Resources and Scarcity / econ chapter 1 quiz 2 with complete answers

Resources and Scarcity / econ chapter 1 quiz 2 with complete answers 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 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 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. Which of the following could be considered both a renewable resource and a nonrenewable resource? iron ore sea water solar energy wheat crop In what time period did hydroelectric power usage reach its peak? 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. 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. Which resource is both renewable and inexpensive? gold coal lumber minerals 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 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.