Resources and Scarcity

Question 1

How would a manufacturer benefit by using fewer scarce resources?

Revolt · Accepted Answer

The product would be less expensive to produce.

Question 2

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

Revolt · Accepted Answer

a silver necklace

Question 3

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 4

Wind and solar energy are examples of

Revolt · Accepted Answer

renewable resources.

Question 5

productresourcevaluecost

Revolt · Accepted Answer

resource

Question 6

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

Revolt · Accepted Answer

1990–2000

Question 7

least

Revolt · Accepted Answer

wind

Question 8

Which location focuses its use on a nonrenewable energy source?

Revolt · Accepted Answer

a natural gas power plant

Question 9

Which of the following could be considered both a renewable resource and a nonrenewable resource?

Revolt · Accepted Answer

wheat crop

Question 10

How does scarcity determine the economic value of an item?

Revolt · Accepted Answer

by the resources consumed in production

Resources and Scarcity Answers

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