AnswersHSA 26-27 EconomicsResources and Scarcity

Resources and Scarcity Answers

19 verified answers1 views
1
Free Preview

How does scarcity determine the economic value of an item?

A
by the amount of goods that are produced
B
by the capital required to build the factory
C
by the unlimited wants of the consumers
D
by the resources consumed in production
2
Free Preview

Which resource is renewable?

A
gold
B
coal
C
lumber
D
minerals
3

Which location focuses its use on a nonrenewable energy source?

A
a wind mill farm
B
a natural gas power plant
C
a fruit orchard
D
a community swimming pool
4

renewableinexpensiveabundantscarce

A
renewable
B
inexpensive
C
abundant
D
scarce
5

productresourcevaluecost

A
product
B
resource
C
value
D
cost
6

best

P
People are able to meet most of their needs.
C
Consumers must pay higher prices for many items.
G
Governments must try to meet the wants of citizens.
E
Economies can work to provide more goods and services.
7

Most resources are nonrenewable, and wants and needs are unlimited. This is an example of

A
production
B
scarcity
C
labor
D
devaluation
8

Study the graph.In what time period did hydroelectric power usage reach its peak?

Question illustration
A
1970–1980
B
1980–1990
C
1990–2000
D
2000–2010
9

Cecilia has studied economics and knows about the value and investment potential of diamonds. The price of diamonds has recently decreased, and a new diamond mine has opened nearby. Cecilia decides to buy a diamond necklace while the prices are lower.How did Cecilia’s knowledge of economics help her make a savvy commodity purchase?

A
She knew that diamonds are popular and in high demand.
B
She knew that diamonds are a nonrenewable resource, making them scarce.
C
She knew that the cost of diamonds depends only on the demand.
D
She knew that the purchase of diamonds will satisfy wants and needs.
10

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

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 less scarce resource and cost more to the consumer.
C
High quality phones contain rare earth metals that are a more scarce resource and cost more to the consumer.
D
High quality phones contain rare earth metals that are a more scarce resource and cost less to the consumer.
11

How would a manufacturer benefit by using fewer scarce resources?

A
The product would be less expensive to produce.
B
The product would better satisfy consumer needs.
C
The product would be popular and readily available.
D
The product would provide a more satisfactory profit.
12

least

Question illustration
w
wood
w
wind
b
biofuel
h
hydroelectric
13

Which object is likely to have the most value based on the concept of scarcity?

A
a flowering plant
B
a silver necklace
C
a new coffee table
D
a crop of oranges
14

What does the concept of scarcity explain? Choose three answers.why a product could lose significant value over time.why people continue to purchase different products.why consumers are willing to pay high prices for items.why decisions must be made on how to use resourceswhy resources can be both renewable and nonrenewable.why a single resource has more value than another resource.

A
why a product could lose significant value over time.
B
why people continue to purchase different products.
C
why consumers are willing to pay high prices for items.
D
why decisions must be made on how to use resources
E
why resources can be both renewable and nonrenewable.
F
why a single resource has more value than another resource.
15

A basic concept in economics is that all resources are

A
scarce.
B
allocated.
C
valuable.
D
renewable.
16

Wind and solar energy are examples of

A
scarce resources.
B
renewable resources.
C
capital resources.
D
nonrenewable resources.
17

Which of the following could be considered both a renewable resource and a nonrenewable resource?

A
iron ore
B
sea water
C
solar energy
D
wheat crop
18

The chess club needs to raise money for tournament uniforms. Some members want to sell energy drinks at a football game to raise funds, but others want to organize a car wash in the school parking lot. Based on the concept of scarcity, which thought should drive members' decision-making process to determine how to fundraise?

W
Where will unsold energy drinks be stored?
I
Is there enough consumer demand for a car wash?
W
Will the concession stand be open during the big game?
A
Are there enough volunteers to work a car wash?
19

Based on the lesson, how are individuals and economies similar?

T
They both must decide how to allocate resources.
T
They both must carefully categorize available resources.
T
They both must recognize the issues with nonrenewable resources.
T
They both must choose whether to use more renewable resources.

Did you find these answers helpful?

More from this Course

Quiz
20 verified answers

Resources and Scarcity

Quiz
12 verified answers

The Three Questions of Economics

Quiz
10 verified answers

The Three Questions of Economics