AnswersHSA 26-27 EconomicsResources and Scarcity

Resources and Scarcity Answers

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1
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Read the graph.Which power source has been least consumed?

Question illustration
A
wood
B
wind
C
biofuel
D
hydroelectric
2
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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.
3

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.
4

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.
5

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
6

[BLANK]

A
product
B
resource
C
value
D
cost
7

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?
8

Wind and solar energy are examples of

A
scarce resources.
B
renewable resources.
C
capital resources.
D
nonrenewable resources.
9

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
10

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

A
production
B
scarcity
C
labor
D
devaluation
11

[BLANK]

A
renewable
B
inexpensive
C
abundant
D
scarce
12

A basic concept in economics is that all resources are

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

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.
15

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.

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