Exam (elaborations)
Resources And Scarcity Detailed Questions And Expert Answers
- Course
- Resource Scarcity
- Institution
- Yale University
Resources And Scarcity Detailed Questions And Expert Answers
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Resources And Scarcity Detailed Questions AndExpert Answers
Which of these statements demonstrate the economic concept of scarcity? Check
all that apply. - ANS All useful resources are limited in their supply.
The wants and needs of people are unlimited.
Resources are scarce, which explains why we are willing to pay for them.
Because of scarcity, individuals must make choices.
What issue results from the combination of limited resources and unlimited
wants? - ANS scarcity
Trees, solar energy, and water are examples of: - ANS renewable resources
Alex is at the hardware store comparing different types of piping for a repair in his
home kitchen.
He can choose between copper piping or plastic piping. He knows that copper
piping is stronger but more expensive. He also knows that plastic piping will work
for the job that he is doing, and it is less expensive
Based on the information presented in this scenario, what can you determine
about the copper piping? - ANS Copper is a scarce resource, which increases its
value.
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