A condition where supply exceeds demand
4. Which describes scarcity? A A condition where supply exceeds demand. B The situation that exists when there is temporarily a shortage of a good or service. C Unlimited wants exceeding limited resources. D An unlimited demand for goods and services.