AnswersAISD Economics 2026-27Resources and Scarcity

Resources and Scarcity Answers

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1
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A basic concept in economics is that all resources are

A
scarce.
B
allocated.
C
valuable.
D
renewable.
2
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Which statement best describes the impact of scarcity?

A
People are able to meet most of their needs.
B
Consumers must pay higher prices for many items.
C
Governments must try to meet the wants of citizens.
D
Economies can work to provide more goods and services.
3

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

A
a flowering plant
B
a silver necklace
C
a new coffee table
D
a crop of oranges
4

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

Question illustration
A
wood
B
wind
C
biofuel
D
hydroelectric
5

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?

A
She knew that diamonds are popular and in high demand.
B
She knew that diamonds are a nonrenewable resource, making them scarce.
C
She knew that the cost of diamonds depends only on the demand.
D
She knew that the purchase of diamonds will satisfy wants and needs.
6

How does scarcity determine the economic value of an item?

A
by the amount of goods that are produced
B
by the capital required to build the factory
C
by the unlimited wants of the consumers
D
by the resources consumed in production
7

Which location focuses its use on a nonrenewable energy source?

A
a wind mill farm
B
a natural gas power plant
C
a fruit orchard
D
a community swimming pool
8

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 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 more to the consumer.
D
High quality phones contain rare earth metals that are a more scarce resource and cost less to the consumer.
9

Wind and solar energy are examples of

A
scarce resources.
B
renewable resources.
C
capital resources.
D
nonrenewable resources.
10

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

Question illustration
A
1970–1980
B
1980–1990
C
1990–2000
D
2000–2010

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