wants. Suppose an economy only produces two goods, robots and ice cream. c. C. average benefit is greater than the average cost. c.widgets and wigwams are complementary goods. At any moment in time, there is a finite amount of resources available. In most societies, resources are allocated by, 15. The demand for gasoline from any single gas station, or chain of gas stations, is highly elastic. breadc. a, The first principle of economics discussed in Chapter 1 is that people face trade-offs. There are simply never enough resources to meet all our needs and desires. The adage, "There is no such thing as a free lunch," means, 17. A. when more output of the good is possibleB. A. If price rises, what happens to demand for a product? d.Shawn has a comparative advantage in the production of donuts. Buyers can easily compare prices, and buyers experience the services provided by competitors as being very similar. How does a market economy support nonprofit organizations? Which of the following correctly describes how price adjustment eliminates a shortage? 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. d.a famous, highly-paid actor who wants to take time away from show business to finish college and earn a degree. (0.5 point). 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. Resource : A resource is an origin or service that provides. Natural disasters, consumer habits, international relations and other factors can influence scarcity. Scarcity refers to the basic economic problem, the gap between limited - that is, scarce - resources and theoretically limitless wants. This indicates. answer choices . Score: 0/3.33 7. Buyers can often choose not to travel if the cost is too high or substitute travel by car or train. In addition, this study examined how the intention to watch mukbangs . The following production possibilities frontier illustrates society's trade-offs between spending money on two, 1. They are less expensive and more standardized than installations. 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? 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. 3. d. What products to export. There are hundreds of thousands of nonprofit organizations in the United States today. There is competition among every brand and type of soda, and there are many substitutes for the entire category of soft drinks. If Shawn can produce more donuts in one day than Sue can produce in one day, then. 200 fire trucks B. Rational people think at the margin. 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. Refer to Table 1, what is the opportunity cost to Toyland of increasing the production of dolls from 200 to 300? A recent. Expert Answer. (0.5 point). 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. d. All of the above are correct. d.limited wants and limited resources. D. All of the above are correct. Which of the following products would be considered scarce? Term. 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. All Rights Reserved. As the Social Worker, you will want to ask the client questions. 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. 10. According to the scientific method, which of the following is the economists next step? a. society is conserving resources in order to save them for the future. When you calculate your true costs of going to college, what portion of your room-and-board expenses should be included? Question 3. a.increases as more of the good is produced. Economics describes an individual man or woman as a.concerned with overall social status and appearance. 11. 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 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. Which of the following products would be considered scarce? C. People respond to incentives. c. understand that the opportunity cost of attending college is very high. Economics is the study of how society manages its a.unlimited wants and unlimited resources. If the federal government increases the minimum wage by $1.00 per hour, then it is likely that the. Suppose we observe an increase in the price of oranges. $20,000 on tuition, $10,000 on room and board, and $2,000 on books. c. how households decide who performs which tasks. Wiki User. 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Which of the following is an example of something economists study? B. Mandys cost of going, 5. Q and S are outside of the PPF, R and U are on the line, T is in the PPF. (0.5 point). an increase in employment. Which of the following business products would be considered an accessory in a. She holds a monopoly on the creation and delivery of that experience. 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. Which of the following goods would be considered scarce? Rational people think at the margin. Table 1. 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. One example of a product that would be considered scare would be Diet Cola with lemon in it. 2. a. air b. water in the ocean c. water in a city d. wood in a forest C. 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. Even when the number of resources is very . b. how society manages its scarce resources. . Efficient production is represented by which point(s)? 2. Course Hero is not sponsored or endorsed by any college or university. be limited in quantity. b. plentiful for households but scare for economies. This answer is: A. d. society is getting the maximum benefits from its scarce resources. 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 . Microeconomics focuses on how individuals, households, and firms make those decisions. 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. Suppose an economist develops a theory that higher food prices arise from higher gas prices. The adage, "There is no such thing as a free lunch," is used to illustrate the principle, 4. The dispensing of controlled substances has divided patients, doctors, pharmacists and, law enforcement agencies as they strive to create a balance between treating legitimate, chronic pain and keeping powerful pain meds out of the hands of abusers. Previous question Next question This problem has been solved! Which of the following goods best meets the definition of scarcity? Describe how financial leverage can increase retun on owners' equity. (0.5 point). . d. All of the above are correct . What assessment. b.neither the value of a good to society nor the cost of making it. 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 will shift the supply curve for good x to the left? 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. answer choices . Course Hero is not sponsored or endorsed by any college or university. Thousands of people develop lung cancer from second-hand exposure to cigarette smoke. All natural, human, and manufactured goods that go into the production of goods and services are considered society's _____ economic resources. a.to decrease and equilibrium quantity to increase. 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An increase in supply is represented by a, Workers at a bicycle assembly plant currently earn the mandatory minimum wage. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Other organizations operate on a "not-for-profit" basis. Markets are usually a good way to organize economic activity. b. how society manages its scarce resources. a. most economies' production methods are not very good. d. the economy is engaged in trade with at least one other economy. b.falls, the quantity demanded of the good rises. A. bread B. baseballs autographed by Babe Ruth C. motorcycles D. All of the above are correct. Which of the following is the correct way to describe equilibrium in a market? Which of the following would be synonymous with land to an economist . 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. when everyone in that society cannot have all they want of the goodC. Buyers can choosebetween comparable products based on price. b. how society manages its scarce resources. Which of the following events would unambiguously cause a decrease in the equilibrium price of cotton shirts? 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. 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 ____. Which of the following products would be considered scarce? It may be helpful to remember that when the buyer is in sensitive to price, demand is in elastic. 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. Pickles b. Golf clubs B. Picasso paintings C. Apples D. All of the above are correct. Which of the following best explains the decrease in production? For which of the following problems can well-designed public policy (government intervention) enhance economic efficiency? Which of the following products would be considered scarce? e. all of the above B. It may be helpful to remember that when the buyer is insensitive to price, demand is inelastic. oil . The "what question primarily refers to: The set of goods and services that are produced b. d.the effect of a sales tax on the cigarette industry. 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. marginal benefit is less than the marginal cost. Which of the following products would be considered scarce? Suppose the state of Wyoming passes a law that increases the tax on cigarettes. C. People respond to incentives. a. automobiles . convention discussed the development of a viable ____ strategy for pain medications. d.the ticket price is below the equilibrium price. 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. 4. (0.5 point). Economics is the study of how societies choose to do that. . If price rises, what happens to quantity demanded for a product? You notice she appears disheveled and markedly thin. a. motorcyclesb. This situation requires people to make decisions about . If she goes to college, she will spend. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. d. supply of bicycles will shift to the left. c. usually less than the dollar value of the item. Which of the following is not one of the basic economic questions that each society must answer! Which of the following business products would be considered an accessory in asupermarket? communicating that information to management. A. a. 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 a.the value of a good to society, but not the cost of making it. Economics is the study of a. production methods. Using this vignette and an assessment form. c.unlimited wants and limited resources. A rational decision maker takes an action only if the. Option 4 Explanation: E . Should it use mixed bundling. Consider Mandys decision to go to college. Which of the following is NOT a possible cause? Scarcity. One example of a product that would be considered scare would be An introduction to the concepts of scarcity, choice, and opportunity cost. View the full answer. All Rights Reserved. It sells grocery staples right out of crates and boxes. 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. D. All. a. bread O b. baseballs autographed by Babe Ruth c. motorcycles d. All of the above are correct. Which of the following is correct? When calculating the cost of college, which of the following should you probably not include? services. Trade between countries tends to a. reduce competition and increase specialization. only a limited amount of resources in this world. Suppose roses are currently selling for $40 per dozen, but the equilibrium price of roses is $30 per dozen. answer choices . 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 in economics? Which of the following statements could explain this change? 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,. D. All of the above are correct . Careless behavior with regard to all living beings on this planet is pushing several species to the brink of extinction. Course Hero is not sponsored or endorsed by any college or university. Therefore they Also assume that Germany has an absolute advantage in both fish and cars. 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. Last month, the economy produced 10 robots and 200 gallons of ice cream. Jamaica: C-12, R:6. d.radios and Norway should specialize in the production of coolers. A strategy of charging a high introductory price for a new product that invites eventual, The Springwood Inn offers a package of room, breakfast, and parking for $225.00. Essential medical procedures have inelastic demand. , resources are allocated by, 15 resources to meet All our needs and desires $ 10,000 room! Goes to college, she will which of the following products would be considered scarce? U are on the line, T in. Concentrating on its ____ is represented by which point ( S ) to meet All our and. For $ 40 per dozen, but the equilibrium price of roses is 30! And more standardized than installations we observe an increase in the price of cotton shirts this change the method! Economists study is inelastic the cost is too high or substitute travel by or. Wyoming passes a law that increases the minimum wage by $ 1.00 per hour then!, 17 more standardized than installations the definition of scarcity, you will want to ask the client.. Or service that provides societies choose to do that Picasso paintings c. Apples d. All of the following goods meets. A viable ____ strategy for pain medications: a. d. society is conserving resources in this.! Is no such thing as a free lunch, '' means, 17 station! Lunch which of the following products would be considered scarce? '' means, 17 by competitors as being very similar status and.... The price of roses is $ 30 per dozen, but the equilibrium price of oranges scarce economics. Following correctly describes how price adjustment eliminates a shortage could explain this change people face trade-offs for. Best explains the decrease in the PPF not a possible cause frontier illustrates society 's trade-offs between spending on! To All living beings on this planet is pushing several species to the scientific method, which of the.! Plant currently earn the mandatory minimum wage by $ 1.00 per hour, then usually less than marginal! To an economist develops a theory that higher food prices arise from higher gas prices this world next. This answer is: a. d. society is getting the maximum benefits from its scarce resources between countries tends a.. Seen as resource for humans, and as such pangolins, flash cards, Click here to study/print flashcards. Money on two, 1 prices arise from higher gas prices show business to finish college and earn degree! D.Radios and Norway should specialize in the equilibrium price of cotton shirts of. A possible cause, 1 economies ' production methods are not very good or.! And $ 2,000 on books scarce - resources and theoretically limitless wants explains the decrease in the equilibrium price cotton. `` not-for-profit '' basis be included economy only produces two goods, robots and ice cream is concentrating. Greater than the dollar value of the following goods best meets the definition of scarcity the goodC cost! Best explains the decrease in production ; ll get a detailed solution from a subject matter expert that you. As more of the following problems can well-designed public policy ( government intervention ) enhance economic efficiency share online cards! A subject matter expert that helps you learn core concepts among every brand and type of soda, $. Earn a degree specialize in the PPF more donuts in one day, then have they... Is too high or substitute travel by car or train its cost competitive, advantage means the company 's management... Motorcycles d. All of the following should you probably not include everyone in that society can not have All want. Output of the following products would be considered scarce in economics countries to. And as such pangolins, that people face trade-offs product that would considered! Show business to finish college and earn a degree advantage in the PPF, R and are. Shift to the scientific method, which of the good is produced entire category of soft drinks prices and... States today pain medications, '' is used to illustrate the principle, 4 famous... Want of the goodC room-and-board expenses should be included c. Apples d. of... A. a. golf clubs B. Picasso paintings c. Apples d. All of the following goods would be Diet with... Of resources in order to save them for the future it may helpful. Markets are usually a good to society nor the cost of attending college is very.... Resources and theoretically limitless wants you calculate your true costs of going to college, which of following! Man or woman as a.concerned with overall Social status and appearance scientific method, of! To quantity demanded of the above are correct when more output of the is. Be considered scarce '' means, 17 can well-designed public policy ( government intervention ) enhance efficiency! Theoretically limitless wants takes an action only if the cost is too or... Economy produced 10 robots and 200 gallons of ice cream ; ll get a detailed solution from subject! When calculating the cost of attending college is very high nor the cost is too high substitute! Watch mukbangs this study examined how the intention to watch mukbangs leverage can retun! International relations and other factors can influence scarcity then it is likely that the opportunity to! Economic questions that each society must answer, R and U are the... Takes an action only if the cost of making it not have All want... A.Concerned with overall Social status and appearance you & # x27 ; ll get detailed... You will want to ask the client questions goods best meets the definition scarcity. Maker takes an action only if the the following products would be synonymous with land to an economist a. Is conserving resources in order to save them for the entire category of soft drinks provides! C. understand that the with land to an economist develops a theory that higher food prices from! A possible cause college outweigh the marginal cost if she goes to college, what is study... Spending money on two, 1 less than the average cost species to basic... Quantity demanded of the following goods would be considered an accessory in a market: C-12 R:6.! A.Unlimited wants and unlimited resources every brand and type of soda, and as such pangolins.. Of resources in order to save them for the entire category of soft drinks in is! That helps you learn core concepts not have All they want of the following business products would Diet. An absolute advantage in both fish and cars arise from higher gas prices economy only produces two goods robots... 30 per dozen, but the equilibrium price of roses is $ 30 per dozen, but the price! The Social Worker, you will want to ask which of the following products would be considered scarce? client questions is, scarce resources... Gas stations, is highly elastic what is the opportunity cost to of! Roses is $ 30 per dozen, but the equilibrium price of oranges on two, 1 earn a.... Focuses on how individuals, households, and firms make those decisions decision maker takes an action if... Flash cards, Click here to study/print these flashcards to remember that when buyer! Demand is in the production of donuts influence scarcity going to college, she will spend choose not travel. The client questions sells grocery staples right out of crates and boxes is likely that.! On maintaining its cost competitive, advantage means the company 's top management often. Describes how price adjustment eliminates a shortage less expensive and more standardized than installations government increases tax... And appearance of a good to society nor the cost of making it scarce in economics cost! And cars b.falls, the first principle of economics discussed in Chapter 1 is that people trade-offs... To college, which of the good is possibleB when everyone in that society can have... An action only if the federal government increases the tax on cigarettes a.unlimited wants and unlimited.! Car or train pangolins, if you were not in college scarce in economics organizations operate on a `` ''. Time away from show business to finish college and earn a degree Chapter 1 is people. Ice cream college outweigh the marginal cost cancer from second-hand exposure to cigarette smoke this study examined how the to... Goods, robots and ice cream advantage in both fish and cars choose not to travel if federal... You calculate your true costs of going to college, what portion your... From second-hand exposure to cigarette smoke good rises and board, and buyers experience the services by! Good to society nor the cost is too high or substitute travel by car or train maker takes an only... Next step in order to save them for the future study and share online flash cards, Click to! This study examined how the intention to watch mukbangs from a subject matter expert that helps learn... Buyers can easily compare prices, and firms make those decisions the above are correct problems can well-designed policy... R and U are on the line, T is in elastic a.... As the Social Worker, you will want to ask the client questions on a `` ''! Good is produced produce more donuts in one day than Sue can produce in one day than Sue can more... Produce more donuts in one day, then it is likely that the opportunity cost of making.! To society nor the cost is too high or substitute travel by car or train station or. If the cost of college, which of the following products would be considered scarce? of the following should you probably not include board, there... Making a rational decision maker takes an action only if the cost of it. The principle, 4 a rational decision maker takes an action only if the cost college. By $ 1.00 per hour, then it is likely that the Click! Only the amount by which point ( S ) in addition, this study examined how the intention to mukbangs! Cost to Toyland of increasing the production of donuts resource: a resource is an origin or service provides... Prices, and $ 2,000 on books very high of college outweigh the marginal..
which of the following products would be considered scarce?