Aldi is a no-frills grocery chain. Course Hero is not sponsored or endorsed by any college or university. The patient will pay what she can or what she must. Water is considered as a scarce resource as fresh water occupies A university's football stadium is always sold out, and students who wait in line for hours may be turned away. Q and S are outside of the PPF, R and U are on the line, T is in the PPF. Expert Answer. 2. 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. Careless behavior with regard to all living beings on this planet is pushing several species to the brink of extinction. Which of the following products would be considered scarce? Rational people think at the margin. d. plentiful for households and plentiful for economies. 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. All natural, human, and manufactured goods that go into the production of goods and services are considered society's _____ economic resources. Correct Answer: Show Answer Review Later Choose question tag 10+ million students use Quizplus to study and prepare for their homework, quizzes and exams through 20m+ questions in 300k quizzes. Economics is the study of a. production methods. 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. 6. c. Anti-beef protesters have made it difficult for both buyers and sellers of beef to meet in the marketplace. Which of the following is correct? 2013-02-07 15:49:43. As the price rises, the quantity demanded decreases while the quantity supplied increases. Which of the following lists includes only capital resources? There is competition among every brand and type of soda, and there are many substitutes for the entire category of soft drinks. 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. Question 1 1 pts Suppose, Using the Marginal Approach Suppose your company runs a shuttle business of a hotel to and from the local airport. D. All of the above are correct. 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. Which of the following business products would be considered an accessory in a. a. increasing the production of one good by x units entails no opportunity cost in terms of the other good. Which of the following goods would be considered scarce? Describe how financial leverage can increase retun on owners' equity. In, other words, the society faces a tradeoff between, Guns and butter are used to represent the classic societal tradeoff between spending on. Many coffee shops have developed branded drinks and specialized experiences in order toreduce substitutes and build customer loyalty. c.the enjoyment she would have received had she gone to the park. Most businesses use scarce resources to produce goods and services in hopes of earning a profit for their owners. This is because, resources are SPECIALIZED; that is, some are better at producing particular goods rather than other goods, A production possibilities frontier can shift outward if, a. drought when everyone in that society cannot have all they want of the goodC. The substitutes for car travel offer lessconvenience and control. b. d. What products to export. (0.5 point). Which product would be considered scarce? Efficiency means that: Definition. c. pickles . d.When ketchup prices rose, ketchup sellers increased their quantity supplied of ketchup. As a, result, smokers who live in Wyoming start purchasing their cigarettes in surrounding states. A relatively inexpensive item that requires very little shopping effort is called a ____. Suppose the state of Wyoming passes a law that increases the tax on cigarettes. d. All of the above are correct. a.increases as more of the good is produced. d. All of the above are correct . C. average benefit is greater than the average cost. (0.5 point). Buyers can easily compare prices, and buyers experience the services provided by competitors as being very similar. The "what question primarily refers to: The set of goods and services that are produced b. 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. c. usually less than the dollar value of the item. scarce. While black coffee is available almost universally, there are few substitutes for a Starbucks Java Chip Frappuccino. 2. Buyers can often choose not to travel if the cost is too high or substitute travel by car or train. Which of the following demonstrates the law of supply? Which of the following will shift the supply curve for good x to the left? Taxes points O Currency eBook Government assistance Print Entrepreneurial ability References Saved Help Save & Exit Submit Marginal Benefits and Costs in Equilibrium Exercise 1 . A. bread B. baseballs autographed by Babe Ruth C. motorcycles D. All of the above are correct. Understanding scarcity and how it affects businesses can . It may be helpful to remember that when the buyer is in sensitive to price, demand is in elastic. A society allocates its scarce resources to various jobs. . Understanding scarcity and how it affects business can . Previous question Next question This problem has been solved! A. 4. b. increasing unemployment There are simply never enough resources to meet all our needs and desires. Youll have more success on the Self Check if youve completed the two Readings in this section. Markets are usually a good way to organize economic activity. a. bread b. baseballs autographed by Babe Ruth c. motorcycles d. All of the above are correct; Answer: d 5. a. golf clubsb. Automobiles c. Baseballs autographed by Babe Ruth d. All of these choices are correct. goods. 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. What assessment. We reviewed their content and use your feedback to keep the quality high. Consider Mandys decision to go to college. Diet Cola with lemon in it. See Answer Physical products that can be purchased are called _____. 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. a decrease in aggregate demand. Economics is the study ofa.production methods. The demand for gasoline from any single gas station, or chain of gas stations, is highly elastic. Which of the following products would be considered scarce? 2003-2023 Chegg Inc. All rights reserved. Which of the following phrases best captures the notion of efficiency? As the Social Worker, you will want to ask the client questions. Which of the following would likely be studied by a microeconomist rather than a macroeconomist? What is the true cost of going to the party?. Also assume that Germany has an absolute advantage in both fish and cars. a. society is conserving resources in order to save them for the future. d.the ticket price is below the equilibrium price. a.bread b.motorcycles c.baseballs autographed by Babe Ruth d.All of the above are correct. 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. 5. a. motorcyclesb. Compressor pumps installed in General Electric refrigerators would be considered: Component parts are built into the final product. Should it use mixed bundling. https://www.flickr.com/photos/zngg/537603811/. In this case, we know doctors visits are. She holds a monopoly on the creation and delivery of that experience. Suppose buyers of coffee and sugar regard the two goods as complements. Refer to last card. b. increasing the production of one good by x units entails a constant opportunity cost in terms of the other good. answer choices . 3. a. obviously do not understand the value of a college education. Which of the following is a principle concerning how people interact? Markets are usually a good way to organize economic activity. d.a famous, highly-paid actor who wants to take time away from show business to finish college and earn a degree. What techniques would a social worker use to engage the client? Economics is the study of how society manages its a.unlimited wants and unlimited resources. Which of the following would be synonymous with land to an economist . a.allows specialization, which reduces costs. For which of the following individuals would the opportunity cost of going to college be highest? Suppose we observe an increase in the price of oranges. a. Only Taylor Swift can offera Taylor Swift concert. What is the opportunity cost when the Footvilles economy moves from production level B to E? 14. This, ____ is the collection, recording, and analysis of data important in marketing and. b. Which of the following products would be considered scarce? 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. The debt-to-total-capital ratio was 17%, the. c. understand that the opportunity cost of attending college is very high. Microeconomics focuses on how individuals, households, and firms make those decisions. b. baseballs autographed by Babe Ruth . d. Which of the following correctly describes how price adjustment eliminates a shortage? One example of a product that would be considered scare would be Diet Cola with lemon in it. c. the economy is producing efficiently. If these two countries specialize and trade so as to maximize the benefits of specialization and trade, then, Jamaica and Norway can switch between producing coolers and producing radios at a constant rate. the following principles does this best illustrate. Which of the following products would be considered scarce? Scarcity refers to the basic economic problem, the gap between limited - that is, scarce - resources and theoretically limitless wants. Which of the following would be most likely to cause an outward shift of the demand curve for electricity? a. land. The word economy comes from the Greek word for "rational thinker." 1. Airline ticketsare sold in a fiercely competitive market. Even when the number of resources is very . 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? An increase in which of the following would shift the supply curve for gasoline to the right? The adage, "There is no such thing as a free lunch," means, society is getting the maximum benefits from its scarce resources, High-School athletes who skip college to become professional athletes, understand that the opportunity cost of attending college is very high, The opportunity cost of going to college is, the value of the best opportunity a student gives up to attend college. b. how society manages its scarce resources. B. d. society is getting the maximum benefits from its scarce resources. C. People respond to incentives. 10+ million students use Quizplus to study and prepare for their homework, quizzes and exams through 20m+ questions in 300k quizzes. a. most economies' production methods are not very good. Which product would be considered scarce. When calculating the cost of college, which of the following should you probably not include? This situation requires people to make decisions about . 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 products would be considered scarce? This short quiz does not count toward your grade in the class, and you can retake it an unlimited number of times. Which of the following products would be considered scarce? b. plentiful for households but scare for economies. Trade between countries tends to a. reduce competition and increase specialization. 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. This answer is: Markets are usually a good way to organize economic activity. c.unlimited wants and limited resources. c.Buyers must accept the price the market determines, The law of demand states that, other things equal, when the price of a good. One example of a product that would be considered scare would be Diet Cola with lemon in it. Which of the following statements best represents the principle represented by the adage, "There is no, Abada Colleges - Pinamalayan, Oriental Mindoro. Which of the following events would unambiguously cause a decrease in the equilibrium price of cotton shirts? b.limited wants and unlimited resources. Golf clubs B. Picasso paintings C. Apples D. All of the above are correct. Because you understand economic principles, you say that market-determined prices are better because they generally reflect. Production efficiency 6. Which of the following is not one of the basic economic questions that each society must answer! If she goes to college, she will spend. Rational people think at the margin. Scarce for households and scarce for economies, The phenomenon of scarcity stems from the fact that. a. automobiles . A rational decision maker takes an action only if the. c. machines. In general, products that significantly affecthealth and well-being have inelastic demand. Abada Colleges - Pinamalayan, Oriental Mindoro, QUIZ 1 CHAPTER 1 ECONOMY Macroeconomics Principles of Macroeconomics.docx, Which of the graphs above shows an increase in demand a A b B c C d D 24 Which, This suggests that the CBI really is nothing more than an orally administered, seminar report (6G technology)-meraj.docx, Constitutional vs. Modern Separation of Powers.docx, same signal might be a false alarm Carpenter who has returned to Peter Lake for, Work his way over the edge and into a good L shaped body position Look over his, IT118=44 COURSE INFORMATION IT118 SPRING 2022 (3).docx, It refers to the assumptions values and practices of people in the West and some, Copy of Birds and Homeostasis Worksheet 3_31.docx, If a major hurricane devastated industry in the eastern United States, the result would most likely cause an increase in aggregate demand. A recent study found that an increase in the Federal tax on wigwams (and thus an increase in the price of wigwams) would reduce the demand for widgets. c.decrease in the demand for sugar and a decrease in the quantity supplied of sugar. Teresa is an 80-year old woman who you are seeing in an intake counseling session. A. 10. The adage, "There is no such thing as a free lunch," means, 17. 2. Education, b. b.exactly equals the quantity that sellers are willing and able to sell. They are less expensive and more standardized than installations. The introduction of new distribution channels is increasing options for buyers and having an impact onthe price elasticity for publishers. Which of the following products would be considered scarce? Course Hero is not sponsored or endorsed by any college or university. answer choices . a. Kate chooses to work overtime to earn extra income for her family. Wiki User. Economics is the study of how societies choose to do that. 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. 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. c. scarce for house holds and scarce for economies. Answer the question(s) below to see how well you understand the topics covered in the previous section. You love peanut butter. when only the richest people in the economy can buy all they want of the good, the need of somthing or if the countries work together and arent . A. 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. This condition is known as scarcity. wants. 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. We can conclude that. Gasoline College textbooks Coffee Airline tickets Concert tickets Soft drinks be limited in quantity. There is no substitute, and loyal fans are willing to pay for the experience. 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 . In most societies, resources are allocated by, 15. In addition, this study examined how the intention to watch mukbangs . QUESTION 6 Which of the following products would be considered scarce? The supermarket chain's emphasis on maintaining its cost competitive, advantage means the company's top management is often concentrating on its ____. Faced with this scarcity, we must choose how to allocate our resources. At any moment in time, there is a finite amount of resources available. Which of the following is an example of something economists study? B. marginal benefit is greater than the marginal cost. Natural disasters, consumer habits, international relations and other factors can influence scarcity. Additional ones for extra practice we put at the end The additional questions, Phase C large scale implementation With mass training ongoing all schools that, 3 SNMP manager The Network Management System NMS is a software interface that, d Air truck It involves the shifting of goods between air and road, 350 350 Inflation assumption CPI 250 250 Discount rate 285 375 Life expectancy, Healthy People 2030 Group Project Presentation.pptx, immediate use of the regroup for a group call upon initiation of the regroup A, Intro Syllabus 2000 Gustin Spring 2021.docx, Which of the following statements refers to management accounting information A, 5 Stillman advertised his desire for blacks who suffered from disorders far, Complete the Client Home Environment Checklist for your own home.docx, PSY5140_Jon_Zimmerman_u08a1_Developing_a_Program_Evaluation_Proposal.docx, Working in the Context of Reconciliation and Nation to Nation IMPLEMENTING, Kami Export - Cell City Analogy Worksheet to be completed with Youtube Video.pdf. Which of the following is a principle concerning how people interact? d.the effect of a sales tax on the cigarette industry. Scarcity. 2003-2023 Chegg Inc. All rights reserved. Score: 0/3.33 7. 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. One example of a product that would be considered scare would be Assume that Greece has a comparative advantage in fish and Germany has a comparative advantage in cars. ANS: DDIF: 2REF: 1-0 d. All of the above are correct . A. Which of the following products would be considered scarce? the cost of rent for your off campus apartment, takes an action only if the marginal benefit of that action exceeds the marginal cost of that action, buildings and machines used in the production process, The production possibilities frontier is a graph that shows the various combinations of output that an economy, outside its production possibilities frontier, Production is efficient if the economy is producing at a point, When an economy is operating inside its production possibilities frontier, we know that, there are unused resources or inefficiencies in the economy, produce inside its production possibilities frontier, Production possibilities frontiers are usually bowed outward. 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. are considered scarce. a. even people on welfare have to pay for food. Suppose the reservation prices of customers 1 and 2 (the highest prices they are willing, Suppose Time Warner could sell Showtime for $9, and the History channel for $8, while making Showtime-History bundle available for $13. Therefore they Economic resources are scarce. b. how society manages its scarce resources. c.widgets and wigwams are complementary goods. a decrease in the price of apples, a substitute. (0.5 point). Thousands of people develop lung cancer from second-hand exposure to cigarette smoke. (0.5 point). All Rights Reserved. 1) The things that cant be manufactured in lots are scarce or items which are rare. Rational people think at the margin. According to the scientific method, which of the following is the economists next step? Suppose roses are currently selling for $40 per dozen, but the equilibrium price of roses is $30 per dozen. an increase in employment. Using this vignette and an assessment form. All Rights Reserved. A. 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. Which of the following products would be considered scarce? Golf clubs B. Picasso paintings C. Apples D. All of the above are correct. Suppose an economy only produces two goods, robots and ice cream. Which of the following products would be considered scarce? A. Natural disasters, consumer habits, international relations and other factors can influence scarcity. 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). d. are not making a rational decision since the marginal benefits of college outweigh the marginal costs of college for high school athletes. Which of the following products would be considered scarce in economics? Which of the following products would be considered scarce? Rational people think at the margin. Which of the following goods best meets the definition of scarcity? Much car travel is necessary for people to move between activities and cant be reducedto save money. D. marginal benefit is greater than both the average cost and the marginal cost. a. automobiles b. baseball autographed by Babe Ruth c. pickles d. all of the above correct d. all of the above Economics is the study of a. production methods. only a limited amount of resources in this world. Which of the following is not considered by economists to be a factor of production? oil . A)bread B)baseballs autographed by Babe Ruth C)motorcycles D)All of the above are correct. These scarce resources include. Which product would be considered scarce? Which of the following products would be considered scarce? As a result, there has been a significant decrease in the amount of beef produced. TOP: ScarcityMSC: Interpretive 12. When is a good considered scarce in a society? c. how households decide who performs which tasks. c. Government officials, concerned about consumer health, ordered beef producers to produce relatively less beef. How does a market economy support nonprofit organizations? Copy. If the supply of a product increases, then we would expect equilibrium price. a. bread O b. baseballs autographed by Babe Ruth c. motorcycles d. All of the above are correct.
which of the following products would be considered scarce?