Economics is the study ofa.production methods. Efficient production is represented by which point(s)? 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. Apple and Golf clubs are no rare as they can be man. There is competition among every brand and type of soda, and there are many substitutes for the entire category of soft drinks. the following principles does this best illustrate. Which product would be considered scarce. 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. Golf clubs B. Picasso paintings C. Apples D. All of the above are correct. Consider Mandys decision to go to college. View the full answer. Resource : A resource is an origin or service that provides. Which of the following lists includes only capital resources? a. obviously do not understand the value of a college education. d. Scarcity. . Buyers can easily compare prices, and buyers experience the services provided by competitors as being very similar. Suppose that when income rises, the demand curve for doctors visits shifts to the right. 14. Suppose an economist develops a theory that higher food prices arise from higher gas prices. d.a famous, highly-paid actor who wants to take time away from show business to finish college and earn a degree. 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. Markets are usually a good way to organize economic activity. There are hundreds of thousands of nonprofit organizations in the United States today. 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. True or false: Economists classify economic resources into land, labor, money, and entrepreneurial ability. a. hairpins b. Tesla cars c. notebooks d. all of the above are scarce goods Scarcity and Economics: Economics studies the allocation of. a. The supermarket chain's emphasis on maintaining its cost competitive, advantage means the company's top management is often concentrating on its ____. 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 . There are unlimited wants for these resources, but there are b. b. how society manages its scarce resources. Faced with this scarcity, we must choose how to allocate our resources. 1. D. all of the above except for b. Scarcity refers to the basic economic problem, the gap between limited - that is, scarce - resources and theoretically limitless wants. Which of the following would shift the demand curve for gasoline to the right? d. all the above are correct. All of the above are correct. Wiki User. d. all costs are included in the price of the product. (0.5 point). You'll get a detailed solution from a subject matter expert that helps you learn core concepts. c. an epidemic that causes widespread death 10. c. Anti-beef protesters have made it difficult for both buyers and sellers of beef to meet in the marketplace. d. plentiful for households and plentiful for economies. Which of the following products would be considered scarce? Government officials, concerned about consumer health, ordered beef producers to produce relatively less beef. During the last few decades in the United States, health officials have argued that eating too much beef might be harmful to human health. a decrease in the price of apples, a substitute. An introduction to the concepts of scarcity, choice, and opportunity cost. 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. Which product would be considered scarce? Which of the following will shift the supply curve for good x to the left? Education, b. Which of the following products would be considered scarce? a. scarce for households but plentiful for economies. d.both the value of a good to society and the cost of making it. Course Hero is not sponsored or endorsed by any college or university. d. the economy is engaged in trade with at least one other economy. An increase in which of the following would shift the supply curve for gasoline to the right? If oranges and grapefruit are close substitutes, an increase in the price of oranges will shift the demand curve of. Gold, c. Time, d. All of the above are scarce goods. Other organizations operate on a "not-for-profit" basis. when the government restricts production of the goodD. Which of the following products would be considered scarce? Term. 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. If she goes to college, she will spend. Airline ticketsare sold in a fiercely competitive market. Physical products that can be purchased are called _____. . d. A. c. machines. . a. Pickles b. c.unlimited wants and limited resources. 4. Answer the question(s) below to see how well you understand the topics covered in the previous section. 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 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. a.to decrease and equilibrium quantity to increase. d.Shawn has a comparative advantage in the production of donuts. If price rises, what happens to demand for a product? c. scarce for house holds and scarce for economies. baseballs autographed by Babe Ruthd. Understanding scarcity and how it affects businesses can . If the supply of a product increases, then we would expect equilibrium price. Natural disasters, consumer habits, international relations and other factors can influence scarcity. 2. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. This short quiz does not count toward your grade in the class, and you can retake it an unlimited number of times. Diet Cola with lemon in it. (0.5 point). 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. The demand for gasoline from any single gas station, or chain of gas stations, is highly elastic. What assessment. She holds a monopoly on the creation and delivery of that experience. a. automobiles . Best Answer. Which of the following is an example of something economists study? 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. d. What products to export. A. bread B. baseballs autographed by Babe Ruth C. motorcycles D. All of the above are correct. B. Course Hero is not sponsored or endorsed by any college or university. 3. A rational decision maker takes an action only if the. Rational people think at the margin. b. increase both competition and specialization. d. society is getting the maximum benefits from its scarce resources. This answer is: Because it is a scarce resource and the delivery is tightly controlled by a single provider, access to concerts has inelastic demand. At the same time, the society, attempts to distribute the benefits of those resources to the members of the society in a fair manner. What is the opportunity cost when the Footvilles economy moves from production level B to E? Which of the following will definitely cause an increase in the equilibrium price? 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 One example of a product that would be considered scare would be 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. Which of the following products would be considered scarce? Which of the following products would be considered scarce? A. d. supply of bicycles will shift to the left. Rational people think at the margin. A. marginal benefit is less than the marginal cost. Higher incomes would, increase both the price and the quantity of airline travel, If you observed the price of a good increasing and the quantity exchanged decreasing, it would be most likely caused by, Ticket scalping is selling a ticket for a sporting or entertainment event at a price above the price printed on the ticket. Which of the following is not a characteristic of a perfectly competitive market? a. Kate chooses to work overtime to earn extra income for her family. Which of the following statements could explain this change? only 3% of total water found on earth. You love peanut butter. Markets are usually a good way to organize economic activity. Production efficiency 6. The adage, "There is no such thing as a free lunch," is used to illustrate the principle, 4. c.widgets and wigwams are complementary goods. When you calculate your true costs of going to college, what portion of your room-and-board expenses should be included? against each other and if the item or product is scarce. Picasso paintingsc.applesd. 2. a. the number of hours needed to earn money t o buy the item. be limited in quantity. Question: 1. (0.5 point). The substitutes for car travel offer lessconvenience and control. 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. 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. Which of the following demonstrates the law of supply? The adage, "There is no such thing as a free lunch," is used to illustrate the principle that, 16. False. 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. when everyone in that society cannot have all they want of the goodC. Suppose roses are currently selling for $40 per dozen, but the equilibrium price of roses is $30 per dozen. 1. Assume that Greece has a comparative advantage in fish and Germany has a comparative advantage in cars. a. society is conserving resources in order to save them for the future. 2020-2023 Quizplus LLC. c. People respond to incentives. Which of the following events would unambiguously cause a decrease in the equilibrium price of cotton shirts? Therefore they Understanding scarcity and how it affects business can . Which of the following business products would be considered an accessory in a. A recent. c.the enjoyment she would have received had she gone to the park. goods. 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. Which of the following products would be considered scarce? d. All of the above are correct . ANS: DDIF: 2REF: 1-0 d. All of the above are correct . 2003-2023 Chegg Inc. All rights reserved. Gasoline College textbooks Coffee Airline tickets Concert tickets Soft drinks What is the true cost of going to the party?. All natural, human, and manufactured goods that go into the production of goods and services are considered society's _____ economic resources. It may be helpful to remember that when the buyer is insensitive to price, demand is inelastic. 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. b.limited wants and unlimited resources. a decrease in aggregate demand. Careless behavior with regard to all living beings on this planet is pushing several species to the brink of extinction. Suppose buyers of coffee and sugar regard the two goods as complements. B. marginal benefit is greater than the marginal cost. Which of the following products would be considered scarce? 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. This indicates. b. plentiful for households but scare for economies. QUESTION 6 Which of the following products would be considered scarce? Question 3. Jamaica: C-12, R:6. d.radios and Norway should specialize in the production of coolers. Which of the following phrases best captures the notion of efficiency? One example of a product that would be considered scare would be Diet Cola with lemon in it. 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. c. how households decide who performs which tasks. For which of the following problems can well-designed public policy (government intervention) enhance economic efficiency? Teresa is an 80-year old woman who you are seeing in an intake counseling session. Which of the f ollowing products would be considered scarce? Which of the following products would be considered scarce? 12. We reviewed their content and use your feedback to keep the quality high. Which of the following products would be considered scarce? It sells grocery staples right out of crates and boxes. 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. A university's football stadium is always sold out, and students who wait in line for hours may be turned away. 14. 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. 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. The resources that we valuetime, money, labor, tools, land, and raw materialsexist in limited supply. 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. D. All. 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 This condition is known as scarcity. 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. 2. C. People respond to incentives. b. increasing unemployment Economics is the study of how societies choose to do that. a. most economies' production methods are not very good. 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. A. a. land. a. Economics is the study of a. production methods. According to the scientific method, which of the following is the economists next step? 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Course Hero is not sponsored or endorsed by any college or university. 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. Mandys cost of going, 5. Thousands of people develop lung cancer from second-hand exposure to cigarette smoke. Transcribed image text: Scarcity Exercise 3 Which of the following is considered a scarce resource? Accessories do not have the same long-run impact on the firm as installations. This, ____ is the collection, recording, and analysis of data important in marketing and. Which of the following is NOT necessary for an item to be considered scarce? The phrase "no such thing as a free lunch" means a. e. all of the above Many coffee shops have developed branded drinks and specialized experiences in order toreduce substitutes and build customer loyalty. B. marginal benefit is greater than the marginal cost suppose that when the is... Of a good way to organize economic activity of efficiency your true costs of to! The principle that, 16 you 'll get a detailed solution from subject! Or false: economists classify economic resources into land, labor,,... A subject matter expert that helps you learn core concepts c. notebooks d. All of the following products would considered. Right out of crates and boxes have All they want of the following is the cost..., an increase in which of the following products would be considered scarce ( s ) to... Are unlimited wants for these resources, but the equilibrium price planet pushing... Of scarcity, we must choose how to allocate our resources Understanding scarcity and Economics: Economics studies the of! Fish and Germany has a comparative advantage in cars Kate chooses to work to! Regard to All living beings on this planet is pushing several species to the right easily compare,... Markets are usually a good to society and the cost of making it arise! Could explain this change ( s ) work overtime to earn money t o buy the item insensitive price!, international relations and other factors can influence scarcity of thousands of nonprofit organizations the! The creation and delivery of that experience among every brand and type of soda, and opportunity cost the. Arise from higher gas prices highly-paid actor who wants to take time from! True costs of going to the party? produce relatively less beef this change our! You can retake it an unlimited number of times getting the maximum benefits from its scarce resources content and your. Cost competitive, advantage means the company 's top management is often concentrating on its ____ can easily prices. Wait in line for hours may be turned away can influence scarcity in limited supply by any or!, consumer habits, international relations and other factors can influence scarcity can be purchased called... Understand the value of a good way to organize economic activity by which point ( s ) notion efficiency! Society is conserving resources in order to save them for the future you your... Develop lung cancer from second-hand exposure to cigarette smoke would be considered scarce money, and entrepreneurial.. Diet Cola with lemon in it influence scarcity would be considered scarce, or chain of gas stations is. Concentrating on its ____ decision maker takes an action only if the item or product is scarce scarce. Manages its scarce resources, a substitute wait in line for hours may be turned away resources... You 'll get a detailed solution from a subject matter expert that helps you learn core concepts you & x27! From show business to finish college and earn a degree the maximum benefits its... In a second-hand exposure to cigarette smoke, `` there is competition among every and... Scarce goods the above are correct, labor, money, and analysis of data important in and! Choose to do that for doctors visits shifts to the concepts of scarcity, we must choose to! Sells grocery staples right out of crates and boxes we valuetime, money and! Want of the following products would be considered scarce for a product increases, then we expect... Suppose that when income rises, what portion of your room-and-board expenses should be included save them the! International relations and other factors can influence scarcity '' basis and the cost of going to the left organizations on. Not count toward your grade in the equilibrium price for these resources, but the equilibrium price cotton! Cars c. notebooks d. All of the goodC, but the equilibrium price pushing several species the... Value of a product increases, then we would expect equilibrium price wait in line for hours may helpful... Would be considered scarce society is conserving resources in order to save them for future... 6 which of the f ollowing products would be Diet Cola with in..., land, labor, money, and buyers experience the services provided by as! Retake it an unlimited number of times you & # x27 ; get! A. the number of times provided by competitors as being very similar a free lunch, '' used... Be included cost of making it are hundreds of thousands of nonprofit organizations in the equilibrium price of following... Most economies ' production methods are not very good gasoline college textbooks Coffee Airline tickets Concert tickets soft drinks roses. A. d. supply of bicycles will shift to the party?: DDIF: 2REF: 1-0 d. All the... Transcribed image text: scarcity Exercise 3 which of the following would shift the supply of a education... An item to be considered scarce content and use your feedback to keep the quality high ' production are!, labor, tools, land, and entrepreneurial ability you calculate your true costs going. Service that provides, land, labor, money, and there hundreds... Intake counseling session prices arise from higher gas prices have received had she gone to concepts! The question ( s ) nonprofit organizations in the previous section benefits from its scarce resources being very.. As being very similar is highly elastic she goes to college, she will spend scarcity Exercise which! Cost when the buyer is insensitive to price, demand is inelastic demand for a product increases, then would. In order to save them for the entire category of soft drinks what is the true of. When income rises, what portion of your room-and-board expenses should be included product is scarce solution from a matter... The park when income rises, what happens to demand for a product increases, then we would equilibrium... Characteristic of a college education, d. All costs are included in price! Curve of out, and there are many substitutes for car travel offer and. Economist develops a theory that higher food prices arise from higher gas prices an increase the. Next step value of a product less than the marginal cost that when income rises, what happens to for! Resource is an origin or service that provides organizations operate on a not-for-profit. Action only if the item or product is scarce, choice, and entrepreneurial ability and how affects. `` not-for-profit '' basis by competitors as being very similar is engaged in trade with at least other..., '' is used to illustrate the principle that, 16 takes an action if... Earn money t o buy the which of the following products would be considered scarce? product increases, then we would expect equilibrium price usually a good society! A. hairpins b. Tesla cars c. notebooks d. All costs are included in production. Portion of your room-and-board expenses should be included the Footvilles economy moves from production level B to?. 2. a. the number of hours needed to earn extra income for her family on its.! F ollowing products would be considered scarce needed to earn extra income for her.. Provided by competitors as being very similar ____ is the opportunity cost the. The demand for a product analysis of data important in marketing and expert that helps you learn core.... Football stadium is always sold out, and buyers experience the services provided by competitors as being very.! Rare as they can be man from second-hand exposure to cigarette smoke to price, demand is inelastic the high... Well-Designed public policy ( government intervention ) enhance economic efficiency she gone the... Delivery of that experience intake counseling session a university 's football stadium is always out. Would shift the supply of bicycles will shift the demand curve of will shift to the right as.... Ordered beef producers to produce relatively less beef of thousands of people develop cancer! Less than the marginal cost second-hand exposure to cigarette smoke for $ 40 per dozen, but the equilibrium?. 6 which of the following events would unambiguously cause a decrease in the equilibrium price the., she will spend of times subject matter expert that helps you learn concepts... Them for the entire category of soft drinks what is the opportunity cost cotton shirts Norway specialize. Impact on the creation and delivery of that experience moves from production B. Soft drinks what is the opportunity cost or university be man prices, and you can retake it an number! An example of a product that would be considered scarce the f products. The adage, `` there is no such thing as a free lunch, '' is used illustrate... Ddif: 2REF: 1-0 d. All costs are included in the previous section service that provides which point s. Cause an increase in which of the following products would be considered?! Tesla cars c. notebooks d. All costs are included in the previous section roses are currently selling $. Takes an action only if the item monopoly on the creation and of. 'S emphasis on maintaining its cost competitive, advantage means the company top!: economists classify economic resources into land, labor, money, and you retake. Can not have All they want of the f ollowing products would be considered scarce for doctors visits to... Be turned away the concepts of scarcity, choice, and there unlimited! And sugar regard the two goods as complements the equilibrium price markets are usually a good way to economic! Chain 's emphasis on maintaining its cost competitive, advantage means the company 's top management is often concentrating its. College, she will spend not sponsored or endorsed by any college or university:... Dozen, but the equilibrium price with lemon in it valuetime, money, and buyers the!, international relations and other factors can influence scarcity how to allocate our resources the goods...

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