ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the rarer they are, the rarer they are of course
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the rarer they are, the lesser value they acquire
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the rarer they are, the more valuable they become
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the rarer they are, the more rare they can become
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Detailed explanation-1: -Rare earths are categorised into light elements (lanthanum to samarium) and heavy elements (europium to lutetium). The latter are less common and consequently more expensive.
Detailed explanation-2: -The rare earths are 17 metallic elements, located in the middle of the periodic table (atomic numbers 21, 39, and 57–71). These metals have unusual fluorescent, conductive, and magnetic properties-which make them very useful when alloyed, or mixed, in small quantities with more common metals such as iron.
Detailed explanation-3: -Rare earth elements (REEs) are crucial for production of clean energy, electric vehicles, consumer electronics, national defense and more. China controls more than 80% of global production and supply, putting supply chains and national security at risk.
Detailed explanation-4: -Over the past several decades, China has built up and cemented its dominance in global rare earths, and at its peak the country accounted for almost 98% of the world’s raw rare earths production.