1.2 Resources and Scarcity

Question 1

Which of these statements demonstrate the economic concept of scarcity? Check all that apply.All useful resources are limited in their supply.Everyone is able to meet all their wants and needsThe wants and needs of people are unlimited.Resources are scarce, which explains why we are willing to pay for them.A large economy is able to eliminate the effects of scarcity.Because of scarcity, individuals must make choices.

Revolt · Accepted Answer

All useful resources are limited in their supply.; The wants and needs of people are unlimited.; Resources are scarce, which explains why we are willing to pay for them.; Because of scarcity, individuals must make choices.

Question 2

laborX capital✔ land

Revolt · Accepted Answer

✔ land

Question 3

✔ laborX capitalland

Revolt · Accepted Answer

✔ labor

Question 4

labor✔ capitalX land

Revolt · Accepted Answer

✔ capital

Question 5

✔ resourcesmaterialsmoney

Revolt · Accepted Answer

✔ resources; Katrina is starting her own business producing all-natural beverages. She must use to create her product.: resources; The water that she is using to create her beverage line is an example of.: land; The number of employees required to produce her beverage line is an example of .: labor; The rent money she pays for a factory to produce her beverage line is an example of .: capital

Question 6

Which of these statements demonstrate the economic concept of scarcity? Check all that apply.All useful resources are limited in their supply.Everyone is able to meet all their wants and needsThe wants and needs of people are unlimited.Resources are scarce, which explains why we are willing to pay for them.A large economy is able to eliminate the effects of scarcity.Because of scarcity, individuals must make choices.

Revolt · Accepted Answer

All useful resources are limited in their supply.; The wants and needs of people are unlimited.; Resources are scarce, which explains why we are willing to pay for them.; Because of scarcity, individuals must make choices.

Question 7

Choose the word or phrase that completes each sentence.

Revolt · Accepted Answer

✔ Value; helps businesses allocate resources for their best and most productive uses.: Value; The more a resource, the more costly it will be.: scarce; A manufacturer that requires scarce and costly resources is likely to charge for its products.: more

Question 8

✔ scarce available common

Revolt · Accepted Answer

✔ scarce

Question 9

less the same✔ more

Revolt · Accepted Answer

✔ more

Question 10

Choose the word or phrase that completes each sentence.

Revolt · Accepted Answer

helps businesses allocate resources for their best and most productive uses.: Value; The more a resource, the more costly it will be.: scarce; A manufacturer that requires scarce and costly resources is likely to charge for its products.: more

1.2 Resources and Scarcity Answers

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