AnswersEconomics SemesterResources and Scarcity

Resources and Scarcity — Quiz Answers

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1
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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 diamonds are a nonrenewable resource, making them scarce.
B
She knew that diamonds are popular and in high demand.
C
She knew that the purchase of diamonds will satisfy wants and needs.
D
She knew that the cost of diamonds depends only on the demand.
2
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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.
3

Which location focuses its use on a nonrenewable energy source?

A
a community swimming pool
B
a fruit orchard
C
a wind mill farm
D
a natural gas power plant
4

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

A
They both must decide how to allocate resources.
B
They both must carefully categorize available resources.
C
They both must choose whether to use more renewable resources.
D
They both must recognize the issues with nonrenewable resources.
5

Wind and solar energy are examples of

A
renewable resources.
B
scarce resources.
C
nonrenewable resources.
D
capital resources.
6

Which statement best describes the impact of scarcity?

A
People are able to meet most of their needs.
B
Governments must try to meet the wants of citizens.
C
Economies can work to provide more goods and services.
D
Consumers must pay higher prices for many items.
7

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 more scarce resource and cost less to the consumer.
C
High quality phones contain rare earth metals that are a less scarce resource and cost more to the consumer.
D
High quality phones contain rare earth metals that are a more scarce resource and cost more to the consumer.
8

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

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

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