Resources and Scarcity Answers
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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
sell at a high price.B
be less costly to create.C
use a nonrenewable resource.D
satisfy the wants and needs of consumers.2
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What does the concept of scarcity explain? Choose three answers.
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 resourcesE
why resources can be both renewable and nonrenewable.F
why a single resource has more value than another resource.3
Which resource is renewable?
A
goldB
coalC
lumberD
minerals4
Wind and solar energy are examples of
A
scarce resources.B
renewable resources.C
capital resources.D
nonrenewable resources.5
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.6
Study the graph.In what time period did hydroelectric power usage reach its peak?
A
1970–1980B
1980–1990C
1990–2000D
2000–20107
[BLANK]
A
renewableB
inexpensiveC
abundantD
scarce8
Which location focuses its use on a nonrenewable energy source?
A
a wind mill farmB
a natural gas power plantC
a fruit orchardD
a community swimming pool9
Which of the following could be considered both a renewable resource and a nonrenewable resource?
A
iron oreB
sea waterC
solar energyD
wheat crop10
How does scarcity determine the economic value of an item?
A
by the amount of goods that are producedB
by the capital required to build the factoryC
by the unlimited wants of the consumersD
by the resources consumed in productionDid you find these answers helpful?
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