AnswersEconomicsResources and Scarcity

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Which statement best describes the impact of scarcity?

A
Economies can work to provide more goods and services.
B
Governments must try to meet the wants of citizens.
C
Consumers must pay higher prices for many items.
D
People are able to meet most of their needs.
2
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Which location focuses its use on a nonrenewable energy source?

A
a natural gas power plant
B
a wind mill farm
C
a community swimming pool
D
a fruit orchard
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
be less costly to create.
B
use a nonrenewable resource.
C
sell at a high price.
D
satisfy the wants and needs of consumers.
4

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 more scarce resource and cost more 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 less to the consumer.
D
High quality phones contain rare earth metals that are a less scarce resource and cost less to the consumer.
5

A basic concept in economics is that all resources are

A
renewable.
B
valuable.
C
scarce.
D
allocated.
6

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

A
a new coffee table
B
a silver necklace
C
a flowering plant
D
a crop of oranges
7

Wind and solar energy are examples of

A
scarce resources.
B
renewable resources.
C
capital resources.
D
nonrenewable resources.
8

How did Cecilia’s knowledge of economics help her make a savvy commodity purchase? 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.

A
She knew that the purchase of diamonds will satisfy wants and needs.
B
She knew that diamonds are a nonrenewable resource, making them scarce.
C
She knew that diamonds are popular and in high demand.
D
She knew that the cost of diamonds depends only on the demand.
9

Based on the lesson, how are individuals and economies similar?

A
They both must carefully categorize available resources.
B
They both must recognize the issues with nonrenewable resources.
C
They both must choose whether to use more renewable resources.
D
They both must decide how to allocate resources.

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