AnswersHSA 26-27 EconomicsResources and Scarcity

Resources and Scarcity Answers

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1
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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
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A basic concept in economics is that all resources are

A
scarce.
B
allocated.
C
valuable.
D
renewable.
3

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.
4

least

Question illustration
w
wood
w
wind
b
biofuel
h
hydroelectric
5

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.
6

productresourcevaluecost

A
product
B
resource
C
value
D
cost
7

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
8

renewableinexpensiveabundantscarce

A
renewable
B
inexpensive
C
abundant
D
scarce
9

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
10

Wind and solar energy are examples of

A
scarce resources.
B
renewable resources.
C
capital resources.
D
nonrenewable resources.
11

renewableinexpensiveabundantscarce

A
renewable
B
inexpensive
C
abundant
D
scarce
12

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

Question illustration
A
wood
B
wind
C
biofuel
D
hydroelectric
13

productresourcevaluecost

A
product
B
resource
C
value
D
cost
14

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
15

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?

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

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

A
production
B
scarcity
C
labor
D
devaluation
18

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
19

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.
20

A basic concept in economics is that all resources are

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

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