3
QuizMultiple Choice

Resources and Scarcity

Question 3 • * HSA 26-27 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 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.

Explanation

Rare earth metals used in phone components are relatively scarce, so obtaining them can increase manufacturing costs. A phone made with quality parts may therefore cost more to the consumer. The matching choice is that these phones contain rarer materials and cost more.

AI-written and checked against the verified answer.

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