AnswersHSA 26-27 EconomicsResources and Scarcity

Resources and Scarcity Answers

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A basic concept in economics is that all resources are

A
scarce.
B
allocated.
C
valuable.
D
renewable.
2
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Most resources are nonrenewable, and wants and needs are unlimited. This is an example of

A
production
B
scarcity
C
labor
D
devaluation
3

Wind and solar energy are examples of

A
scarce resources.
B
renewable resources.
C
capital resources.
D
nonrenewable resources.
4

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
5

renewableinexpensiveabundantscarce

A
renewable
B
inexpensive
C
abundant
D
scarce
6

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
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

Which statement best describes the impact of scarcity?

A
People are able to meet most of their needs.
B
Consumers must pay higher prices for many items.
C
Governments must try to meet the wants of citizens.
D
Economies can work to provide more goods and services.
9

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?
10

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.
11

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

Question illustration
A
wood
B
wind
C
biofuel
D
hydroelectric
12

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.
13

Which resource is renewable?

A
gold
B
coal
C
lumber
D
minerals

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