Resources and Scarcity Answers
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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.2
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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.3
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.4
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.5
Study the graph.In what time period did hydroelectric power usage reach its peak?
A
1970–1980B
1980–1990C
1990–2000D
2000–2010Did you find these answers helpful?
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