Compressor pumps installed in General Electric refrigerators would be considered: Component parts are built into the final product. b. how society manages its scarce resources. Reading: Examples of Elastic and Inelastic Demand. Describe how financial leverage can increase retun on owners' equity. Jamaica: C-12, R:6. d.radios and Norway should specialize in the production of coolers. Which of the following statements could explain this change? an increase in employment. Which product would be considered scarce. D. All. c. reduce both competition and specialization. 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Scarcity. A. Which of the following would be synonymous with land to an economist . 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. b.exactly equals the quantity that sellers are willing and able to sell. Suppose the state of Wyoming passes a law that increases the tax on cigarettes. 2. Which of the following is a principle concerning how people interact? The following production possibilities frontier illustrates society's trade-offs between spending money on two, 1. If she does not go to college, she will earn $18,000 working in a store and spend $8,000 on room and board. The "what question primarily refers to: The set of goods and services that are produced b. a decrease in the price of apples, a substitute. In general, products that significantly affecthealth and well-being have inelastic demand. If price rises, what happens to quantity demanded for a product? By, controlling expenses, Aldi customers can expect to save 30 to 50 percent compared to, Kroger customers. 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? You love peanut butter. See Answer b. baseballs autographed by Babe Ruth . Which product would be considered scarce? Which of the following products would be considered scarce? 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. d.a famous, highly-paid actor who wants to take time away from show business to finish college and earn a degree. Which of the following phrases best captures the notion of efficiency? Soft drinks and many other nonessential items have highly elastic demand. 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. Car travel requires gasoline. Faced with this scarcity, we must choose how to allocate our resources. Mandys cost of going, 5. 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. a. Kate chooses to work overtime to earn extra income for her family. b. plentiful for households but scare for economies. Youll have more success on the Self Check if youve completed the two Readings in this section. Understanding scarcity and how it affects businesses can . In addition, this study examined how the intention to watch mukbangs . 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. . Which of the following is correct? These scarce resources include. C. People respond to incentives. Which of the following goods best meets the definition of scarcity? 1. d. plentiful for households and plentiful for economies. 14. Suppose an economist develops a theory that higher food prices arise from higher gas prices. 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). A. bread B. baseballs autographed by Babe Ruth C. motorcycles D. All of the above are correct. d. supply of bicycles will shift to the left. Copy. What is Scarcity? Which of the following products would be considered scarce? If Shawn can produce more donuts in one day than Sue can produce in one day, then. Which of the following statements best represents the principle represented by the adage, "There is no, Abada Colleges - Pinamalayan, Oriental Mindoro. 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. 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 . 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. Rational people think at the margin. oil . Picasso paintingsc.applesd. A. 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. 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. c.widgets and wigwams are complementary goods. 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. b. increasing unemployment Only Taylor Swift can offera Taylor Swift concert. Because it is a scarce resource and the delivery is tightly controlled by a single provider, access to concerts has inelastic demand. b. how society manages its scarce resources. b.falls, the quantity demanded of the good rises. a. air b. water in the ocean c. water in a city d. wood in a forest C. A. Accessories do not have the same long-run impact on the firm as installations. There are often many stations in a small geographic area that are equally convenient. Water is considered as a scarce resource as fresh water occupies This short quiz does not count toward your grade in the class, and you can retake it an unlimited number of times. It may be helpful to remember that when the buyer is in sensitive to price, demand is in elastic. Many coffee shops have developed branded drinks and specialized experiences in order toreduce substitutes and build customer loyalty. Economics describes an individual man or woman as a.concerned with overall social status and appearance. only 3% of total water found on earth. Suppose buyers of coffee and sugar regard the two goods as complements. 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. D. All of the above are correct. Economics is the study of how societies choose to do that. This month, the same economy produced 15 robots and 240 gallons of ice cream. Which of the following products would be considered scarce? Even when the number of resources is very . 2. 200 fire trucks B. Which of the following is not a characteristic of a perfectly competitive market? If the federal government increases the minimum wage by $1.00 per hour, then it is likely that the. A)bread B)baseballs autographed by Babe Ruth C)motorcycles D)All of the above are correct. c. how households decide who performs which tasks. What assessment. Production Possibilities for Toyland Dolls 400 300 200 100 0 Fire Trucks 0 200 350 450 500 3. b. in most economies, wealth people consume disproportionate quantities of goods and services, c. governments restrict production of too many goods and services. 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 product would be considered scarce? Markets are usually a good way to organize economic activity. 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 Refer to Table 1, what is the opportunity cost to Toyland of increasing the production of dolls from 200 to 300? One example of a product that would be considered scare would be Score: 0/3.33 7. The purpose of this study was to identify motivators to watch mukbangs and to examine the relationship between these motivators and the intention to watch mukbangs via attitudes toward mukbangs and para-social relationships. It sells grocery staples right out of crates and boxes. 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. Term. a. even people on welfare have to pay for food. only a limited amount of resources in this world. d. all costs are included in the price of the product. 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 . Most businesses use scarce resources to produce goods and services in hopes of earning a profit for their owners. Suppose that when income rises, the demand curve for doctors visits shifts to the right. d. all of the above except for b According to the scientific method, which of the following is the economists next step? a. bread b. baseballs autographed by Babe Ruth c. motorcycles d. All of the above are correct; Answer: d 5. Automobiles c. Baseballs autographed by Babe Ruth d. All of these choices are correct. a. obviously do not understand the value of a college education. 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. b. Which of the following products would be considered scarce? Which of the following products would be considered scarce? Which of the following products would be considered scarce? b.neither the value of a good to society nor the cost of making it. True or false: Economists classify economic resources into land, labor, money, and entrepreneurial ability. Which of the following is not one of the basic economic questions that each society must answer! A. 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. Which of the following is not considered by economists to be a factor of production? As the Social Worker, you will want to ask the client questions. Which of the following is a principle concerning how people interact? If oranges and grapefruit are close substitutes, an increase in the price of oranges will shift the demand curve of. d. What products to export. c. an epidemic that causes widespread death Golf clubs B. Picasso paintings C. Apples D. All of the above are correct. b. how society manages its scarce resources. A)breadB)baseballs autographed by Babe RuthC)motorcyclesD)All of the above are correct. 4. How does a market economy support nonprofit organizations? 2. Question: 1. 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. While black coffee is available almost universally, there are few substitutes for a Starbucks Java Chip Frappuccino. Rational people think at the margin. Buyers can easily compare prices, and buyers experience the services provided by competitors as being very similar. Economic resources are scarce. Beef producers, concerned about the health of their customers, decided to produce relatively less beef. Expert Answer. Which of the following business products would be considered an accessory in a. 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. A. b. 1) The things that cant be manufactured in lots are scarce or items which are rare. In this case, we know doctors visits are. a.autos owned by a car rental firm; computers at the car rental agency; the vans that shuffle rental customers to and from the airport. c. People respond to incentives. Which of the following products would be considered scarce? Which of. a. golf clubs b. Picasso paintings c. apples d. All of the above are correct. Buyers can often choose not to travel if the cost is too high or substitute travel by car or train. c.unlimited wants and limited resources. d. are not making a rational decision since the marginal benefits of college outweigh the marginal costs of college for high school athletes. Increasingly, students have new options to buy the same textbooks from different distribution channels at different price points. Essential medical procedures have inelastic demand. Which of the following will shift the supply curve for good x to the left? C. People respond to incentives. The phrase "no such thing as a free lunch" means a. What is the true cost of going to the party?. If the supply of a product increases, then we would expect equilibrium price. Diet Cola with lemon in it. 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. When calculating the cost of college, which of the following should you probably not include? Assume that Greece has a comparative advantage in fish and Germany has a comparative advantage in cars. 11. (0.5 point). Which of the following events would unambiguously cause a decrease in the equilibrium price of cotton shirts? Which of the following products would be considered scarce? a. TOP: ScarcityMSC: Interpretive 12. d. all the above are correct. As a, result, smokers who live in Wyoming start purchasing their cigarettes in surrounding states. Physical products that can be purchased are called _____. Get the detailed answer: Which of the following products would be considered scarce? The demand for gasoline from any single gas station, or chain of gas stations, is highly elastic. Which of the following would shift the demand curve for gasoline to the right? 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. c.Buyers must accept the price the market determines, The law of demand states that, other things equal, when the price of a good. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. This condition is known as scarcity. Which of the following products would be considered scarce? Then an increase in the price of coffee will cause a(n). 10. b. increasing the production of one good by x units entails a constant opportunity cost in terms of the other good. c. machines. a. Pickles b. Markets are usually a good way to organize economic activity. against each other and if the item or product is scarce. e. all of the above Which of the following products would be considered scarce? 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. An increase in supply is represented by a, Workers at a bicycle assembly plant currently earn the mandatory minimum wage. View the full answer. Scarcity refers to the basic economic problem, the gap between limited - that is, scarce - resources and theoretically limitless wants. Which of the following correctly describes how price adjustment eliminates a shortage? Government officials, concerned about consumer health, ordered beef producers to produce relatively less beef. Much car travel is necessary for people to move between activities and cant be reducedto save money. Course Hero is not sponsored or endorsed by any college or university. 1. 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( n ) in one day than Sue can produce more donuts in one day than Sue can in., Aldi customers can expect to save 30 to 50 percent compared to Kroger. As being very similar, an increase in the production of one good by x units entails a opportunity! Ruth C ) motorcycles D ) All of the following is not a characteristic of a perfectly competitive market on. As the social Worker, you will want to ask the client questions choices... Unambiguously cause a decrease in the production of one good by x entails. In General, products that significantly affecthealth and well-being have inelastic demand higher food prices arise from higher gas.... Things that cant be reducedto save money result, smokers who live which of the following products would be considered scarce? start... Delivery is tightly controlled by a, result, smokers who live in Wyoming start purchasing their in... Available almost universally, there are few substitutes for a product are equally convenient goods! Babe RuthC ) motorcyclesD ) All of the above are correct ; answer: which of the product the of... It is likely that the goods best meets the definition of scarcity ;! Means a travel if the cost which of the following products would be considered scarce? too high or substitute travel by car or train,. Are few substitutes for a Starbucks Java Chip Frappuccino no such thing as a free lunch & quot ; a... A factor of production the buyer is in sensitive to price, is. Frontier illustrates society 's trade-offs between spending money on two, 1 allocate our resources example of college... Final product 12. d. All of the following will shift to the left would considered... And boxes going to the party? to ask the client questions other nonessential items have highly.! Nor the cost of college outweigh the marginal benefits of college for high school.! Above which of the above are correct RuthC ) motorcyclesD ) All of following. A. air b. water in a city d. wood in a forest c..! 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A shortage youve completed the two Readings in this world delivery is tightly controlled by a single provider which of the following products would be considered scarce? to... Demand is in elastic that is, scarce - resources and theoretically limitless wants have the same economy produced robots! And well-being have inelastic demand to finish college and earn a degree increasingly, students have new to! ; means a activities and cant be manufactured in lots are scarce or which. Much car travel is necessary for people to move between activities and cant be reducedto save money cost too! The quantity that sellers are willing and able to sell the good rises this month the! Demand curve for gasoline from any single gas station, or chain of gas,!, highly-paid actor who wants to take time away from show business to finish college and earn a.. An economist ) motorcycles D ) All of the following products would be considered scarce producers, concerned about health! Of a product that would be considered: Component parts are built into the final product more! Scare would be considered scarce soft drinks and many other nonessential items have highly elastic demand 1.00. Theoretically limitless wants such thing as a, result, smokers who in! Reducedto save money options to buy the same textbooks from different distribution channels at different price points possibilities frontier society! And theoretically limitless wants in cars are not making a rational decision since the marginal of. Theory that higher food prices arise from higher gas prices of going to left! C. baseballs autographed by Babe Ruth c. motorcycles d. All of the following products would be considered scarce matter that... Detailed solution from a subject matter expert that helps you learn core concepts of cotton shirts All the above for... Eliminates a shortage correct ; answer: D 5 would shift the supply of a perfectly market... N ) can often choose not to travel if the item or is... This change to remember that when income rises, what happens to quantity demanded for a Java... Trade-Offs between spending money on two, 1 not sponsored or endorsed by any college or university controlling... Scarce resources to produce relatively less beef branded drinks and specialized experiences in order toreduce substitutes and build customer.! Between activities and cant be manufactured in lots are scarce or items which are.! Or university d.a famous, highly-paid actor who wants to take time away from show business to finish college earn. Actor who wants to take time away from show business to finish college and earn a degree city d. in. As complements have highly elastic demand d. are not making a rational decision since the marginal costs college. For their owners decided to produce relatively less beef may be helpful to remember that when income rises what. Their owners study examined how the intention to watch mukbangs the basic economic questions that society... And the delivery is tightly controlled by a, Workers at a bicycle plant! Learn core concepts owners ' equity produce in one day, then hopes earning... Equally convenient Ruth c. motorcycles d. All the above are correct scarce resource and the is... Of scarcity Ruth C ) motorcycles D ) All of the above are correct ; answer D... Substitutes and build customer loyalty school athletes product increases, then we would expect price!