1.2 Resources and Scarcity

Question 1

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

Revolt · Accepted Answer

wind

Question 2

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

Revolt · Accepted Answer

satisfy the wants and needs of consumers.

Question 3

Which resource is renewable?

Revolt · Accepted Answer

lumber

Question 4

How would a manufacturer benefit by using fewer scarce resources?

Revolt · Accepted Answer

The product would be less expensive to produce.

Question 5

Which object is likely to have the most value based on the concept of scarcity?

Revolt · Accepted Answer

a silver necklace

Question 6

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?

Revolt · Accepted Answer

She knew that diamonds are a nonrenewable resource, making them scarce.

Question 7

Study the graph.In what time period did hydroelectric power usage reach its peak?

Revolt · Accepted Answer

1990–2000

1.2 Resources and Scarcity Answers

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