which of the following products would be considered scarce?

answer choices . d. What products to export. a. motorcyclesb. Which of the following products would be considered scarce? d. plentiful for households and plentiful for economies. Also assume that Germany has an absolute advantage in both fish and cars. Which of the following correctly describes how price adjustment eliminates a shortage? convention discussed the development of a viable ____ strategy for pain medications. B. She earns $20 per hour for overtime work. Which of the following is a principle concerning how people interact? 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 . 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. Therefore they Which of the following is NOT necessary for an item to be considered scarce? D. all of the above except for b. communicating that information to management. Much car travel is necessary for people to move between activities and cant be reducedto save money. against each other and if the item or product is scarce. c.Buyers must accept the price the market determines, The law of demand states that, other things equal, when the price of a good. Because it is a scarce resource and the delivery is tightly controlled by a single provider, access to concerts has inelastic demand. a. scarce for households but plentiful for economies. . Golf clubs B. Picasso paintings C. Apples D. All of the above are correct. d.When ketchup prices rose, ketchup sellers increased their quantity supplied of ketchup. All Rights Reserved. Teresa is an 80-year old woman who you are seeing in an intake counseling session. Soft drinks and many other nonessential items have highly elastic demand. c. Which of the following would be synonymous with land to an economist . Which of the following products would be considered scarce? Many coffee shops have developed branded drinks and specialized experiences in order toreduce substitutes and build customer loyalty. Which of the following products would be considered scarce? 2. Faced with this scarcity, we must choose how to allocate our resources. Which of the following phrases best captures the notion of efficiency? The "what question primarily refers to: The set of goods and services that are produced b. 2003-2023 Chegg Inc. All rights reserved. d. 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. Which of the following is a principle concerning how people interact? A. D. All. A)bread B)baseballs autographed by Babe Ruth C)motorcycles D)All of the above are correct. Markets are usually a good way to organize economic activity. a. Pickles b. 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. The combination of a low price, relative to the buyers spending power, and the fact that the product is sold by many different suppliers in a competitive market, make the demand highly elastic. 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. 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. c. the economy is producing efficiently. Aldi is a no-frills grocery chain. Which of the following is the correct way to describe equilibrium in a market? b. in most economies, wealth people consume disproportionate quantities of goods and services, c. governments restrict production of too many goods and services. As a, result, smokers who live in Wyoming start purchasing their cigarettes in surrounding states. (0.5 point). Gasoline College textbooks Coffee Airline tickets Concert tickets Soft drinks 4. 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 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. A. d. are not making a rational decision since the marginal benefits of college outweigh the marginal costs of college for high school athletes. Rational people think at the margin. 2. 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 B. marginal benefit is greater than the marginal cost. Question: 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. Which of the following products would be considered scarce? In most societies, resources are allocated by, 15. (0.5 point). Which of the following is correct? With these considerations in mind, take a moment to see if you can figure out which of the following products have elastic demand and which have inelastic demand. Beef producers, concerned about the health of their customers, decided to produce relatively less beef. Consider Mandys decision to go to college. b. increase both competition and specialization. 1) The things that cant be manufactured in lots are scarce or items which are rare. C. average benefit is greater than the average cost. b.exactly equals the quantity that sellers are willing and able to sell. Increasingly, students have new options to buy the same textbooks from different distribution channels at different price points. Car travel requires gasoline. 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 Which of the following products would be considered scarce? Suppose an economy only produces two goods, robots and ice cream. a.minimum waste b.equitable outcome c.equal distribution d.absolute fairness, Melody decides to spend three hours working overtime rather than going to the park with her friends. c. scarce for house holds and scarce for economies. If the supply of a product increases, then we would expect equilibrium price. We would expect a. b.surplus to exist and the market price of roses to decrease. Efficiency means that: Definition. (0.5 point). Water is considered as a scarce resource as fresh water occupies 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. Economics is the study of a. production methods. b. how society manages its scarce resources. 4. a. The substitutes for car travel offer lessconvenience and control. Which of. When is a good considered scarce in a society? Economics describes an individual man or woman as a.concerned with overall social status and appearance. It may be helpful to remember that when the buyer is in sensitive to price, demand is in elastic. B. 2. As a result, entities are forced to decide how best to allocate a scarce resource in an efficient manner so that most of the needs and wants can be met. i.e., sells products both separately. This month, the same economy produced 15 robots and 240 gallons of ice cream. Production efficiency 6. a. increasing the production of one good by x units entails no opportunity cost in terms of the other good. 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. Generally an instructor assigns a textbook to the student, and the student who wants access to the learning materials must buy it, regardless of the price level. d.a famous, highly-paid actor who wants to take time away from show business to finish college and earn a degree. This, ____ is the collection, recording, and analysis of data important in marketing and. d.both the value of a good to society and the cost of making it. Which of the following is correct? It may be helpful to remember that when the buyer is insensitive to price, demand is inelastic. 6. What is the true cost of going to the party?. Suppose roses are currently selling for $40 per dozen, but the equilibrium price of roses is $30 per dozen. Rational people think at the margin. a. Kate chooses to work overtime to earn extra income for her family. Golf clubs B. Picasso paintings C. Apples D. All of the above are correct. Which of the following products would be considered scarce? 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. As a result, there has been a significant decrease in the amount of beef produced. Natural disasters, consumer habits, international relations and other factors can influence scarcity. D. All of the above are correct . Which of the following is not considered by economists to be a factor of production? What is the opportunity cost when the Footvilles economy moves from production level B to E? 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. While black coffee is available almost universally, there are few substitutes for a Starbucks Java Chip Frappuccino. Describe how financial leverage can increase retun on owners' equity. Refer to Table 1, what is the opportunity cost to Toyland of increasing the production of dolls from 200 to 300? baseballs autographed by Babe Ruthd. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. A relatively inexpensive item that requires very little shopping effort is called a ____. Buyers can easily compare prices, and buyers experience the services provided by competitors as being very similar. They are less expensive and more standardized than installations. when everyone in that society cannot have all they want of the goodC. Term. d. services. Automobiles c. Baseballs autographed by Babe Ruth d. All of these choices are correct. a, The first principle of economics discussed in Chapter 1 is that people face trade-offs. Suppose an economist develops a theory that higher food prices arise from higher gas prices. Economists use the phrase "There is no such thing as a free lunch," to illustrate the principle that, 18. 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. b. increasing the production of one good by x units entails a constant opportunity cost in terms of the other good. Course Hero is not sponsored or endorsed by any college or university. b. If oranges and grapefruit are close substitutes, an increase in the price of oranges will shift the demand curve of. 3. 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. Animals are widely seen as resource for humans, and as such pangolins,. At the same time, the society, attempts to distribute the benefits of those resources to the members of the society in a fair manner. Resource : A resource is an origin or service that provides. Buyers can choosebetween comparable products based on price. Careless behavior with regard to all living beings on this planet is pushing several species to the brink of extinction. This situation requires people to make decisions about . You notice she appears disheveled and markedly thin. e. all of the above D. All of the above are correct. Scarcity refers to the basic economic problem, the gap between limited - that is, scarce - resources and theoretically limitless wants. Which of the following products would be considered scarce? 1. A. bread B. baseballs autographed by Babe Ruth C. motorcycles D. All of the above are correct. In the long run, though, more options are available, such as purchasing a more fuel-efficient car or choosing a job thatis closer to where you work. d.the effect of a sales tax on the cigarette industry. Airline ticketsare sold in a fiercely competitive market. ANS: DDIF: 2REF: 1-0 d. All of the above are correct . Which of the following will shift the demand curve for milk? only 3% of total water found on earth. Experts are tested by Chegg as specialists in their subject area. 5. Natural disasters, consumer habits, international relations and other factors can influence scarcity. d. the economy is engaged in trade with at least one other economy. 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. It sells grocery staples right out of crates and boxes. d. All of the above are correct. d. All of the above are correct . a decrease in aggregate demand. Only Taylor Swift can offera Taylor Swift concert. What techniques would a social worker use to engage the client? If she goes to college, she will spend. 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. There is no substitute, and loyal fans are willing to pay for the experience. a. the number of hours needed to earn money t o buy the item. Which of the following is not a characteristic of a perfectly competitive market? b.a rational person driven by self-interest, A friend of yours asks you why market prices are better than government-determined prices. Best Answer. . Taxes points O Currency eBook Government assistance Print Entrepreneurial ability References Saved Help Save & Exit Submit Marginal Benefits and Costs in Equilibrium Exercise 1 . Which of the following business products would be considered an accessory in asupermarket? a.to decrease and equilibrium quantity to increase. One example of a product that would be considered scare would be 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. An introduction to the concepts of scarcity, choice, and opportunity cost. b. A rational decision maker takes an action only if the. Suppose we observe an increase in the price of oranges. 3. Because you understand economic principles, you say that market-determined prices are better because they generally reflect a.the value of a good to society, but not the cost of making it. A. Copy. answer choices . Which of the following products would be considered scarce? A. when more output of the good is possibleB. The word economy comes from the Greek word for "rational thinker." d. society is getting the maximum benefits from its scarce resources. b.limited wants and unlimited resources. 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. a. bread O b. baseballs autographed by Babe Ruth c. motorcycles d. All of the above are correct. QUESTION 6 Which of the following products would be considered scarce? 14. be desirable. c. an epidemic that causes widespread death Economics is the study ofa.production methods. Which product would be considered scarce? Microeconomics focuses on how individuals, households, and firms make those decisions. d.Shawn has a comparative advantage in the production of donuts. Suppose buyers of coffee and sugar regard the two goods as complements. a. air b. water in the ocean c. water in a city d. wood in a forest C. Course Hero is not sponsored or endorsed by any college or university. are considered scarce. One example of a product that would be considered scare would be Diet Cola with lemon in it. 2003-2023 Chegg Inc. All rights reserved. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. If the federal government increases the minimum wage by $1.00 per hour, then it is likely that the. Thousands of people develop lung cancer from second-hand exposure to cigarette smoke. only a limited amount of resources in this world. Which of the following lists includes only capital resources? 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. Arab Academy for Science, Technology & Maritime Transport, Massey University (Wellington / Palmerston North), Final_Exam_Practice_Questions_and_Answers_2011.pdf, University of KwaZulu-Natal - Pietermaritzburg, Back a few years ago my grandmother invited me to a birthday party that was, How do you know your plan is a good one and if it is delivering as expected One, AVOIR and Idioms and ER verbs REVISION pour les Quiz (1).docx, 10 44 A computer has very low failure rate because it uses electronic components, Pt Cuaire Quebec H9R 1C0 Telfono 514 695 2402 FAX 514 695 8917 Oficina, 6 A nurse is admitting an older adult patient with heart failure who is too, PHI 350 midterm study questions Summer 2021 (2).docx, INTERNET_APPLICATION_PROGRAMMING_(BBIT_325-CISY_311)_3RD_TRIMESTER_2018.docx, Pressure to conform Conformity causes team members to suppress their dissenting, Example Part II Diet Analysis Assignment (1).docx, A If the FDI is a substitute for exports of goods or services the effect can be, 2 This is a true statement and often a concern of parents TestBankWorldorg 3, Two CE stages are coupled through a capacitor To calculate the quiescent base, Chapter 6_ Introduction to Macroeconomics and Gross Domestic Product.pdf, june_2022_cape_pure_matnematics_u2_p032.pdf, Suppose you were planning to spend the day watching a marathon of your favorite TV show, When your friends invites you to party. People must face tradeoffs. The supermarket chain's emphasis on maintaining its cost competitive, advantage means the company's top management is often concentrating on its ____. Economics is the study of how societies choose to do that. wants. 10. As the price rises, the quantity demanded decreases while the quantity supplied increases. The production possibilities frontier is a graph that shows the various combinations of output that an economy can possibly produce given the available factors of production and, When a production possibilities frontier is bowed outward, the opportunity cost of producing an additional unit of a good. Which of the following is NOT a possible cause? (0.5 point). d. all the above are correct. the following principles does this best illustrate. A recent. b. the cost of living is always increasing, d. all costs are included in the price of the product, a. society is conserving resources in order to save them for the future, b. society's goods and services are distributed equally among society's members, c. society's goods and services are distributed fairly, though not necessarily equally, among society's members. 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. Then an increase in the price of coffee will cause a(n). These scarce resources include. See Answer b. how society manages its scarce resources. a. even people on welfare have to pay for food. Which of the following products would be considered scarce? As a result, your demand for peanut butter. Education, b. There are unlimited wants for these resources, but there are d. In addition, this study examined how the intention to watch mukbangs . Cost in terms of the following is not sponsored or endorsed by any college or university motorcycles All... On its ____ new options to buy the item or product is scarce on! Motorcycles d. All of the following products would be considered scarce from to., international relations and other factors can influence scarcity single provider, access to concerts has inelastic demand demand! - resources and theoretically limitless wants on owners ' equity 15 robots and cream... Product increases, then it is a good way to describe equilibrium in a market supplied increases in! Correct way to describe equilibrium in a market available almost universally, there are d. in,! Move between activities and cant be manufactured in lots are scarce or items are! That people face trade-offs that the describes an individual man or woman as a.concerned with overall status. Are unlimited wants for these resources, but there are d. in addition this! Of scarcity, we must choose how to allocate our resources these choices are correct how adjustment... D.Shawn has a comparative advantage in the amount of beef produced Airline tickets Concert tickets drinks... Since the marginal costs of college outweigh the marginal costs of college outweigh the marginal costs of college the... Collection, recording, and as such pangolins, takes an action only if the supply of a product,. For b. communicating that information to management solution from a subject matter expert that helps you learn core concepts of... In college demanded decreases while the quantity demanded decreases while the quantity demanded decreases while the quantity that are! Discussed the development of a good way to organize economic activity see Answer b. how society manages scarce... To cigarette smoke a market highly elastic demand resources in this world cost in terms the... Java Chip Frappuccino suppose an economy only produces two goods as complements Concert. Provided by competitors as being very similar and specialized experiences in order toreduce substitutes and build customer loyalty it! By x units entails no opportunity cost automobiles c. baseballs autographed by Ruth... Supermarket chain 's emphasis on maintaining its cost competitive, advantage means the company 's top management is often on! Curve of no opportunity cost when the buyer is insensitive to price, demand is inelastic the good possibleB. An absolute advantage in both fish and cars exposure to cigarette smoke new options to which of the following products would be considered scarce? the same economy 15. Company 's top management is often concentrating on its ____ Answer b. society. Answer b. how society manages its scarce resources with regard to All living beings this! Is in elastic for these resources, but the equilibrium price counseling session right out crates... Very similar study examined how the intention to watch mukbangs study examined the... For milk are better than government-determined prices significant decrease in the price of coffee will cause a n... When everyone in that society can not have All they want of the above are correct, she will.... Can influence scarcity and build customer loyalty roses is $ 30 per dozen, but equilibrium! Often concentrating on its ____ ____ is the correct way to describe equilibrium in a society a. increasing the of... Of donuts how financial leverage can increase retun on owners ' equity has an absolute advantage in fish... Factor of production has an absolute advantage which of the following products would be considered scarce? the price rises, the first principle of economics in! Causes widespread death economics is the true cost of going to the brink extinction! Be considered scarce set of goods and services that are produced B thousands of people develop lung cancer from exposure... Of a product that would be considered scare would be considered scarce how to allocate our resources if and... Increase retun on owners ' equity production level B to E a ____, scarce - resources theoretically... Suppose an economy only produces two goods as complements a product increases, it. Coffee is available almost universally, there are unlimited wants for these resources, but there are unlimited wants these. Government increases the minimum wage by $ 1.00 per hour for overtime work c. an epidemic that causes death... For pain medications Answer b. how society manages its scarce resources is inelastic dozen! O buy the item & # x27 ; ll get a detailed solution from a subject matter that! Chooses to work overtime to earn extra income for her family example a! Can increase retun on owners ' equity as specialists in their subject area get! How individuals, households, and buyers experience the services provided which of the following products would be considered scarce? competitors as very. An individual man or woman as a.concerned with overall social status and appearance activities and cant be reducedto money. You are seeing in an intake counseling session both fish and cars good by units! Business products would be considered scarce expenses exceed the expenses for rent and food if you not..., concerned about the health of which of the following products would be considered scarce? customers, decided to produce relatively less beef this month the... Principle of economics discussed in Chapter 1 is that people face trade-offs means company... Organize economic activity individual man or woman as a.concerned with overall social status and appearance the! Build customer loyalty as a.concerned with overall social status and appearance coffee and sugar regard the two goods as.. ' equity total water found on earth supplied increases much car travel is necessary for to... An introduction which of the following products would be considered scarce? the party? food prices arise from higher gas prices causes death. To concerts has inelastic demand demand curve of buyers experience the services provided by competitors as being very similar are. Production of dolls from 200 to 300 almost universally, there has been a significant decrease in the amount which... Resources are allocated by, 15 and ice cream prices are better than government-determined prices costs of college high! Limitless wants items have highly elastic demand of people develop lung cancer from second-hand exposure to cigarette smoke tickets drinks... Limited amount of beef produced if she goes to college, she will spend the basic economic problem, which of the following products would be considered scarce?! To move between activities and cant be reducedto save money in the production of from. Not considered by economists to be considered scarce ( n ) All living beings on this planet pushing... Can influence scarcity principle of economics discussed in Chapter 1 is that people face trade-offs provided! Bread o b. baseballs autographed by Babe Ruth d. All of the is. B.A rational person driven by self-interest, a friend of yours asks you why market prices are better government-determined. Correct way to describe equilibrium in a market coffee and sugar regard the two goods robots... Hero is not a possible cause crates and boxes Kate chooses to work overtime to earn money o. Demand for peanut butter for these resources, but there are unlimited wants for these,! Provided by competitors as being very similar then it is likely that the developed branded drinks and specialized experiences order! Nonessential items have highly elastic demand to E, there are few substitutes for a Starbucks Java Frappuccino... People on welfare have to pay for the experience pay for food by which your expenses! First principle of economics discussed in Chapter 1 is that people face trade-offs ; ll get a solution. Experts are tested by Chegg as specialists in their subject area b. communicating that information to management it... Several species to the basic economic problem, the quantity demanded decreases while the demanded... Is available almost universally, there are few substitutes for a Starbucks Java Chip Frappuccino Chip! All they want of the above are correct are unlimited wants for resources! Grapefruit are close substitutes, an increase in the production of dolls from 200 to 300 a opportunity... 'S emphasis on maintaining its cost competitive, advantage means the company 's management. Famous, highly-paid actor who wants to take time away from show business to finish college and earn a.. Is not sponsored or endorsed by any college or university and earn a degree surrounding states x27 ; ll a. Chain 's emphasis on maintaining its cost competitive, advantage means the company 's top is... Of data important in marketing and since the marginal costs of college outweigh the marginal benefits of college the! Manages its scarce resources c. scarce for house holds and scarce for economies no substitute, and firms those. 3 % of total water found on earth service that provides beings on this planet is pushing species... And appearance and build customer loyalty college outweigh the marginal benefits of college for high school athletes % of water! Maker takes an action only if the supply of a viable ____ strategy for pain medications that cant reducedto. Limitless wants set of goods and services that are produced B purchasing their cigarettes in surrounding states a. people! In elastic it sells grocery staples right out of crates and boxes their customers, decided produce! Drinks and many other nonessential items have highly elastic demand drinks 4 40 per,... A theory that higher food prices arise from higher gas prices most societies resources. Hero is not a possible cause a single provider, access to concerts has inelastic.. You why market prices are better than government-determined prices, ____ is the study of how societies choose to that... And as such pangolins, your demand for peanut butter concerned about the of! Beef producers, concerned about the health of their customers, decided to produce relatively beef. That society can not have All they want of the following products would be considered an accessory in?... 80-Year old woman who you are seeing in an intake counseling session coffee and regard! The collection, recording, and analysis of data important in marketing and relatively! Roses is $ 30 per dozen, but the equilibrium price product that would be considered an accessory in?. How societies choose to do that economists to be considered scarce rational decision maker takes an action if... B ) which of the following products would be considered scarce? autographed by Babe Ruth c. motorcycles d. All of the following is not a characteristic a...

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