Answers26-27 Ignite Economics-KY-EconomicsIntroduction to Economics

Resources and Scarcity Answers

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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
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

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

Question illustration
A
wood
B
wind
C
biofuel
D
hydroelectric
4

What does the concept of scarcity explain? Choose three answers.why a product could lose significant value over time.why people continue to purchase different products.why consumers are willing to pay high prices for items.why decisions must be made on how to use resourceswhy resources can be both renewable and nonrenewable.why a single resource has more value than another resource.

A
why a product could lose significant value over time.
B
why people continue to purchase different products.
C
why consumers are willing to pay high prices for items.
D
why decisions must be made on how to use resources
E
why resources can be both renewable and nonrenewable.
F
why a single resource has more value than another resource.
5

Which resource is renewable?

A
gold
B
coal
C
lumber
D
minerals
6

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.
7

renewableinexpensiveabundantscarce

A
renewable
B
inexpensive
C
abundant
D
scarce
8

How would a manufacturer benefit by using fewer scarce resources?

A
The product would be less expensive to produce.
B
The product would better satisfy consumer needs.
C
The product would be popular and readily available.
D
The product would provide a more satisfactory profit.
9

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
sell at a high price.
B
be less costly to create.
C
use a nonrenewable resource.
D
satisfy the wants and needs of consumers.
10

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

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