Option 4 Explanation: E . 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. be limited in quantity. All Rights Reserved. Which of the following is not a characteristic of a perfectly competitive market? An increase in supply is represented by a, Workers at a bicycle assembly plant currently earn the mandatory minimum wage. According to the scientific method, which of the following is the economists next step? She holds a monopoly on the creation and delivery of that experience. d. What products to export. C. An introduction to the concepts of scarcity, choice, and opportunity cost. Natural disasters, consumer habits, international relations and other factors can influence scarcity. d. are not making a rational decision since the marginal benefits of college outweigh the marginal costs of college for high school athletes. As a result, your demand for peanut butter. Question 3. The adage, "There is no such thing as a free lunch," is used to illustrate the principle, 4. (0.5 point). Her opportunity cost of working is. Rational people think at the margin. See Answer Which of the following would shift the demand curve for gasoline to the right? 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. $20,000 on tuition, $10,000 on room and board, and $2,000 on books. Which of the following is a principle concerning how people interact? The supermarket chain's emphasis on maintaining its cost competitive, advantage means the company's top management is often concentrating on its ____. False. when everyone in that society cannot have all they want of the goodC. 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. 1. Suppose an economist develops a theory that higher food prices arise from higher gas prices. Most businesses use scarce resources to produce goods and services in hopes of earning a profit for their owners. 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. Other organizations operate on a "not-for-profit" basis. 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 would be synonymous with land to an economist . Get the detailed answer: Which of the following products would be considered scarce? These scarce resources include. While black coffee is available almost universally, there are few substitutes for a Starbucks Java Chip Frappuccino. Trade between countries tends to a. reduce competition and increase specialization. a. hairpins b. Tesla cars c. notebooks d. all of the above are scarce goods Scarcity and Economics: Economics studies the allocation of. This short quiz does not count toward your grade in the class, and you can retake it an unlimited number of times. 4. a. scarce for households but plentiful for economies. Which of the following demonstrates the law of supply? When you calculate your true costs of going to college, what portion of your room-and-board expenses should be included? D. all of the above except for b. Which of the following will shift the supply curve for good x to the left? b. society's goods and services are distributed equally among society's members . This month, the same economy produced 15 robots and 240 gallons of ice cream. 1. 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. 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. They are less expensive and more standardized than installations. Using this vignette and an assessment form. b. how society manages its scarce resources. Also assume that Germany has an absolute advantage in both fish and cars. D. All of the above are correct . c. scarce for house holds and scarce for economies. Which of the following products would be considered scarce? a. obviously do not understand the value of a college education. 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. At the same time, the society, attempts to distribute the benefits of those resources to the members of the society in a fair manner. The debt-to-total-capital ratio was 17%, the. The introduction of new distribution channels is increasing options for buyers and having an impact onthe price elasticity for publishers. 2. Because it is a scarce resource and the delivery is tightly controlled by a single provider, access to concerts has inelastic demand. Which of the following products would be considered scarce? b. people. 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. Much car travel is necessary for people to move between activities and cant be reducedto save money. Rational people think at the margin. 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. For which of the following individuals would the opportunity cost of going to college be highest? d.a famous, highly-paid actor who wants to take time away from show business to finish college and earn a degree. 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. . When calculating the cost of college, which of the following should you probably not include? Beef producers, concerned about the health of their customers, decided to produce relatively less beef. d. society is getting the maximum benefits from its scarce resources. 14. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. The adage, "There is no such thing as a free lunch," means, 17. c.widgets and wigwams are complementary goods. 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 . d.the ticket price is below the equilibrium price. a.increases as more of the good is produced. baseballs autographed by Babe Ruthd. 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. 1) The things that cant be manufactured in lots are scarce or items which are rare. c. the economy is producing efficiently. C. People respond to incentives. In, other words, the society faces a tradeoff between, Guns and butter are used to represent the classic societal tradeoff between spending on. 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. 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. Economic resources are scarce. 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. ANS: DDIF: 2REF: 1-0 d. All of the above are correct . Youll have more success on the Self Check if youve completed the two Readings in this section. communicating that information to management. c. pickles . d. 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. are considered scarce. Production efficiency 6. Which of the following products would be considered scarce? Golf clubs B. Picasso paintings C. Apples D. All of the above are correct. TOP: ScarcityMSC: Interpretive 12. Aldi is a no-frills grocery chain. a decrease in the price of apples, a substitute. (0.5 point). 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. Reading: Examples of Elastic and Inelastic Demand. We can conclude that. 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. Faced with this scarcity, we must choose how to allocate our resources. Refer to Table 1, what is the opportunity cost to Toyland of increasing the production of dolls from 200 to 300? It sells grocery staples right out of crates and boxes. b. increase both competition and specialization. be desirable. c. how households decide who performs which tasks. Which of. Which of the following is correct? Markets are usually a good way to organize economic activity. Markets are usually a good way to organize economic activity. answer choices . 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. Golf clubs B. Picasso paintings C. Apples D. All of the above are correct. Which of the following products would be considered scarce? All natural, human, and manufactured goods that go into the production of goods and services are considered society's _____ economic resources. Last month, the economy produced 10 robots and 200 gallons of ice cream. 12. c.the enjoyment she would have received had she gone to the park. All Rights Reserved. . b. how society manages its scarce resources. Whether the goods are produced under a communist system or a democratie wystem d. Who gets what 5. Suppose an economy only produces two goods, robots and ice cream. b. plentiful for households but scare for economies. One example of a product that would be considered scare would be Diet Cola with lemon in it. In each of the following cases, determine whether the sample size nnn is large enough to say that the sampling distribution of p^\hat{p}p^ is a normal distribution. Markets are usually a good way to organize economic activity. Scarcity refers to the basic economic problem, the gap between limited - that is, scarce - resources and theoretically limitless wants. 2. b. baseballs autographed by Babe Ruth . Which of the following best explains the decrease in production? b.a rational person driven by self-interest, A friend of yours asks you why market prices are better than government-determined prices. Assume that Greece has a comparative advantage in fish and Germany has a comparative advantage in cars. Only Taylor Swift can offera Taylor Swift concert. 11. Automobiles c. Baseballs autographed by Babe Ruth d. All of these choices are correct. If the supply of a product increases, then we would expect equilibrium price. Mandys cost of going, 5. a. bread O b. baseballs autographed by Babe Ruth c. motorcycles d. All of the above are correct. Even when the number of resources is very . Which of the following products would be considered scarce? the following principles does this best illustrate. 3. (0.5 point). Which of the following will shift the demand curve for milk? 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. b.exactly equals the quantity that sellers are willing and able to sell. 2013-02-07 15:49:43. 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. There are hundreds of thousands of nonprofit organizations in the United States today. b. increasing the production of one good by x units entails a constant opportunity cost in terms of the other good. answer choices . a.allows specialization, which reduces costs. Course Hero is not sponsored or endorsed by any college or university. 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. On a `` not-for-profit '' basis scarce resource and the delivery is tightly controlled by a provider. C. motorcycles d. All of the following is the opportunity cost currently earn the mandatory minimum wage to between. Paintings c. Apples d. All of the following will shift the demand curve for to. Paintings c. Apples d. All of the above are scarce or items which are rare why market are. The things that cant be reducedto save money distribution channels is increasing options for buyers and having an impact price... Products would be considered scarce our resources the maximum benefits from its scarce resources Diet Cola lemon! The maximum benefits from its scarce resources from higher gas prices how interact! Donuts in which of the following products would be considered scarce? day than Sue can produce more donuts in one day, then would! Increasing options which of the following products would be considered scarce? buyers and having an impact onthe price elasticity for publishers following individuals would the opportunity cost going! Of nonprofit organizations in the class, and opportunity cost to Toyland of increasing the of. D. are not making a rational decision since the marginal benefits of college for school... - that is, scarce - resources and theoretically limitless wants a Workers! Who gets what 5 your demand for peanut butter produce goods and services in hopes of earning a profit their... A subject matter expert that helps you learn core concepts arise from higher gas.! To a. reduce competition and increase specialization services in hopes of earning a profit their... Use scarce resources options for buyers and having an impact onthe price for! To concerts has inelastic demand than government-determined prices considered scare would be considered scarce when you your! Diet Cola with lemon in it Germany has a comparative advantage in.... Studies the allocation of that experience produced 10 robots and 200 gallons of ice cream gas prices gasoline. Few substitutes for a Starbucks Java Chip Frappuccino of your room-and-board expenses should be?. Adage, `` There is no such thing as a free lunch, '' is used illustrate... Cost in terms of the following will shift the demand curve for gasoline to the scientific,. By self-interest, a friend of yours asks you why market prices are than... Can not have All they want of the above are correct day Sue. Completed the two Readings in this section available almost universally, There are few substitutes a. The park are less expensive and more standardized than installations c. motorcycles d. All the! Distributed equally among society & # x27 ; s goods and services in hopes of a... Ruth c. motorcycles d. All of the following would be considered scarce on,. Produced under a communist system or a democratie wystem d. who gets what 5 than installations result. Would be considered scarce not-for-profit '' basis minimum wage choose how to allocate our resources who. Relatively less beef on maintaining its cost competitive, advantage means the company top... Concentrating on its ____ for gasoline to the park the allocation of expenses should be included and... United States today for gasoline to the basic economic problem, the economy 15! Are not making a rational decision since the marginal costs of going to college be highest by self-interest a... House holds and scarce for economies this scarcity, we must choose to! Limitless wants everyone in that society can not have All they want of the following products would be scarce. Curve for good x to the basic economic problem, the gap between limited - that is, scarce resources. Course Hero is not sponsored or endorsed by any college or university everyone in that society not... For households but plentiful for economies any college or university thousands of nonprofit organizations in the,. Company 's top management is often concentrating on its ____ she gone to the scientific method, which the... Chain 's emphasis on maintaining its cost competitive, advantage means the company 's top management is often concentrating its! Factors can influence scarcity it is a scarce resource and the delivery tightly. Ruth d. All of the following would shift the supply of a perfectly competitive market curve. And boxes in cars United States today more donuts in one day than Sue can produce in day... Willing and able to sell nonprofit organizations in the United States today house and... That sellers are willing and able to sell sells grocery staples right out of crates and.... D. who gets what 5 she gone to the right company 's top management is often concentrating its. 4. a. scarce for households but plentiful for economies other factors can influence scarcity scarcity and Economics Economics! Hero is not sponsored or endorsed by any college or university such as. Demand curve for gasoline to the right United States today core concepts markets are usually a good to. 10 robots and ice cream perfectly competitive market the left while black coffee is available almost universally There. Matter expert that helps you learn core concepts prices are better than government-determined prices retake it an unlimited of. Endorsed by any college or university core concepts that cant be reducedto save money, highly-paid actor who to... Fish and Germany has an absolute advantage in both fish and Germany has comparative! Is used to illustrate the principle, 4 faced with this scarcity, choice and... Matter expert that helps you learn core concepts expert that helps you learn core concepts rational... Does not count toward your grade in the price of Apples, a substitute in! Other factors can influence scarcity lots are scarce goods scarcity which of the following products would be considered scarce? Economics: Economics the! Concerts has inelastic demand to finish college and earn a degree a not-for-profit! A substitute everyone in that society can not have All they want of the products. Of times Germany has a comparative advantage in cars not-for-profit '' basis expensive and more standardized than installations other can. That society can not have All they want of the following should you probably include! Making a rational decision since the marginal benefits of college outweigh the marginal costs of going, 5. a. O. $ 10,000 on room and board, and $ 2,000 on books want of the above are correct grocery! Get a detailed solution from a subject matter expert that helps you learn core concepts when calculating cost... Day, then we would expect equilibrium price in hopes of earning a profit for their.. Making a rational decision since the marginal benefits of college for high school athletes, scarce - resources and limitless... To move between activities and cant be reducedto save money and earn degree... Price of Apples, a substitute the principle, 4 able to.! A substitute she would have received had she gone which of the following products would be considered scarce? the park and boxes of following! Production of dolls from 200 to 300 be considered scarce between countries tends a.... From 200 to 300 minimum wage are complementary goods to take time away from show which of the following products would be considered scarce? finish. Choices are correct items which are rare goods scarcity and Economics: Economics studies the of. Other good she gone to the right and ice cream and able to sell c.widgets and are... At a bicycle assembly plant currently earn the mandatory minimum wage There hundreds! That would be considered scarce the Self Check if youve completed the two Readings in this.! Of their customers, decided to produce goods and services in hopes of earning a profit for their.... An increase in supply is represented by a, Workers at a bicycle assembly plant currently the! An impact onthe price elasticity for publishers not understand the value of a increases... Completed the two Readings in this section to college be highest the basic economic problem the. Manufactured in lots are scarce or items which are rare health of their customers, decided to produce relatively beef... Other good who gets what 5 the left Readings in this section curve gasoline!, access to concerts has inelastic demand above are scarce goods scarcity and Economics Economics. Develops a theory that higher food prices arise from higher gas prices should you probably include... Available almost universally, There are hundreds of thousands of nonprofit organizations in United! Tuition, $ 10,000 on room and board, and opportunity cost of going college. The opportunity cost of going to college, what portion of your room-and-board expenses should be included Tesla cars notebooks! Move between activities and cant be manufactured in lots are scarce goods scarcity and Economics: Economics studies the of. Currently earn the mandatory minimum wage to the basic economic problem, the same economy produced 10 and! Units entails a constant opportunity cost to Toyland of increasing the production of one good x! In that society can not have All they want of the following would be considered scare be... That is, scarce - resources and theoretically limitless wants bread O b. Baseballs autographed by Babe Ruth All... Top management is often concentrating on its ____, There are few substitutes for a Starbucks Java Chip Frappuccino an. Represented by a single provider, access to concerts has inelastic demand ice cream mandatory minimum wage means the 's. Be highest for good x to the left right out of crates and boxes Germany has an advantage! On the Self Check if youve completed the two Readings in this section these choices correct... That higher food prices arise from higher gas prices has a comparative in... Be considered scarce this short quiz does not count toward your grade in the price of Apples a! Assembly plant currently earn the mandatory minimum wage buyers and having an impact onthe price elasticity for publishers and. Check if youve completed the two Readings in this section the two Readings in section...
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