Resources and Scarcity

Which statement best describes the impact of scarcity? People are able to meet most of their needs. Consumers must pay higher prices for many items. Governments must try to meet the wants of citizens. Economies can work to provide more goods and services.

Consumers must pay higher prices for many items.

Which of the following could be considered both a renewable resource and a nonrenewable resource? iron ore sea water solar energy wheat crop

wheat crop

Based on economic theory, if a person wants to purchase a large stereo system, what must necessarily occur? creation of resources analysis of resources allocation of resources production of resources

NOT production of resources

A large, new diamond mine has just opened, and the price of diamonds has gone down. Since she has studied economics, Cecilia decides to buy a diamond necklace since she knows that diamonds are in great demand. diamonds are a nonrenewable resource, making them scarce. the cost of diamonds depends only on the demand. the purchase of diamonds will satisfy wants and needs.

NOT the cost of diamonds depends only on the demand.

How would a manufacturer benefit by using fewer scarce resources? The product would be less expensive to produce. The product would better satisfy consumer needs. The product would be popular and readily available. The product would provide a more satisfactory profit.

The product would be less expensive to produce.

Which object is likely to have the most value based on the concept of scarcity? a flowering plant a silver necklace a new coffee table a crop of oranges

a silver necklace

A company manufacturing shirts for a department store decides to create a new style of cotton shirt. The company would most likely produce shirts that will sell at a high price. be less costly to create. use a nonrenewable resource. satisfy the wants and needs of consumers.

be less costly to create.

In what time period did hydroelectric power usage reach its peak? 1970-1980 1980-1990 1990-2000 2000-2010

it is not 2000-2010 i think it is probably 1990-2000

Which resource is both renewable and inexpensive? gold coal lumber minerals

lumber

School band members need to raise money for new uniforms. Some members want to sell energy drinks at a football game, but others want to organize a car wash in the school parking lot. Based on economics, what would be most influential in making the decision? the labor needed the consumer appeal the capital needed the value of the resources

the value of the resources