Resources and Scarcity

Question 1

How does scarcity determine the economic value of an item?

Revolt · Accepted Answer

by the resources consumed in production

Question 2

Which resource is renewable?

Revolt · Accepted Answer

lumber

Question 3

Which location focuses its use on a nonrenewable energy source?

Revolt · Accepted Answer

a natural gas power plant

Question 4

renewableinexpensiveabundantscarce

Revolt · Accepted Answer

scarce

Question 5

productresourcevaluecost

Revolt · Accepted Answer

resource

Question 6

best

Revolt · Accepted Answer

Consumers must pay higher prices for many items.

Question 7

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

Revolt · Accepted Answer

scarcity

Question 8

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

Revolt · Accepted Answer

1990–2000

Question 9

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 10

A thrifty shopper wants to purchase a new phone that is made with quality parts. What factors should they consider?

Revolt · Accepted Answer

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

Resources and Scarcity Answers

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