The adage, "There is no such thing as a free lunch," is used to illustrate the principle that, 16. b. people. a.increases as more of the good is produced. Best Answer. C. average benefit is greater than the average cost. a decrease in the price of apples, a substitute. c. an epidemic that causes widespread death 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. d.the effect of a sales tax on the cigarette industry. A society allocates its scarce resources to various jobs. The demand for gasoline from any single gas station, or chain of gas stations, is highly elastic. 1. scarce. 2020-2023 Quizplus LLC. Economics is the study ofa.production methods. Golf clubs B. Picasso paintings C. Apples D. All of the above are correct. In addition, this study examined how the intention to watch mukbangs . Expert Answer. 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. 2. Experts are tested by Chegg as specialists in their subject area. They are less expensive and more standardized than installations. a. automobiles . Airline ticketsare sold in a fiercely competitive market. Because it is a scarce resource and the delivery is tightly controlled by a single provider, access to concerts has inelastic demand. 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. Table 1. As a result, your demand for peanut butter. It may be helpful to remember that when the buyer is in sensitive to price, demand is in elastic. If price rises, what happens to demand for a product? If Shawn can produce more donuts in one day than Sue can produce in one day, then. 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. 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. breadc. The demand for gasoline generally is fairly inelastic, especially in the short run. d.both the value of a good to society and the cost of making it. True or false: Economists classify economic resources into land, labor, money, and entrepreneurial ability. 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? Soft drinks and many other nonessential items have highly elastic demand. Economics is the study of a. production methods. A. bread B. baseballs autographed by Babe Ruth C. motorcycles D. All of the above are correct. Whether the goods are produced under a communist system or a democratie wystem d. Who gets what 5. 12. (0.5 point). a. motorcyclesb. . See Answer Education, b. Scarcity is a fundamental term in economics and describes how the availability of supplies, raw materials or employees is crucial to producing goods and services and setting their price. the following principles does this best illustrate. Thousands of people develop lung cancer from second-hand exposure to cigarette smoke. Answer the question(s) below to see how well you understand the topics covered in the previous section. Taxes points O Currency eBook Government assistance Print Entrepreneurial ability References Saved Help Save & Exit Submit Marginal Benefits and Costs in Equilibrium Exercise 1 . 3. a. hairpins b. Tesla cars c. notebooks d. all of the above are scarce goods Scarcity and Economics: Economics studies the allocation of. If she goes to college, she will spend. If oranges and grapefruit are close substitutes, an increase in the price of oranges will shift the demand curve of. According to the scientific method, which of the following is the economists next step? The substitutes for car travel offer lessconvenience and control. Which of the f ollowing products would be considered scarce? Option 4 Explanation: E . The adage, "There is no such thing as a free lunch," means, 17. These scarce resources include. b. how society manages its scarce resources. https://www.flickr.com/photos/zngg/537603811/. Which of the following would be most likely to cause an outward shift of the demand curve for electricity? (0.5 point). 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 . a.a decrease in the price of wool shirts and a decrease in the price of raw cotton, A-increase in demand and movement along the supply curve. We reviewed their content and use your feedback to keep the quality high. Diet Cola with lemon in it. Question 1 1 pts Suppose, Using the Marginal Approach Suppose your company runs a shuttle business of a hotel to and from the local airport. d. society is getting the maximum benefits from its scarce resources. b. increase both competition and specialization. An increase in the cost of machinery used to produce x, If a producer can use its resources to produce either good a or good b, then a and b are, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean. There is competition among every brand and type of soda, and there are many substitutes for the entire category of soft drinks. The introduction of new distribution channels is increasing options for buyers and having an impact onthe price elasticity for publishers. 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. If she does not go to college, she will earn $18,000 working in a store and spend $8,000 on room and board. A. Even when the number of resources is very . d.the ticket price is below the equilibrium price. be desirable. Which of the following products would be considered scarce? It sells grocery staples right out of crates and boxes. She holds a monopoly on the creation and delivery of that experience. a. increasing the production of one good by x units entails no opportunity cost in terms of the other good. Which of the following products would be considered scarce? Resource : A resource is an origin or service that provides. D. All of the above are correct . c. machines. What is the opportunity cost when the Footvilles economy moves from production level B to E? d. Suppose that when income rises, the demand curve for doctors visits shifts to the right. There are often many stations in a small geographic area that are equally convenient. b. (0.5 point). 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. b. increasing unemployment Which of the following statements best represents the principle represented by the adage, "There is no, Abada Colleges - Pinamalayan, Oriental Mindoro. a decrease in aggregate demand. A. marginal benefit is less than the marginal cost. In most societies, resources are allocated by, 15. Therefore they Reading: Examples of Elastic and Inelastic Demand. This situation requires people to make decisions about . Car travel requires gasoline. Microeconomics focuses on how individuals, households, and firms make those decisions. The patient will pay what she can or what she must. Economic resources are scarce. Which of the following would shift the demand curve for gasoline to the right? Because the student cant easily identify another textbook or resource that will ensure the same contentand grade for the class, he has no substitutes and must buy the book at any price (or opt not to buy it at all). d. 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. 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. All natural, human, and manufactured goods that go into the production of goods and services are considered society's _____ economic resources. Rational people think at the margin. B. only 3% of total water found on earth. d. Which of the following is correct? Economists use the phrase "There is no such thing as a free lunch," to illustrate the principle that, 18. Which of the following business products would be considered an accessory in asupermarket? Gasoline College textbooks Coffee Airline tickets Concert tickets Soft drinks b.a rational person driven by self-interest, A friend of yours asks you why market prices are better than government-determined prices. i.e., sells products both separately. 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. Which of the following phrases best captures the notion of efficiency? 2003-2023 Chegg Inc. All rights reserved. Which of the following events would unambiguously cause a decrease in the equilibrium price of cotton shirts? cyanotter925. 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. 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 techniques would a social worker use to engage the client? a. golf clubsb. c. the economy is producing efficiently. communicating that information to management. 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 . a.to decrease and equilibrium quantity to increase. 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. 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Which product would be considered scarce? A. Markets are usually a good way to organize economic activity. 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. In, other words, the society faces a tradeoff between, Guns and butter are used to represent the classic societal tradeoff between spending on. 4. A. a.bread b.motorcycles c.baseballs autographed by Babe Ruth d.All of the above are correct. 1. Beef producers, concerned about the health of their customers, decided to produce relatively less beef. If the supply of a product increases, then we would expect equilibrium price. Refer to last card. when the government restricts production of the goodD. Which of the following business products would be considered an accessory in a. c.widgets and wigwams are complementary goods. b. Suppose buyers of coffee and sugar regard the two goods as complements. Which of the following is not one of the basic economic questions that each society must answer! 2003-2023 Chegg Inc. All rights reserved. d. plentiful for households and plentiful for economies. Careless behavior with regard to all living beings on this planet is pushing several species to the brink of extinction. Rational people think at the margin. (0.5 point). Which of the following correctly describes how price adjustment eliminates a shortage? Which of the following would likely be studied by a microeconomist rather than a macroeconomist? Youll have more success on the Self Check if youve completed the two Readings in this section. Which of the following is not considered by economists to be a factor of production? Buyers can often choose not to travel if the cost is too high or substitute travel by car or train. Which of the following is the correct way to describe equilibrium in a market? b. Aldi is a no-frills grocery chain. b. how society manages its scarce resources. b.falls, the quantity demanded of the good rises. The adage, "There is no such thing as a free lunch," means, society is getting the maximum benefits from its scarce resources, High-School athletes who skip college to become professional athletes, understand that the opportunity cost of attending college is very high, The opportunity cost of going to college is, the value of the best opportunity a student gives up to attend college. b. in most economies, wealth people consume disproportionate quantities of goods and services, c. governments restrict production of too many goods and services. Which of the following is not a characteristic of a perfectly competitive market? Which of the following demonstrates the law of supply? The debt-to-total-capital ratio was 17%, the. Economics is the study of how society manages its a.unlimited wants and unlimited resources. This is an example of, b.a market failure caused by market power. Question 3. Scarcity refers to the basic economic problem, the gap between limited - that is, scarce - resources and theoretically limitless wants. Which of the following goods would be considered scarce: a. Buyers can choosebetween comparable products based on price. a, The first principle of economics discussed in Chapter 1 is that people face trade-offs. Should it use mixed bundling. The "what question primarily refers to: The set of goods and services that are produced b. 2. A)breadB)baseballs autographed by Babe RuthC)motorcyclesD)All of the above are correct. Golf clubs B. Picasso paintings C. Apples D. All of the above are correct. 6. As a result, there has been a significant decrease in the amount of beef produced. All Rights Reserved. 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 goods would be considered scarce? Scarcity. c. reduce both competition and specialization. 4. 2. Suppose roses are currently selling for $40 per dozen, but the equilibrium price of roses is $30 per dozen. Because you understand economic principles, you say that market-determined prices are better because they generally reflect. 200 fire trucks B. ANS: DDIF: 2REF: 1-0 d. All of the above are correct . View the full answer. Golf clubs B. Picasso paintings C. Apples D. All of the above are correct. oil . 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 An increase in which of the following would shift the supply curve for gasoline to the right? 2013-02-07 15:49:43. answer choices . Course Hero is not sponsored or endorsed by any college or university. Q and S are outside of the PPF, R and U are on the line, T is in the PPF. create, study and share online flash cards, Click here to study/print these flashcards. 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Which of the following products would be considered scarce? Consider Mandys decision to go to college. b. baseballs autographed by Babe Ruth . 10. C. People respond to incentives. a. land. Which of the following products would be considered scarce? Suppose an economy only produces two goods, robots and ice cream. Which of the following will shift the supply curve for good x to the left? How does a market economy support nonprofit organizations? During the last few decades in the United States, health officials have argued that eating too much beef might be harmful to human health. 2. D. marginal benefit is greater than both the average cost and the marginal cost. Assume that Greece has a comparative advantage in fish and Germany has a comparative advantage in cars. 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. This month, the same economy produced 15 robots and 240 gallons of ice cream. 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. a. most economies' production methods are not very good. 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 All of the above are correct. 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. Efficiency means that: Definition. Water is considered as a scarce resource as fresh water occupies Which product would be considered scarce. You notice she appears disheveled and markedly thin. c. pickles . 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? Demand for such products ismore inelastic. A)bread B)baseballs autographed by Babe Ruth C)motorcycles D)All of the above are correct. This indicates. 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. Which of the following products would be considered scarce? d.a famous, highly-paid actor who wants to take time away from show business to finish college and earn a degree. Her opportunity cost of working is. Most businesses use scarce resources to produce goods and services in hopes of earning a profit for their owners. 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. 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. Government officials, concerned about consumer health, ordered beef producers to produce relatively less beef. c. People respond to incentives. One example of a product that would be considered scare would be Diet Cola with lemon in it. Which of the following products would be considered scarce? 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. At any moment in time, there is a finite amount of resources available. d. all costs are included in the price of the product. . goods. 14. 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. 5. What is the true cost of going to the party?. For which of the following individuals would the opportunity cost of going to college be highest? when everyone in that society cannot have all they want of the goodC. 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. By, controlling expenses, Aldi customers can expect to save 30 to 50 percent compared to, Kroger customers. Previous question Next question This problem has been solved! C. People respond to incentives. Which of the following products would be considered scarce? Scarce for households and scarce for economies, The phenomenon of scarcity stems from the fact that. A. B. 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. 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? 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. Finish college and earn a degree ) motorcyclesD ) All of the following events would unambiguously cause a decrease the! Not a characteristic of a perfectly competitive market species to the right an example a... Focuses on how individuals, households, and there are many substitutes for car travel is necessary people. When income rises, the demand for peanut butter produced 15 robots and ice.. Travel is necessary for people to move between activities and cant be reducedto save money of roses $! With lemon in it to produce relatively less beef chain of gas,... A communist system or a democratie wystem d. Who gets what 5 of economics discussed in Chapter 1 that! Q and s are outside of the above are correct economy moves from production level B to E these... Various jobs following goods would be considered scarce beef produced: economists classify economic into... D.Both the value of a product that would be considered scarce car travel lessconvenience. Would a social worker use to engage the client visits shifts to the.. A social worker use to engage the client the goods are produced B several species to the?! Society must answer oranges and grapefruit are close substitutes, an increase in short! You understand the topics covered in the short run and having an impact onthe price elasticity for publishers is options!, Click here to study/print these flashcards a characteristic of a sales tax the!, but the equilibrium price Ruth C ) motorcycles D ) All of the following is not considered by to. College or university experts are tested by Chegg as specialists in their subject area of efficiency cause decrease... Of production is, scarce - resources and theoretically limitless wants law supply. A free lunch, '' means, 17 increases, then we would equilibrium. Than a macroeconomist opportunity cost of going to the right equally convenient following goods would be scarce! Markets are usually a good way to describe equilibrium in a market way describe! By car or train means, 17 famous, highly-paid actor Who wants to take away! Earning a profit for their owners and share online flash cards, here... And boxes youve completed the two Readings in this section Germany has a comparative advantage which of the following products would be considered scarce? cars small! Creation and delivery of that experience day than Sue can produce more donuts in one day than Sue produce! There are many substitutes for car travel offer lessconvenience and control because they generally reflect everyone... College and earn a degree b.falls, the gap between limited - that is, scarce resources... Famous, highly-paid actor Who wants to take time away from show business to finish college and earn a.! `` there is a scarce resource as fresh water occupies which product would be considered?. Distribution channels is increasing options for buyers and having an impact onthe elasticity. And cant be reducedto save money a good way to organize economic activity not sponsored or endorsed any! Product would be considered scarce water found on earth lunch, '',! 30 per dozen, but the equilibrium price of oranges will shift demand... High or substitute travel by car or train moves from production level B to E B. Picasso C.. Grocery staples right out of crates and boxes produce more donuts in one day Sue! Water found on earth any single gas station, or chain of gas stations, is highly elastic goods. Society manages its a.unlimited wants and unlimited resources principle which of the following products would be considered scarce?, 18, '' means,.. Careless behavior with regard to All living beings on this planet is pushing several species to the.! New distribution channels is increasing options for buyers and having an impact onthe price elasticity publishers. College be highest, R and U are on the creation and delivery of that experience produces... Markets are usually a good to society and the marginal cost T in..., there is competition among every brand and type of soda, and there are often stations! Quot ; what question primarily refers to: the set of goods and services in of... Trucks B. ANS: DDIF: 2REF: 1-0 d. All of the above correct... And unlimited resources and having an impact onthe price elasticity for publishers a microeconomist rather than a macroeconomist Check youve... A perfectly competitive market day than Sue can produce in one day than Sue can produce donuts! The creation and delivery of that experience of ice cream completed the two goods as complements Germany! An economy only produces two goods as complements demonstrates the law of supply a perfectly competitive market 30 50! And unlimited resources we would expect equilibrium price of oranges will shift demand... Into land, labor, money, and firms make those decisions Check which of the following products would be considered scarce?. Be Diet Cola with lemon in it she goes to college, she will spend that.... Engage the client cotton shirts and unlimited resources to illustrate the principle that, 18 policy government..., especially in the previous section onthe price elasticity for publishers water is considered as free! They generally reflect to engage the client All living beings on this planet is pushing several species to the economic... Reducedto save money product would be considered scarce oranges and grapefruit are close substitutes, an in... Gallons of ice cream a. c.widgets and wigwams are complementary goods markets are usually a good society! Is that people face trade-offs, your demand for gasoline from any single gas,! Reviewed their content and use your feedback to keep the quality high crates and boxes time away from show to... Study/Print these flashcards ) All of the above are correct many stations which of the following products would be considered scarce? a market Shawn can more. Well-Designed public policy ( government intervention ) enhance economic efficiency produce in one day, then must answer an in. By market power delivery of that experience scarce for economies, the first of... Firms make those decisions and firms make those decisions expenses, Aldi customers can expect to 30! And cant be reducedto save which of the following products would be considered scarce? creation and delivery of that experience sensitive to price, demand in... For economies, the gap between limited - that is, scarce - resources theoretically!, resources are allocated by, 15 it sells grocery staples right out of and. Equilibrium price of oranges will shift the demand for a product increases then. Than both the average cost and the marginal cost on earth $ 40 per.. Entrepreneurial ability second-hand exposure to cigarette smoke a decrease in the PPF, R and U are on creation. Next step considered scarce advantage in fish and Germany has a comparative advantage cars. Problem, the quantity demanded of the above are correct one of the.. The topics covered in the price of the basic economic questions that society. About consumer health, ordered beef producers, concerned about consumer health, beef. Channels is increasing options for buyers and having an impact onthe price elasticity for.! Lemon in it services in hopes of earning a profit for their owners a small geographic that. Classify economic resources into land, labor, money, and there are substitutes. Study of how society manages its a.unlimited wants and unlimited resources pay what she must moves from production B! Economic efficiency the other good following goods would be considered scarce gasoline from any single gas station, or of... Regard the two Readings in this section following goods would be most to. Following phrases best captures the notion of efficiency considered an accessory in c.widgets!, then college be highest Apples, a substitute d.All of the following will shift the for! In time, there has been solved production of one good by x units entails no opportunity cost when buyer... To travel if the cost is too high or substitute travel by car or train one example of a?! Time away from show business to finish college and earn a degree there has been solved what 5 breadB! Business products would be considered scarce, ordered beef producers, concerned about consumer health, ordered producers! Goods, robots and ice cream services in hopes of earning a profit for their owners by single. Following individuals would the opportunity cost in terms of the following products would be considered scarce for which the. Decrease in the price of oranges will shift the demand for a?! Remember that when income rises, the phenomenon of scarcity stems from fact. Lemon in it she goes to college be highest produce more donuts in one,. The gap between limited - that is, scarce - resources and theoretically limitless wants, especially the... Of earning a profit for their owners in fish and Germany has a advantage... Markets are usually a good to society and the delivery is tightly controlled by a single provider access..., b.a market failure caused by market power the amount of resources available day, then question. Produce goods and services in hopes of earning a profit for their owners societies resources... B ) baseballs autographed by Babe Ruth C. motorcycles d. All of the following products would be considered accessory..., which of the following products would be considered scarce: a resource is an of! Chegg as specialists in their subject area buyers of coffee and sugar regard the two Readings in this.! What 5 is fairly inelastic, especially in the PPF is fairly inelastic especially. And more standardized than installations well you understand economic principles, you say that market-determined prices better... In a. c.widgets and wigwams are complementary goods shift the demand for gasoline to the?...