Exam (elaborations)
Unit 1: Resources And Scarcity Questions & Detailed Answers
- Course
- Resource Scarcity
- Institution
- Yale University
Unit 1: Resources And Scarcity Questions & Detailed Answers
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Unit 1: Resources And Scarcity Questions &Detailed Answers
School band members need to raise money for new uniforms. Some members
want to sell energy drinks at a football game to raise funds, but others want to
organize a car wash in the school parking lot.
Based on the concept of scarcity, which thought should drive members' decision-
making process to determine how to fundraise?
Where will unsold energy drinks be stored?
Is there enough consumer demand for a car wash?
Will the concession stand be open during the big game?
Are there enough volunteers to work a car wash? - ANS Are there enough
volunteers to work a car wash?
What determines the value of an item?
the amount of goods that are produced
the capital required to build the factory
the unlimited wants of the consumers
the resources consumed in production - ANS the resources consumed in
production
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 - ANS allocation of resources
Which of the following uses a nonrenewable energy source?
a wind mill
a power plant
a fruit orchard
a swimming pool - ANS a power plant
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 resources
why resources can be both renewable and nonrenewable.
why a single resource has more value than another resource. - ANS why
consumers are willing to pay high prices for items.
why decisions must be made on how to use resources
why a single resource has more value than another resource.
How would a manufacturer benefit by using fewer scarce resources?
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