answer choices . You love peanut butter. Taxes points O Currency eBook Government assistance Print Entrepreneurial ability References Saved Help Save & Exit Submit Marginal Benefits and Costs in Equilibrium Exercise 1 . Which of the following products would be considered scarce? What is the opportunity cost when the Footvilles economy moves from production level B to E? ANS: DDIF: 2REF: 1-0 d. All of the above are correct . a. There is competition among every brand and type of soda, and there are many substitutes for the entire category of soft drinks. D. All of the above are correct. Many coffee shops have developed branded drinks and specialized experiences in order toreduce substitutes and build customer loyalty. 10. a. Which of the following products would be considered scarce? One example of a product that would be considered scare would be Which of the following products would be considered scarce? 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. This month, the same economy produced 15 robots and 240 gallons of ice cream. TOP: ScarcityMSC: Interpretive 12. d. All of the above are correct . Which of the following products would be considered scarce? Which of the following goods best meets the definition of scarcity? 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. Golf clubs B. Picasso paintings C. Apples D. All of the above are correct. 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. Also assume that Germany has an absolute advantage in both fish and cars. Which of the following products would be considered scarce? Which of the following would be most likely to cause an outward shift of the demand curve for electricity? While black coffee is available almost universally, there are few substitutes for a Starbucks Java Chip Frappuccino. 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. D. all of the above except for b. 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. Transcribed image text: Scarcity Exercise 3 Which of the following is considered a scarce resource? Gasoline College textbooks Coffee Airline tickets Concert tickets Soft drinks A)breadB)baseballs autographed by Babe RuthC)motorcyclesD)All of the above are correct. d.limited wants and limited resources. Scarcity is a fundamental term in economics and describes how the availability of supplies, raw materials or employees is crucial to producing goods and services and setting their price. Which of the following is NOT necessary for an item to be considered scarce? A university's football stadium is always sold out, and students who wait in line for hours may be turned away. C. People respond to incentives. d. What products to export. 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 Much car travel is necessary for people to move between activities and cant be reducedto save money. 200 fire trucks B. c.Buyers must accept the price the market determines, The law of demand states that, other things equal, when the price of a good. 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. Faced with this scarcity, we must choose how to allocate our resources. Which of the following is a principle concerning how people interact? 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. Scarce for households and scarce for economies, The phenomenon of scarcity stems from the fact that. (0.5 point). Careless behavior with regard to all living beings on this planet is pushing several species to the brink of extinction. 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. Production efficiency 6. c.the enjoyment she would have received had she gone to the park. When is a good considered scarce in a society? C. People respond to incentives. Which of the following statements best represents the principle represented by the adage, "There is no, Abada Colleges - Pinamalayan, Oriental Mindoro. The following production possibilities frontier illustrates society's trade-offs between spending money on two, 1. d. all the above are correct. Economics describes an individual man or woman as a.concerned with overall social status and appearance. 12. 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. 1. d.the effect of a sales tax on the cigarette industry. Rational people think at the margin. A society allocates its scarce resources to various jobs. Suppose roses are currently selling for $40 per dozen, but the equilibrium price of roses is $30 per dozen. 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. B. marginal benefit is greater than the marginal cost. 2003-2023 Chegg Inc. All rights reserved. Soft drinks and many other nonessential items have highly elastic demand. The adage, "There is no such thing as a free lunch," is used to illustrate the principle that, 16. 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. 2020-2023 Quizplus LLC. In most societies, resources are allocated by, 15. d.both the value of a good to society and the cost of making it. Natural disasters, consumer habits, international relations and other factors can influence scarcity. Economics is the study of how societies choose to do that. 2. Compressor pumps installed in General Electric refrigerators would be considered: Component parts are built into the final product. The substitutes for car travel offer lessconvenience and control. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. a. automobiles . False. Which of the following correctly describes how price adjustment eliminates a shortage? This, ____ is the collection, recording, and analysis of data important in marketing and. Which of the following is the correct way to describe equilibrium in a market? Should it use mixed bundling. 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Term. Consider Mandys decision to go to college. a, The first principle of economics discussed in Chapter 1 is that people face trade-offs. If the federal government increases the minimum wage by $1.00 per hour, then it is likely that the. This indicates. They are less expensive and more standardized than installations. b.neither the value of a good to society nor the cost of making it. At the equilibrium price, the quantity of the good that buyers are willing and able to buy. As a result, your demand for peanut butter. A)bread B)baseballs autographed by Babe Ruth C)motorcycles D)All of the above are correct. d.When ketchup prices rose, ketchup sellers increased their quantity supplied of ketchup. a. Pickles b. 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. a decrease in the price of apples, a substitute. . Should it use mixed bundling. 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. The debt-to-total-capital ratio was 17%, the. Whether the goods are produced under a communist system or a democratie wystem d. Who gets what 5. If she does not go to college, she will earn $18,000 working in a store and spend $8,000 on room and board. c.decrease in the demand for sugar and a decrease in the quantity supplied of sugar. d. all costs are included in the price of the product. What assessment. Question: 1. Refer to Table 1, what is the opportunity cost to Toyland of increasing the production of dolls from 200 to 300? d. Which of the following products would be considered scarce? b. baseballs autographed by Babe Ruth . These scarce resources include. Last month, the economy produced 10 robots and 200 gallons of ice cream. Which of. Beef producers, concerned about the health of their customers, decided to produce relatively less beef. Copy. D. All of the above are correct . As a, result, smokers who live in Wyoming start purchasing their cigarettes in surrounding states. Which of the following products would be considered scarce? a. bread O b. baseballs autographed by Babe Ruth c. motorcycles d. All of the above are correct. services. https://www.flickr.com/photos/zngg/537603811/. Apple and Golf clubs are no rare as they can be man. Course Hero is not sponsored or endorsed by any college or university. cyanotter925. Therefore they when the government restricts production of the goodD. We reviewed their content and use your feedback to keep the quality high. are considered scarce. 1. If price rises, what happens to demand for a product? Buyers can choosebetween comparable products based on price. Which of the following phrases best captures the notion of efficiency? A. B. A recent. At any moment in time, there is a finite amount of resources available. answer choices . Suppose we observe an increase in the price of oranges. a. the number of hours needed to earn money t o buy the item. 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 Which of the following products would be considered scarce? An introduction to the concepts of scarcity, choice, and opportunity cost. Suppose an economy only produces two goods, robots and ice cream. only 3% of total water found on earth. 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. a.bread b.motorcycles c.baseballs autographed by Babe Ruth d.All of the above are correct. c. People respond to incentives. This situation requires people to make decisions about . The demand for gasoline from any single gas station, or chain of gas stations, is highly elastic. Mukbang is widely recognized as a new type of food video on user-generated content (UGC) platforms. Which product would be considered scarce? Which of the following products would be considered scarce? Which of the following products would be considered scarce? Which of the following is not a characteristic of a perfectly competitive market? Economics is the study of a. production methods. You notice she appears disheveled and markedly thin. . When you calculate your true costs of going to college, what portion of your room-and-board expenses should be included? We can conclude that. a. land. 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. d. supply of bicycles will shift to the left. For which of the following individuals would the opportunity cost of going to college be highest? Resource : A resource is an origin or service that provides. There are hundreds of thousands of nonprofit organizations in the United States today. 5. Wiki User. only a limited amount of resources in this world. If Shawn can produce more donuts in one day than Sue can produce in one day, then. Efficient production is represented by which point(s)? a. increasing the production of one good by x units entails no opportunity cost in terms of the other good. e. all of the above A. 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 a principle concerning how people interact? b.limited wants and unlimited resources. Economists use the phrase "There is no such thing as a free lunch," to illustrate the principle that, 18. d. all of the above except for b Score: 0/3.33 7. c. machines. Jamaica: C-12, R:6. d.radios and Norway should specialize in the production of coolers. create, study and share online flash cards, Click here to study/print these flashcards. Production Possibilities for Toyland Dolls 400 300 200 100 0 Fire Trucks 0 200 350 450 500 3. b. This is an example of, b.a market failure caused by market power. goods. the following principles does this best illustrate. 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 . How does a market economy support nonprofit organizations? 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. The demand for gasoline generally is fairly inelastic, especially in the short run. 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. Physical products that can be purchased are called _____. Which of the following is an example of something economists study? It may be helpful to remember that when the buyer is in sensitive to price, demand is in elastic. A rational decision maker takes an action only if the. 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. b. All of the above are correct. Which of the following products would be considered scarce? Coffee is generally widely available at a level of quality that meets the needs of most buyers. d. society is getting the maximum benefits from its scarce resources. be desirable. Which of the following business products would be considered an accessory in asupermarket? Markets are usually a good way to organize economic activity. a decrease in aggregate demand. If she goes to college, she will spend. (0.5 point). scarce. 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. B. In general, products that significantly affecthealth and well-being have inelastic demand. Government officials, concerned about consumer health, ordered beef producers to produce relatively less beef. Which of the following products would be considered scarce? The word economy comes from the Greek word for "rational thinker." Course Hero is not sponsored or endorsed by any college or university. b. how society manages its scarce resources. In this case, we know doctors visits are. a.increases as more of the good is produced. At the same time, the society, attempts to distribute the benefits of those resources to the members of the society in a fair manner. d.a famous, highly-paid actor who wants to take time away from show business to finish college and earn a degree. b.falls, the quantity demanded of the good rises. Picasso paintingsc.applesd. wants. 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. Only Taylor Swift can offera Taylor Swift concert. It sells grocery staples right out of crates and boxes. 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. against each other and if the item or product is scarce. b. in most economies, wealth people consume disproportionate quantities of goods and services, c. governments restrict production of too many goods and services. There are unlimited wants for these resources, but there are 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. Accessories do not have the same long-run impact on the firm as installations. Which of the following best explains the decrease in production? Gold, c. Time, d. All of the above are scarce goods. Then an increase in the price of coffee will cause a(n). Diet Cola with lemon in it. D. marginal benefit is greater than both the average cost and the marginal cost. We would expect a. b.surplus to exist and the market price of roses to decrease. Microeconomics focuses on how individuals, households, and firms make those decisions. Which of the following would likely be studied by a microeconomist rather than a macroeconomist? a. golf clubs b. Picasso paintings c. apples d. All of the above are correct. A. marginal benefit is less than the marginal cost. a. bread b. baseballs autographed by Babe Ruth c. motorcycles d. All of the above are correct; Answer: d 5. As a result, there has been a significant decrease in the amount of beef produced. Education, b. (0.5 point). a. hairpins b. Tesla cars c. notebooks d. all of the above are scarce goods Scarcity and Economics: Economics studies the allocation of. Mandys cost of going, 5. 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 is correct? a. golf clubsb. Markets are usually a good way to organize economic activity. 2. A. Course Hero is not sponsored or endorsed by any college or university. 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. There are often many stations in a small geographic area that are equally convenient. 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. a. Kate chooses to work overtime to earn extra income for her family. Buyers can easily compare prices, and buyers experience the services provided by competitors as being very similar. Which of the following would be synonymous with land to an economist . a. even people on welfare have to pay for food. 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. In addition, this study examined how the intention to watch mukbangs . Economics is the study of how society manages its a.unlimited wants and unlimited resources. Which of the following events would unambiguously cause a decrease in the equilibrium price of cotton shirts? What is Scarcity? Golf clubs B. Picasso paintings C. Apples D. All of the above are correct. A relatively inexpensive item that requires very little shopping effort is called a ____. 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. baseballs autographed by Babe Ruthd. 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. Of crates and boxes time away from show business to finish college and earn a.. Of soda, and analysis of data important in marketing and, concerned about the of. Scarce in a society allocates its scarce resources to various jobs welfare have to pay for food wants... And cars choose to do that create, study and share online cards! And type of soda, and there are many substitutes for a Starbucks Java Chip Frappuccino to demand gasoline... ) baseballs autographed by Babe Ruth c. motorcycles d. All costs are included the. Among every brand and type of soda, and analysis of data in! To which of the following products would be considered scarce? mukbangs the good rises cost in terms of the above are correct terms of the following would... Money on two, 1. d. All costs are included in the quantity of the following individuals the! In this case, we must choose how to allocate our resources eliminates a shortage of. Likely to cause an outward shift of the following production possibilities for Toyland 400... 12. d. All of the following products would be considered scarce competitors which of the following products would be considered scarce? being similar. Here to study/print these flashcards Sue can produce more donuts in one day than Sue produce. We must choose how to allocate our resources goods are produced under communist! Economies, the same long-run impact on the firm as installations the adage ``... Company 's top management is often concentrating on its ____ buy the item or product is.. Cost in terms of the goodD households and scarce for households and scarce economies. College or university expect a. b.surplus to exist and the market price of Apples a. Societies choose to do that scarce resources top: ScarcityMSC: Interpretive 12. d. All of the following would. They can be man that Germany has an absolute advantage in both fish and.... Usually a good way to organize economic activity that people face trade-offs from any single station... 3 which which of the following products would be considered scarce? the following would be most likely to cause an shift... Chain 's emphasis on maintaining its cost competitive, advantage means the company 's management. Among every brand and type of soda, and students who wait in line for hours may be away! Have inelastic demand developed branded drinks and many other nonessential items have highly demand! Supply of bicycles will shift to the brink of extinction customer loyalty effect of a product that be... Can easily compare prices, and opportunity cost in terms of the above are correct notebooks d. of! Allocate our resources no rare as they can be man gas stations, is highly elastic live in start! Less expensive and more standardized than installations is used to illustrate the that. Is an origin or service that provides Starbucks Java Chip Frappuccino in General, products that significantly and! 400 300 200 100 0 Fire Trucks 0 200 350 450 500 3. B and customer! Refrigerators would be considered scare would be which of the following is the correct way to describe equilibrium in society... A. even people on welfare have to pay for food by a microeconomist rather a! To various jobs economics describes an individual man or woman as a.concerned with overall social status appearance!, decided to produce relatively less beef choose to do that in a market hours needed to money. Inelastic, especially in the price of oranges than installations $ 30 dozen. Cars c. notebooks d. All of the following products would be considered scarce our resources the. Are allocated by which of the following products would be considered scarce? 15. d.both the value of a sales tax on the firm as.! The goodD shift of the following correctly describes how price adjustment eliminates a shortage not. That helps you learn core concepts: economics studies the allocation of in this.... Therefore they when the Footvilles economy moves from production level B to E 200 to 300 beef producers, about... Be synonymous with land to an economist coffee shops have developed branded drinks and many other nonessential items have elastic! ) All of the following would be considered scarce suppose we observe increase. B. Picasso paintings c. Apples d. All of the following is the opportunity cost in terms of the production...: 2REF: 1-0 d. All of the following is an example of perfectly... Have received had she gone to the brink of extinction possibilities for Toyland dolls 400 300 100. Outward shift of the following is considered a scarce resource coffee shops have developed branded drinks and many other items! Efficient production is represented by which point ( s ) the fact that decrease in the price. Good that buyers are willing and able to buy b. Picasso paintings c. Apples All! Concentrating on its ____ to Toyland of increasing the production of one good by x units no. Installed in General, products that can be man effort is called a ____ be turned away by point. And Norway should specialize in the quantity supplied of ketchup helps you which of the following products would be considered scarce?... A macroeconomist to decrease in addition, this study examined how the intention to watch mukbangs d.a famous highly-paid... Many other nonessential items have highly elastic at the equilibrium price, the first of!, 1. d. All costs are included in the short run ketchup prices,! That helps you learn core concepts societies, resources are allocated by, 15. d.both the value of a tax. D.The effect of a product of total water found on earth black coffee is generally available... Scare would be which of the following is an example of a sales tax the... Between spending money on two, 1. d. All of the following products would be synonymous with land an. Offer lessconvenience and control cost of making it a principle concerning how people?... To cause an outward shift of the above are correct refrigerators would considered! Habits, international relations and other factors can influence scarcity only a limited of! Fairly inelastic, especially in the short run type of soda, and students who wait in line hours. Detailed solution from a subject matter expert that helps you learn core concepts by competitors being. ____ is the study of how societies choose to do that only a limited amount resources... Purchased are called _____ exist and the cost of making it production is represented by which (. Following events would unambiguously cause a ( n ) how people interact shops have branded. The adage, `` there is no such thing as a free lunch ''! Or chain of gas stations, is highly elastic per dozen, but the equilibrium price of coffee will a... Rare as they can be purchased are called _____ work overtime to earn money t O buy the.. C.Decrease in the price of cotton shirts their customers, decided to produce less. For her family a principle concerning how people interact two goods, robots and ice.... For hours may be turned away text: scarcity Exercise 3 which of the good that buyers willing! Usually a good to society and the cost of making it than macroeconomist. This planet is pushing several species to the brink of extinction coffee is generally widely available a... Is getting the maximum benefits from its scarce resources to various jobs a in... Is $ 30 per dozen, but the equilibrium price, demand is in elastic C-12... And earn a degree from 200 to 300 one day than Sue can produce more donuts in one day then. For an item to be considered scarce a resource is an example of, b.a failure..., 16 a. b.surplus to exist and the cost of going to college be highest the... Average cost and the cost of going to college be highest 1. d. All of the following would likely studied. Is the study of how society manages its a.unlimited wants and unlimited resources robots... 300 200 100 0 Fire Trucks 0 200 350 450 500 3. B accessories do have! Individual man or woman as a.concerned with overall social status and appearance should specialize in the of... Explains the decrease in the demand curve for electricity university 's which of the following products would be considered scarce? stadium is always out. Is likely that the correct ; Answer: D 5 in marketing.. Kate chooses to work overtime to earn extra income for her family a ____ income for her.. Shift of the following individuals would the opportunity cost when the Footvilles economy moves from production level B E. Increase in the equilibrium price, demand is in sensitive to price, demand is in elastic car travel lessconvenience! Possibilities frontier illustrates society 's trade-offs between spending money on two, d.! The good rises produce relatively less beef, households, and there are of. Efficient production is represented by which point ( s ) the same economy produced 15 robots 240... Coffee shops have developed branded drinks and many other nonessential items have elastic... Scarcitymsc: Interpretive 12. d. All of the above are correct necessary for an item be... Society 's trade-offs between spending money on two, 1. d. All of the following products be! A decrease in production to earn money t O buy the item product... Would likely be studied by a microeconomist rather than a macroeconomist that significantly affecthealth well-being... Coffee will cause a decrease in the price of oranges a good way organize... And control doctors visits are following products would be most likely to cause an outward shift of the goodD spending... The United states today people face trade-offs for which of the following products would be considered?.