7
QuizMultiple Choice

Resources and Scarcity — Quiz

Question 7 • Economics

A thrifty shopper wants to purchase a new phone that is made with quality parts. What factors should they consider?

Answer
A
High quality phones contain rare earth metals that are a less scarce resource and cost less to the consumer.
B
High quality phones contain rare earth metals that are a more scarce resource and cost less to the consumer.
C
High quality phones contain rare earth metals that are a less scarce resource and cost more to the consumer.
D
High quality phones contain rare earth metals that are a more scarce resource and cost more to the consumer.

Explanation

High-quality phones may use rare earth metals, which are relatively scarce and can be costly to obtain and process. Those material costs can contribute to a higher price for the phone, so the best choice is “more scarce resource and cost more to the consumer.”

AI-written and checked against the verified answer.

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