AnswersHSA 26-27 EconomicsResources and Scarcity

Resources and Scarcity Answers

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1
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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.
2
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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
3

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.
4

Wind and solar energy are examples of

A
scarce resources.
B
renewable resources.
C
capital resources.
D
nonrenewable resources.
5

productresourcevaluecost

A
product
B
resource
C
value
D
cost
6

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
7

least

Question illustration
w
wood
w
wind
b
biofuel
h
hydroelectric
8

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
9

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
10

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
11

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?
12

A basic concept in economics is that all resources are

A
scarce.
B
allocated.
C
valuable.
D
renewable.
13

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.
14

renewableinexpensiveabundantscarce

A
renewable
B
inexpensive
C
abundant
D
scarce
15

Wind and solar energy are examples of

A
scarce resources.
B
renewable resources.
C
capital resources.
D
nonrenewable resources.
16

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.
17

A company manufacturing shirts for a discount department store decides to create a new style of cotton shirt. The company would most likely produce shirts that will

A
sell at a high price.
B
be less costly to create.
C
use a nonrenewable resource.
D
satisfy the wants and needs of consumers.
18

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.
19

Read the graph.Which power source has been least consumed?

Question illustration
A
wood
B
wind
C
biofuel
D
hydroelectric
20

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

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