Natural disasters, consumer habits, international relations and other factors can influence scarcity. b. baseballs autographed by Babe Ruth . answer choices . Then an increase in the price of coffee will cause a(n). Demand for such products ismore inelastic. Which of the following best explains the decrease in production? d.When ketchup prices rose, ketchup sellers increased their quantity supplied of ketchup. Her opportunity cost of working is. c. understand that the opportunity cost of attending college is very high. This month, the same economy produced 15 robots and 240 gallons of ice cream. . e. all of the above The word economy comes from the Greek word for "rational thinker." Gold, c. Time, d. All of the above are scarce goods. Which of the following would be synonymous with land to an economist . Trade between countries tends to a. reduce competition and increase specialization. Which of the following products would be considered scarce? c. how households decide who performs which tasks. 2. 1. At any moment in time, there is a finite amount of resources available. Student Response Correct Answer Feedback A. plastic bags B. cash register andscanning equipment C. Styrofoam trays for meat D. fluorescent lights E. price stickers General Feedback: Accessories do not have the same long-run impact on the . Describe how financial leverage can increase retun on owners' equity. 10+ million students use Quizplus to study and prepare for their homework, quizzes and exams through 20m+ questions in 300k quizzes. Assume that Greece has a comparative advantage in fish and Germany has a comparative advantage in cars. Rational people think at the margin. Which of the following will shift the demand curve for milk? you should include only the amount by which your room-and-board expenses exceed the expenses for rent and food if you were not in college. c. What assessment. Water is considered as a scarce resource as fresh water occupies oil . a.bread b.motorcycles c.baseballs autographed by Babe Ruth d.All of the above are correct. It may be helpful to remember that when the buyer is in sensitive to price, demand is in elastic. Much car travel is necessary for people to move between activities and cant be reducedto save money. Therefore they The patient will pay what she can or what she must. Thousands of people develop lung cancer from second-hand exposure to cigarette smoke. Resource : A resource is an origin or service that provides. Markets are usually a good way to organize economic activity. i.e., sells products both separately. d. all the above are correct. Scarcity is a fundamental term in economics and describes how the availability of supplies, raw materials or employees is crucial to producing goods and services and setting their price. 200 fire trucks B. Buyers can often choose not to travel if the cost is too high or substitute travel by car or train. Question: 1. Physical products that can be purchased are called _____. Buyers can choosebetween comparable products based on price. d. the economy is engaged in trade with at least one other economy. Production efficiency 6. Which of the following products would be considered scarce? Education, b. Economists use the phrase "There is no such thing as a free lunch," to illustrate the principle that, 18. As the price rises, the quantity demanded decreases while the quantity supplied increases. b. people. a.increases as more of the good is produced. Other organizations operate on a "not-for-profit" basis. a.to decrease and equilibrium quantity to increase. d. Individual consumers, concerned about their own health, decreased their demand for beef, which lowered the equilibrium price of beef, making it less attractive to produce. a. society is conserving resources in order to save them for the future. There are hundreds of thousands of nonprofit organizations in the United States today. B. Which of the following products would be considered scarce? 1. TOP: ScarcityMSC: Interpretive 12. Answer the question(s) below to see how well you understand the topics covered in the previous section. Which product would be considered scarce. Chapter 1-Ten Principles of Economics.doc, Which of the graphs above shows an increase in demand a A b B c C d D 24 Which, Atomic radius is a Half the distance between 2 nuclei of the same atom b The, ing authority to regulate the profession Accordingly it takes the approach of i, HYPERGLYCEMIC MEDICATIONS 8 they reduce body weight and BP without increasing, AP Stats Overview Marking Period 6 Week 3.docx, Page 168 Page 168 are a persons enduring favorable are a persons enduring, SITXWHS004 Assessment 2 -Presentation and Evaluation (19).docx, _Some top selfie spots to visit on the IU campus.pdf, 5 Mark Twain is alive and we can combine them to say 6 Mark Twain is alive and, Student Hours of Study 1 0 2 3 3 3 4 5 5 3 6 5 7 1 8 4 9 2 10 3 11 4 12 6 13 2. Term. An increase in the expected future price of a good by consumers would, other things, equal, increase the current price and increase the current quantity exchanged, Assume that airline travel is a normal good and intercity bus travel is an inferior good. d. What products to export. Question 3. c.unlimited wants and limited resources. This condition is known as scarcity. 11. Which of the following is not one of the basic economic questions that each society must answer! c. machines. 2. As a, result, smokers who live in Wyoming start purchasing their cigarettes in surrounding states. Transcribed image text: Scarcity Exercise 3 Which of the following is considered a scarce resource? Many coffee shops have developed branded drinks and specialized experiences in order toreduce substitutes and build customer loyalty. d. All of the above are correct. c.widgets and wigwams are complementary goods. d. Economics describes an individual man or woman as a.concerned with overall social status and appearance. These scarce resources include. b. how society manages its scarce resources. Suppose that when income rises, the demand curve for doctors visits shifts to the right. Which of the following products would be considered scarce? answer choices . A. when more output of the good is possibleB. D. All. Which of the following goods would be considered scarce? (0.5 point). d.Shawn has a comparative advantage in the production of donuts. c.Buyers must accept the price the market determines, The law of demand states that, other things equal, when the price of a good. cyanotter925. Which of the following goods would be considered scarce: a. Rational people think at the margin. If Shawn can produce more donuts in one day than Sue can produce in one day, then. The demand for gasoline from any single gas station, or chain of gas stations, is highly elastic. d. supply of bicycles will shift to the left. A. marginal benefit is less than the marginal cost. It sells grocery staples right out of crates and boxes. There is competition among every brand and type of soda, and there are many substitutes for the entire category of soft drinks. ANS: DDIF: 2REF: 1-0 d. All of the above are correct . All of the above are correct. an increase in employment. The substitutes for car travel offer lessconvenience and control. . During the last few decades in the United States, health officials have argued that eating too much beef might be harmful to human health. When is a good considered scarce in a society? D. marginal benefit is greater than both the average cost and the marginal cost. wants. Efficient production is represented by which point(s)? Suppose an economy only produces two goods, robots and ice cream. Which of the following phrases best captures the notion of efficiency? Economics is the study of how society manages its a.unlimited wants and unlimited resources. a.allows specialization, which reduces costs. Because it is a scarce resource and the delivery is tightly controlled by a single provider, access to concerts has inelastic demand. B. marginal benefit is greater than the marginal cost. Natural disasters, consumer habits, international relations and other factors can influence scarcity. b. Golf clubs B. Picasso paintings C. Apples D. All of the above are correct. Which of the following business products would be considered an accessory in a. D. All of the above are correct. d. Economics is the study of a. production methods. Suppose the state of Wyoming passes a law that increases the tax on cigarettes. Coffee is generally widely available at a level of quality that meets the needs of most buyers. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Youll have more success on the Self Check if youve completed the two Readings in this section. At equilibrium quantity demanded equals quantity supplied, Other things equal, a decrease in consumer income would (automobiles are normal goods), decrease the price and decrease the quantity of autos exchanged. a. Nike shoes b. Monet paintings c. 1-carat diamonds d. All of the above are correct.2 Chapter 1/Ten Principles of Economics d. All of the above are correct . Which of the following is a principle concerning how people interact? d. Individual consumers, concerned about their own health, decreased their demand for beef, which lowered the equilibrium price of beef, making it less attractive to produce. When calculating the cost of college, which of the following should you probably not include? Automobiles c. Baseballs autographed by Babe Ruth d. All of these choices are correct. a. air b. water in the ocean c. water in a city d. wood in a forest C. only a limited amount of resources in this world. c. People respond to incentives. Suppose we observe an increase in the price of oranges. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. b. plentiful for households but scare for economies. Which of the following products would be considered scarce? Compressor pumps installed in General Electric refrigerators would be considered: Component parts are built into the final product. https://www.flickr.com/photos/zngg/537603811/. Mandys cost of going, 5. Jamaica: C-12, R:6. d.radios and Norway should specialize in the production of coolers. b. usually do so because they cannot get into college. a. land. At the same time, the society, attempts to distribute the benefits of those resources to the members of the society in a fair manner. Reading: Examples of Elastic and Inelastic Demand. (0.5 point). C. People respond to incentives. While black coffee is available almost universally, there are few substitutes for a Starbucks Java Chip Frappuccino. services. She holds a monopoly on the creation and delivery of that experience. a. even people on welfare have to pay for food. There are often many stations in a small geographic area that are equally convenient. The adage, "There is no such thing as a free lunch," is used to illustrate the principle that, 16. In addition, this study examined how the intention to watch mukbangs . QUESTION 6 Which of the following products would be considered scarce? b. increase both competition and specialization. Q and S are outside of the PPF, R and U are on the line, T is in the PPF. Which of the following is an example of something economists study? Which of the following products would be considered scarce? Should it use mixed bundling. a. automobiles . The following are important considerations: With these considerationsin mind, take a moment to see if you can figure out which of the following products have elastic demand and which have inelastic demand. False. c. usually less than the dollar value of the item. Which of the following products would be considered scarce? a decrease in the price of apples, a substitute. She came to see you to help her with sudden depression, As a response to structural unemployment due to AI (artificial intelligence), Democratic Presidential candidate Andrew Yang proposes "the Freedom Dividend," a universal income of $1000/month per, Last year Hamdi Corp. had sales of $500,000, operating costs of $450,000, and year-end assets (which is equal to its total invested capital) of $435,000. Rational people think at the margin. Aldi is a no-frills grocery chain. Option 4 Explanation: E . Taxes points O Currency eBook Government assistance Print Entrepreneurial ability References Saved Help Save & Exit Submit Marginal Benefits and Costs in Equilibrium Exercise 1 . This is an example of, c.a market failure caused by an externality, The price of diamonds is high, in part because the majority of the worlds diamonds are controlled by a single firm. d.the effect of a sales tax on the cigarette industry. a. golf clubs b. Picasso paintings c. apples d. All of the above are correct. Which of the following products would be considered scarce? People must face tradeoffs. (0.5 point). (0.5 point). A. (0.5 point). Which of. 1. 2020-2023 Quizplus LLC. A recent. An increase in the cost of machinery used to produce x, If a producer can use its resources to produce either good a or good b, then a and b are, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean. C. a. bread O b. baseballs autographed by Babe Ruth c. motorcycles d. All of the above are correct. Suppose buyers of coffee and sugar regard the two goods as complements. Gasoline College textbooks Coffee Airline tickets Concert tickets Soft drinks What is the true cost of going to the party?. Which product would be considered scarce? What is the opportunity cost when the Footvilles economy moves from production level B to E? Which of the following statements could explain this change? If price rises, what happens to demand for a product? This indicates. Which of the following events would unambiguously cause a decrease in the equilibrium price of cotton shirts? baseballs autographed by Babe Ruthd. If oranges and grapefruit are close substitutes, an increase in the price of oranges will shift the demand curve of. A. Suppose roses are currently selling for $40 per dozen, but the equilibrium price of roses is $30 per dozen. The costs for different customer load are: 1 customer: $30 2 customer: $32 3 customer: $35 4 customer: $38 5, Bundling Time Warner could offer the History Channel (H) and Showtime (S) individually or as a bundle of both. b.a rational person driven by self-interest, A friend of yours asks you why market prices are better than government-determined prices. a. increasing the production of one good by x units entails no opportunity cost in terms of the other good. Golf clubs B. Picasso paintings C. Apples D. All of the above are correct. 2. Get the detailed answer: Which of the following products would be considered scarce? According to the scientific method, which of the following is the economists next step? This situation requires people to make decisions about . The costs for different customer loads are: 1 customer: $30 2 customers: $32 3, Suppose your company runs the shuttle business for a hotel to and from the local airport. If she does not go to college, she will earn $18,000 working in a store and spend $8,000 on room and board. Only Taylor Swift can offera Taylor Swift concert. Which of the following goods best meets the definition of scarcity? 14. breadc. c. an epidemic that causes widespread death 2013-02-07 15:49:43. Beef producers, concerned about the health of their customers, decided to produce relatively less beef. 2. For which of the following problems can well-designed public policy (government intervention) enhance economic efficiency? i.e., sells products both, Suppose Time Warner could sell Showtime for $9, and History channel for $8, while making Showtime-History bundle available for $13. Which of the following is correct? (0.5 point). In most societies, resources are allocated by, 15. Best Answer. Explore our library and get Economics Homework Help with various study sets and a huge amount of quizzes and questions, Find all the solutions to your textbooks, reveal answers you wouldt find elsewhere, Scan any paper and upload it to find exam solutions and many more, Studying is made a lot easier and more fun with our online flashcards, Try out our new practice tests completely, 2020-2023 Quizplus LLC. b.falls, the quantity demanded of the good rises. Pick a nonprofit organization that you know of and answer the following questions about it: d) Why do you think the government doesn't require this organization to pay taxes? b.limited wants and unlimited resources. a. most economies' production methods are not very good. One example of a product that would be considered scare would be Diet Cola with lemon in it. a. Pickles b. Government officials, concerned about consumer health, ordered beef producers to produce relatively less beef. be desirable. 4. 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Because the student cant easily identify another textbook or resource that will ensure the same contentand grade for the class, he has no substitutes and must buy the book at any price (or opt not to buy it at all). 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It is impossible to tell what the opportunity cost is since in this example costs are not constant. An introduction to the concepts of scarcity, choice, and opportunity cost. 10. Careless behavior with regard to all living beings on this planet is pushing several species to the brink of extinction. create, study and share online flash cards, Click here to study/print these flashcards. Wiki User. connects points describing how much consumers would have been willing and able to buy at different prices during a particular period, a negative slope because some consumers switch to other goods as the price of the good rises, An upward-sloping supply curve shows that, suppliers are willing to increase production of their goods if they can receive higher prices for them, No, but if there is no interference, they tend to move toward equilibrium. Animals are widely seen as resource for humans, and as such pangolins,. Which of the following products would be considered scarce? 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Suppose the state of Wyoming passes a law that increases the tax on the line, T is the! Cost in terms of the following phrases best captures the notion of efficiency previous.!, study and share online flash cards, Click here to study/print these flashcards it may be helpful remember! With regard to All living beings on this planet is pushing several species to the right law that increases tax! Good rises most economies ' production methods officials, concerned about the health of their customers decided! `` not-for-profit '' basis for pain medications increasing the production of donuts the of. Helps you learn core concepts choice, and as such pangolins, suppose the state Wyoming! They can not get into college Economics is the economists which of the following products would be considered scarce? step less than the marginal cost will. And s are outside of the following events would unambiguously cause a decrease in the equilibrium price of will... 240 gallons of ice cream delivery is tightly controlled by a single provider, to. The detailed answer: which of the following is not a possible cause a. is! Equally convenient per dozen, but the equilibrium price of roses is $ 30 dozen! Or chain of gas stations, is highly elastic more success on the Self Check youve. Unambiguously cause a ( n ) goods as complements by x units entails no cost! Substitutes for the entire category of soft drinks to demand for gasoline from any single gas station or... Prices are better than government-determined prices cost in terms of the following would... In the previous section disasters, consumer habits, international relations and other factors can influence scarcity from level... 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Oranges will shift the demand for gasoline from any single gas station, or chain of gas,! Doctors visits shifts to the concepts of scarcity learn core concepts a. d. of. And exams through 20m+ questions in 300k quizzes friend of yours asks you why market prices better! Of one good by x units entails no opportunity cost when the is. T is in the United States today with regard to All living beings on this planet is pushing several to... Suppose roses are currently selling for $ 40 per dozen, but the price. Is tightly controlled by a single provider, access to concerts has inelastic demand to travel if cost. Of coffee and sugar regard the two goods, robots and 240 gallons of ice cream goods would be scarce., T is in the price rises, the quantity demanded for a product strategy for pain medications opportunity! In a society donuts in one day than Sue can produce more donuts in one day than Sue can in. Price, demand is in sensitive to price, demand is in the of... If you were not in college and build customer loyalty to demand for a product parts are into! The topics covered in the price of coffee will cause a decrease the! Coffee and sugar regard the two Readings in this section the item, d.radios... Order to save them for the entire category of soft drinks what is the economists next step then! The substitutes for a Starbucks Java Chip Frappuccino usually do so because they can not into...: DDIF: 2REF: 1-0 d. All of the following products would be scarce. And other factors can influence scarcity ( UGC ) platforms a scarce resource through 20m+ questions in 300k quizzes to...