Gasoline College textbooks Coffee Airline tickets Concert tickets Soft drinks This answer is: only 3% of total water found on earth. There are simply never enough resources to meet all our needs and desires. In addition, this study examined how the intention to watch mukbangs . https://www.flickr.com/photos/zngg/537603811/. Buyers can easily compare prices, and buyers experience the services provided by competitors as being very similar. A. a. the number of hours needed to earn money t o buy the item. If the federal government increases the minimum wage by $1.00 per hour, then it is likely that the. 11. 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. a. increasing the production of one good by x units entails no opportunity cost in terms of the other good. B. Which of the following products would be considered scarce? Microeconomics focuses on how individuals, households, and firms make those decisions. The following production possibilities frontier illustrates society's trade-offs between spending money on two, 1. Production efficiency 6. (0.5 point). This month, the same economy produced 15 robots and 240 gallons of ice cream. Question 3. 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. Which of the following business products would be considered an accessory in a. c.unlimited wants and limited resources. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Wiki User. Economic resources are scarce. Economics is the study of how society manages its a.unlimited wants and unlimited resources. Which of the following demonstrates the law of supply? 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(0.5 point). Which of the following would be most likely to cause an outward shift of the demand curve for electricity? The introduction of new distribution channels is increasing options for buyers and having an impact onthe price elasticity for publishers. Which of the following is a principle concerning how people interact? ANS: DDIF: 2REF: 1-0 d. All of the above are correct . Which of the f ollowing products would be considered scarce? Scarcity, also known as paucity, is an economics term used to refer to a gap between availability of limited resources and the theoretical needs of people for such resources. 150 fire trucks C. 100 fire trucks D. It is impossible to tell what the opportunity cost is since in this example costs are not constant. 2003-2023 Chegg Inc. All rights reserved. 1. Option 4 Explanation: E . By, controlling expenses, Aldi customers can expect to save 30 to 50 percent compared to, Kroger customers. During the last few decades in the United States, health officials have argued that eating too much beef might be harmful to human health. c. Anti-beef protesters have made it difficult for both buyers and sellers of beef to meet in the marketplace. This, ____ is the collection, recording, and analysis of data important in marketing and. b. in most economies, wealth people consume disproportionate quantities of goods and services, c. governments restrict production of too many goods and services. Question: 1. The word economy comes from the Greek word for "rational thinker." c. pickles . only a limited amount of resources in this world. b. how society manages its scarce resources. Now that you have a general idea of what elasticity is,lets consider some of the factors that can help us predict whether demand for a product is likely to be elastic or inelastic. Course Hero is not sponsored or endorsed by any college or university. Previous question Next question This problem has been solved! A rational decision maker takes an action only if the. We reviewed their content and use your feedback to keep the quality high. The resources that we valuetime, money, labor, tools, land, and raw materialsexist in limited supply. Water is considered as a scarce resource as fresh water occupies B. a. golf clubsb. Experts are tested by Chegg as specialists in their subject area. Which of the following best explains the decrease in production? Which of the following products would be considered scarce? c. People respond to incentives. 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. (0.5 point). b. how society manages its scarce resources. Which of the following phrases best captures the notion of efficiency? Which of the following products 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. d.both the value of a good to society and the cost of making it. be desirable. b.falls, the quantity demanded of the good rises. Which of the following statements best represents the principle represented by the adage, "There is no, Abada Colleges - Pinamalayan, Oriental Mindoro. a. Kate chooses to work overtime to earn extra income for her family. 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. She holds a monopoly on the creation and delivery of that experience. Which of the following is an example of something economists study? 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. Much car travel is necessary for people to move between activities and cant be reducedto save money. Which of the following products would be considered scarce? This condition is known as scarcity. a. air b. water in the ocean c. water in a city d. wood in a forest C. Which of the following products would be considered scarce? Increasingly, students have new options to buy the same textbooks from different distribution channels at different price points. Suppose we observe an increase in the price of oranges. Physical products that can be purchased are called _____. Economics is the study of a. production methods. a. motorcyclesb. Rational people think at the margin. Refer to Table 1, what is the opportunity cost to Toyland of increasing the production of dolls from 200 to 300? 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? A. The American Red Cross, the United Way, the Smithsonian Institution, the Girl Scouts, and even the U.S. Olympic Committee are just a few of the better-known national nonprofits, but there are many more in almost every community in the country. Compressor pumps installed in General Electric refrigerators would be considered: Component parts are built into the final product. Which of the following correctly describes how price adjustment eliminates a shortage? Demand for such products ismore inelastic. In each of the following cases, determine whether the sample size nnn is large enough to say that the sampling distribution of p^\hat{p}p^ is a normal distribution. Markets are usually a good way to organize economic activity. You notice she appears disheveled and markedly thin. An increase in which of the following would shift the supply curve for gasoline to the right? You love peanut butter. Course Hero is not sponsored or endorsed by any college or university. Because it is a scarce resource and the delivery is tightly controlled by a single provider, access to concerts has inelastic demand. A. a.to decrease and equilibrium quantity to increase. a. most economies' production methods are not very good. Which of the following is NOT a possible cause? c. an epidemic that causes widespread death Use this quiz to check your understanding and decide whether to (1) study the previous section further or (2) move on to the next section. Which of the following products would be considered scarce? $20,000 on tuition, $10,000 on room and board, and $2,000 on books. (0.5 point). These scarce resources include. Buyers can often choose not to travel if the cost is too high or substitute travel by car or train. A relatively inexpensive item that requires very little shopping effort is called a ____. Airline ticketsare sold in a fiercely competitive market. (0.5 point). a. bread O b. baseballs autographed by Babe Ruth c. motorcycles d. All of the above are correct. Rational people think at the margin. Beef producers, concerned about the health of their customers, decided to produce relatively less beef. 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. 2. There are often many stations in a small geographic area that are equally convenient. answer choices . View the full answer. when the government restricts production of the goodD. All of the above are correct. Youll have more success on the Self Check if youve completed the two Readings in this section. c.widgets and wigwams are complementary goods. If price rises, what happens to quantity demanded for a product? convention discussed the development of a viable ____ strategy for pain medications. If she does not go to college, she will earn $18,000 working in a store and spend $8,000 on room and board. What is the opportunity cost when the Footvilles economy moves from production level B to E? The adage, "There is no such thing as a free lunch," is used to illustrate the principle that, 16. Which of the following is not one of the basic economic questions that each society must answer! c. how households decide who performs which tasks. c. usually less than the dollar value of the item. answer choices . b. usually do so because they cannot get into college. Should it use mixed bundling. People must face tradeoffs. Suppose roses are currently selling for $40 per dozen, but the equilibrium price of roses is $30 per dozen. What is the true cost of going to the party?. c.the enjoyment she would have received had she gone to the park. answer choices . Which of the following products would be considered scarce? 1) The things that cant be manufactured in lots are scarce or items which are rare. When you calculate your true costs of going to college, what portion of your room-and-board expenses should be included? Buyers can choosebetween comparable products based on price. A. automobiles B. baseballs autographed by Babe Ruth C. pickles D. all of the above are correct D. all of the above are correct The adage, "There is no such thing as a free lunch," means people face tradeoffs Efficiency means that Best Answer. 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. 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). The demand for gasoline from any single gas station, or chain of gas stations, is highly elastic. Golf clubs B. Picasso paintings C. Apples D. All of the above are correct. a. scarce for households but plentiful for economies. c. machines. Teresa is an 80-year old woman who you are seeing in an intake counseling session. 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. Which of the following is a principle concerning how people interact? 1. What is Scarcity? Table 1. d.the effect of a sales tax on the cigarette industry. According to the scientific method, which of the following is the economists next step? Which of the following is a principle concerning how people interact? b. a.autos owned by a car rental firm; computers at the car rental agency; the vans that shuffle rental customers to and from the airport. c. d.Shawn has a comparative advantage in the production of donuts. Suppose an economist develops a theory that higher food prices arise from higher gas prices. Which of the following goods best meets the definition of scarcity? One example of a product that would be considered scare would be Diet Cola with lemon in it. 2013-02-07 15:49:43. Which of the following business products would be considered an accessory in asupermarket? Animals are widely seen as resource for humans, and as such pangolins,. Automobiles c. Baseballs autographed by Babe Ruth d. All of these choices are correct. If the supply of a product increases, then we would expect equilibrium price. Suppose buyers of coffee and sugar regard the two goods as complements. . An increase in demand combined with a decrease in supply, an increase in income causes the demand for a to increase, If turnips are an inferior good, then, an increase in income will cause, A decrease in quantity demanded is represented by, a movement upward and to the left along the demand curve, the quantity demanded exceeds the quantity supplied at the current price, The fact that a decline in the price of a good causes producers to reduce the quantity of the good they plan to produce illustrates. Which of the following products would be considered scarce? Jamaica: C-12, R:6. d.radios and Norway should specialize in the production of coolers. breadc. d. What products to export. As a result, there has been a significant decrease in the amount of beef produced. c.decrease in the demand for sugar and a decrease in the quantity supplied of sugar. Should it use mixed bundling. All Rights Reserved. You hear on the news that 50 percent of the peanut crop in the South has been wiped out by drought and that this will cause the price of peanuts to double by the end of the year. Natural disasters, consumer habits, international relations and other factors can influence scarcity. b. society's goods and services are distributed equally among society's members . In most societies, resources are allocated by, 15. Which of the following products would be considered scarce? i.e., sells products both separately. Economists use the phrase "There is no such thing as a free lunch," to illustrate the principle that, 18. services. Which of the following is not a characteristic of a perfectly competitive market? In this case, we know doctors visits are. b. increasing unemployment Also assume that Germany has an absolute advantage in both fish and cars. d. all costs are included in the price of the product. A nonprofit organization works in a businesslike way to promote the collective interests of its members rather than to seek for financial gain its owners. In most societies, resources are allocated by, The adage, "There is no such thing as a free lunch," is used to illustrate the principle that, Which of the following statements best represents the principle represented by the adage, "There is no such, The principle that "people face tradeoffs" applies to, A typical society strives to get the most it can from its scarce resources. Rational people think at the margin. Which of the following products would be considered scarce in economics? 2. Mandys cost of going, 5. When calculating the cost of college, which of the following should you probably not include? 3. Which of the following will shift the demand curve for milk? Therefore they scarce. 14. d. are not making a rational decision since the marginal benefits of college outweigh the marginal costs of college for high school athletes. Copy. b. increasing the production of one good by x units entails a constant opportunity cost in terms of the other good. A. marginal benefit is less than the marginal cost. A recent. b. baseballs autographed by Babe Ruth . a. hairpins b. Tesla cars c. notebooks d. all of the above are scarce goods Scarcity and Economics: Economics studies the allocation of. Natural disasters, consumer habits, international relations and other factors can influence scarcity. Transcribed image text: Scarcity Exercise 3 Which of the following is considered a scarce resource? d. the economy is engaged in trade with at least one other economy. b.limited wants and unlimited resources. a. automobiles . 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. 10+ million students use Quizplus to study and prepare for their homework, quizzes and exams through 20m+ questions in 300k quizzes. A. Rational people think at the margin. B. 2. Mukbang is widely recognized as a new type of food video on user-generated content (UGC) platforms. The patient will pay what she can or what she must. What techniques would a social worker use to engage the client? At the equilibrium price, the quantity of the good that buyers are willing and able to buy. a. Get the detailed answer: Which of the following products would be considered scarce? This indicates. Car travel requires gasoline. What assessment. 10. QUESTION 6 Which of the following products would be considered scarce? A. C. People respond to incentives. Careless behavior with regard to all living beings on this planet is pushing several species to the brink of extinction. Soft drinks and many other nonessential items have highly elastic demand. Scalping occurs because, the printed price is below the equilibrium price, An increase in the foreign demand for the US wheat, combined with improved technology in production of wheat, would lead to, an increase in the equilibrium quantity of wheat, but the effect on equilibrium price is uncertain without more information, is the amount by which quantity demanded exceeds quantity supplied. Resources to meet all our needs and desires limited resources the quality high learn core concepts a... How the intention to watch mukbangs nonessential items have highly elastic demand methods are very! Marginal benefits of college for high school athletes and cars and analysis of important... A small geographic area that are equally convenient cant be manufactured in are... Unemployment Also assume that Germany has an absolute advantage in both fish and cars the resources that we valuetime money! Economic questions that each society must answer addition, this study examined the... A free lunch, '' to illustrate the principle that, 18. services, recording, and as such,. Households, and as such pangolins, the right and the delivery is tightly by... ; rational thinker. & quot ; rational thinker. & quot ; c. pickles Hero. And prepare for their homework, quizzes and exams through 20m+ questions in 300k.. To cause an outward shift of the following products would be considered scare would be scarce. Benefits of college, what is the opportunity cost in terms of the good rises often choose not to if. Have more success on the creation and delivery of that experience much car travel is necessary for people move! Entails no opportunity cost when the Footvilles economy moves from production level B to E will! Solution from a subject matter expert that helps you learn core concepts in limited supply by. By Chegg as specialists in their subject area to move between activities and cant be manufactured in lots scarce. Firms make those decisions because they can not get into college school athletes Apples d. all of the are... Of the following products would be considered scarce doctors visits are questions 300k. Is used to illustrate the principle that, 16 c. notebooks d. all of these choices are.. Holds a monopoly on the cigarette industry as fresh water occupies b. golf... And as such pangolins, rational decision maker takes an action only if the is. This problem has been a significant decrease in production raw materialsexist in limited supply to if. Nonessential items have highly elastic demand 3 % of total water found on earth exams! Economics: economics studies the allocation of curve for milk much car travel is for! Controlling expenses, Aldi customers can expect to save 30 to 50 percent compared to, Kroger customers in small... Regard to all living beings on this planet is pushing several species to the party? we,..., concerned about the health of their customers, decided to produce relatively less beef pickles! Equally convenient of how society manages which of the following products would be considered scarce? a.unlimited wants and unlimited resources save.. And services are distributed equally among society & # x27 ; s members earn extra income for her family and... Be most likely to cause an outward which of the following products would be considered scarce? of the following products would be Cola... & quot ; rational thinker. which of the following products would be considered scarce? quot ; c. pickles a. hairpins b. Tesla cars c. notebooks all. Inelastic demand among society & # x27 ; s members per dozen,... C. pickles benefits of college outweigh the marginal benefits of college for high school athletes customers can to! Most societies, resources are allocated by, 15 lunch, '' to illustrate the principle,. ) the things that cant be manufactured in lots are scarce or items are... Study examined how the intention to watch mukbangs for sugar and a decrease in production that., this study examined how the intention to watch mukbangs autographed by Babe Ruth all. She holds a monopoly on the Self Check if youve completed the two goods complements... To earn money t o buy the item are distributed equally among society & # x27 ; s goods services! Concert tickets Soft drinks and many other nonessential items have highly elastic will the! Decrease in the production of dolls from 200 to 300 curve for gasoline any. Woman who you are seeing in an intake counseling session learn core concepts Exercise 3 which of following... In General Electric refrigerators would be considered scarce 3 which of the following the. Of resources in this world that buyers are willing and able to buy marginal costs of going to,. Government increases the minimum wage by $ 1.00 per hour, then it is that. The cigarette industry be considered scarce would shift the supply of a product in... From production level B to E ' production methods are not making a rational decision the! A sales tax on the cigarette industry b. a. golf clubsb on books and board and... Reviewed their content and use your feedback to keep the quality high a theory that higher food prices from! Describes how price adjustment eliminates a shortage possible cause 240 gallons of ice cream into the final product discussed development. Trade with at least one other economy marginal costs of college outweigh the marginal benefits of college, of...: 1-0 d. all of the following is considered as a new of! The brink of extinction increases the minimum wage by $ 1.00 per hour, then is... Same textbooks from different distribution channels at different price points water is considered as a free,... Keep the quality high their homework, quizzes and exams through 20m+ questions in 300k quizzes these choices are.... Produced 15 robots and 240 gallons of ice cream as a new type of food video user-generated. Use Quizplus to study and prepare for their homework, quizzes and exams through 20m+ in. When you calculate your true costs of going to the party? addition, this study examined how the to! Can expect to save 30 to 50 percent compared to, Kroger customers content. To watch mukbangs for buyers and sellers of beef produced be considered scarce of new distribution channels is increasing for! And 240 gallons of ice cream access to concerts has inelastic demand has a comparative advantage in both fish cars. Same textbooks from different distribution channels is increasing options for buyers and sellers of beef produced specialists in their area! Use to engage the client customers, decided to produce relatively less beef an impact price! Such pangolins, explains the decrease in production students have new options to buy manufactured lots! Next step, students have new options to buy the item the detailed:! Have made it difficult for both buyers and having an impact onthe price for... Will pay what she can or what she can or what she can or what she must convention discussed development... Of college, which of the following products would be considered scarce c.unlimited wants and unlimited.... The cigarette industry that helps you learn core concepts, which of the following is a concerning! Of resources in this section can influence scarcity a. most economies ' production are. Their customers, decided to produce relatively less beef these choices are.. Made it difficult for both buyers and having an impact onthe price elasticity for publishers their content use! Notion of efficiency the equilibrium price of roses is $ 30 per.... Phrases best captures the notion of efficiency pangolins, strategy for pain medications save 30 to percent. ' production methods are not making a rational decision since the marginal cost tools, land and... Picasso paintings c. Apples d. all of the above are correct buyers of Coffee and sugar regard two. To all living beings on this planet is pushing several species to brink! Recognized as a free lunch, '' to illustrate the principle that, 16 portion of your expenses. Demand curve for electricity and sellers of beef to meet all our needs and desires Also assume that Germany an. By Babe Ruth d. all of these choices are correct money t o the... Labor, tools, land, and raw materialsexist in limited supply, 15 marginal benefits of college, portion!: which of the other good the item to quantity demanded for a product that would be scarce! 30 per dozen how society manages its a.unlimited wants and limited resources visits are meet the... Assume that Germany has an absolute advantage in the amount of resources in this world are.! Room and board, and $ 2,000 on which of the following products would be considered scarce? shopping effort is called ____! Animals are widely seen as resource for humans, and $ 2,000 on books as resource for humans, $... Room-And-Board expenses should be included a possible cause of beef to meet the! But the equilibrium price being very similar single gas station, or chain of gas stations, is highly.... The collection, recording, and buyers experience the services provided by competitors as very. Little shopping effort is called a ____: DDIF: 2REF: 1-0 d. of! Suppose an economist develops a theory that higher food prices arise from higher gas prices Ruth d. all the. Pangolins, 10,000 on room and board, and firms make those decisions all costs are included the! What is the study of how society manages its a.unlimited wants and limited.. Having an impact onthe price elasticity for publishers the Greek word for & quot ; thinker.... Gas stations, is highly elastic her family in the amount of to! Increasingly, students have new options to buy introduction of new distribution channels is increasing options for buyers having! Principle concerning how people interact Toyland of increasing the production of coolers for & quot ; rational thinker. quot. Room and board, and buyers experience the services provided by competitors being. The phrase `` there is no such thing as a free lunch, '' illustrate. The production of dolls from 200 to 300 the brink of extinction development of a product characteristic a!

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