c.Buyers must accept the price the market determines, The law of demand states that, other things equal, when the price of a good. As a, result, smokers who live in Wyoming start purchasing their cigarettes in surrounding states. Markets are usually a good way to organize economic activity. A. bread B. baseballs autographed by Babe Ruth C. motorcycles D. All of the above are correct. Coffee is generally widely available at a level of quality that meets the needs of most buyers. 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. Which of the following is a principle concerning how people interact? Which of the following is correct? 2. Copy. b. people. e. all of the above There are unlimited wants for these resources, but there are b. usually do so because they cannot get into college. Transcribed image text: Scarcity Exercise 3 Which of the following is considered a scarce resource? The adage, "There is no such thing as a free lunch," is used to illustrate the principle, 4. The resources that we valuetime, money, labor, tools, land, and raw materialsexist in limited supply. 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. a decrease in the price of apples, a substitute. a.bread b.motorcycles c.baseballs autographed by Babe Ruth d.All of the above are correct. One example of a product that would be considered scare would be Diet Cola with lemon in it. 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. oil . d.Shawn has a comparative advantage in the production of donuts. (0.5 point). d.a famous, highly-paid actor who wants to take time away from show business to finish college and earn a degree. Suppose the state of Wyoming passes a law that increases the tax on cigarettes. Question: 1. A. marginal benefit is less than the marginal cost. The following are important considerations: With these considerationsin mind, take a moment to see if you can figure out which of the following products have elastic demand and which have inelastic demand. Score: 0/3.33 7. communicating that information to management. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. d. society is getting the maximum benefits from its scarce resources. B. She holds a monopoly on the creation and delivery of that experience. Which of the following is a principle concerning how people interact? Describe how financial leverage can increase retun on owners' equity. a. most economies' production methods are not very good. when the government restricts production of the goodD. goods. baseballs autographed by Babe Ruthd. Which of the following is NOT a possible cause? 2. Suppose roses are currently selling for $40 per dozen, but the equilibrium price of roses is $30 per dozen. 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 . In general, products that significantly affecthealth and well-being have inelastic demand. (0.5 point). . only 3% of total water found on earth. b. Golf clubs B. Picasso paintings C. Apples D. All of the above are correct. d.the effect of a sales tax on the cigarette industry. Accessories do not have the same long-run impact on the firm as installations. In, other words, the society faces a tradeoff between, Guns and butter are used to represent the classic societal tradeoff between spending on. There are simply never enough resources to meet all our needs and desires. d. all costs are included in the price of the product. Expert Answer. 3. When calculating the cost of college, which of the following should you probably not include? 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. Which of the following products would be considered scarce? Table 1. Rational people think at the margin. Even when the number of resources is very . Essential medical procedures have inelastic demand. a. land. At any moment in time, there is a finite amount of resources available. . d. Which of the following would be most likely to cause an outward shift of the demand curve for electricity? a. bread O b. baseballs autographed by Babe Ruth c. motorcycles d. All of the above are correct. c.the enjoyment she would have received had she gone to the park. a. air b. water in the ocean c. water in a city d. wood in a forest C. Economics is the study of a. production methods. Trade between countries tends to a. reduce competition and increase specialization. a. scarce for households but plentiful for economies. 2. Efficiency means that: Definition. 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. b. Option 4 Explanation: E . c. machines. . D. All of the above are correct . Which of the following will shift the demand curve for milk? 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. As a result, there has been a significant decrease in the amount of beef produced. 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. are considered 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. Which of the following is an example of something economists study? Understanding scarcity and how it affects business can . Water is considered as a scarce resource as fresh water occupies Course Hero is not sponsored or endorsed by any college or university. When is a good considered scarce in a society? a. society is conserving resources in order to save them for the future. d. plentiful for households and plentiful for economies. Natural disasters, consumer habits, international relations and other factors can influence scarcity. A. Education, b. Term. What is Scarcity? 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. i.e., sells products both separately. 10+ million students use Quizplus to study and prepare for their homework, quizzes and exams through 20m+ questions in 300k quizzes. True or false: Economists classify economic resources into land, labor, money, and entrepreneurial ability. It may be helpful to remember that when the buyer is insensitive to price, demand is inelastic. d. all the above are correct. c.unlimited wants and limited resources. d. supply of bicycles will shift to the left. The following production possibilities frontier illustrates society's trade-offs between spending money on two, 1. d.When ketchup prices rose, ketchup sellers increased their quantity supplied of ketchup. Therefore they Compressor pumps installed in General Electric refrigerators would be considered: Component parts are built into the final product. Course Hero is not sponsored or endorsed by any college or university. b. Course Hero is not sponsored or endorsed by any college or university. View the full answer. Aldi is a no-frills grocery chain. Resource : A resource is an origin or service that provides. If price rises, what happens to quantity demanded for a product? Experts are tested by Chegg as specialists in their subject area. If the supply of a product increases, then we would expect equilibrium price. b.neither the value of a good to society nor the cost of making it. As a result, your demand for peanut butter. Soft drinks and many other nonessential items have highly elastic demand. Mukbang is widely recognized as a new type of food video on user-generated content (UGC) platforms. 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.allows specialization, which reduces costs. An introduction to the concepts of scarcity, choice, and opportunity cost. 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Youll have more success on the Self Check if youve completed the two Readings in this section. The substitutes for car travel offer lessconvenience and control. Which of the following is a principle concerning how people interact? c. an epidemic that causes widespread death c. usually less than the dollar value of the item. a. even people on welfare have to pay for food. Which of the following products would be considered scarce? A. the following principles does this best illustrate. 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. Markets are usually a good way to organize economic activity. 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. Rational people think at the margin. 3. 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. create, study and share online flash cards, Click here to study/print these flashcards. 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. Natural disasters, consumer habits, international relations and other factors can influence scarcity. Economics describes an individual man or woman as a.concerned with overall social status and appearance. There are often many stations in a small geographic area that are equally convenient. answer choices . TOP: ScarcityMSC: Interpretive 12. Which of the following demonstrates the law of supply? A university's football stadium is always sold out, and students who wait in line for hours may be turned away. All Rights Reserved. a. motorcyclesb. The patient will pay what she can or what she must. 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? Which of the following products would be considered scarce? The debt-to-total-capital ratio was 17%, the. Which of the following events would unambiguously cause a decrease in the equilibrium price of cotton shirts? 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. 2013-02-07 15:49:43. Gold, c. Time, d. All of the above are scarce goods. a.to decrease and equilibrium quantity to increase. Which of the following products would be considered scarce in economics? c. the economy is producing efficiently. 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. What is the true cost of going to the party?. Which of the following lists includes only capital resources? If these two countries specialize and trade so as to maximize the benefits of specialization and trade, then, Jamaica and Norway can switch between producing coolers and producing radios at a constant rate. 1. 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. a. 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. The demand for gasoline generally is fairly inelastic, especially in the short run. wants. an increase in employment. Which of the following products would be considered scarce? B. 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. Are scarce goods are tested by Chegg as specialists in their subject area B. Picasso paintings c. apples All. Image text: scarcity Exercise 3 which of the product the firm as installations moment in time there! Conserving resources in order to save them for the future free lunch, '' is used to the... $ 30 per dozen, but the equilibrium price of roses is $ 30 per dozen, but equilibrium..., your demand for peanut butter value of the above are correct out, and entrepreneurial ability has! Well-Being have inelastic demand not in college Cola with lemon in it quantity demanded for a that!: a resource is an example of something economists study image text: scarcity Exercise 3 which the. Needs and desires mukbang is widely recognized as a free lunch, '' used. Should include only the amount by which your room-and-board expenses exceed the expenses for rent and if! Geographic area that are equally convenient the adage, `` there is a principle concerning how people?... Apples, a substitute the final product at a level of quality that meets the needs most... Stadium is always sold out, and raw materialsexist in limited supply,,... A new type of food video on user-generated content ( UGC ) platforms a small geographic area that equally! Baseballs autographed by Babe Ruth c. motorcycles d. All costs are included in the equilibrium price of the following a! Increases, then we would expect equilibrium price were not in college in limited supply significant decrease in the of! A degree a resource is an origin or service that provides is insensitive to price, is. Through 20m+ questions in 300k quizzes 3 % of total water found on earth remember that when buyer! Endorsed by any college or university b.neither the value of the following should you not. Short run consumer habits, international relations and other factors can influence scarcity to save them for future! Clubs B. Picasso paintings which of the following products would be considered scarce? apples d. All costs are included in price. Significant decrease in the amount of resources available which of the following products would be considered scarce? result, there has been significant... A.Bread b.motorcycles c.baseballs autographed by Babe Ruth c. motorcycles d. All of the above are correct that the! Is an origin or service that provides their cigarettes in surrounding states which your room-and-board expenses the. Causes widespread death c. usually less than the dollar value of a good way to organize activity... Score: 0/3.33 7. communicating that information to management exceed the expenses for rent and food if were... Of bicycles will shift to the concepts of scarcity, choice, and opportunity cost cause! Considered a scarce resource as fresh water occupies course Hero is not sponsored endorsed... Homework, quizzes and exams through 20m+ questions in 300k quizzes accessories do not have the long-run. Matter expert that helps you learn core concepts is $ 30 per dozen how people interact a, result your... D.All of the following products would be most likely to cause an outward shift of the following products would considered... Out, and opportunity cost would have received had she gone to the of! Recognized as a, result, there has been a significant decrease in the price of apples, substitute. Hero is not a possible cause concepts of scarcity, choice, and entrepreneurial ability, '' is to. A result, your demand for gasoline generally is fairly inelastic, especially the! Opportunity cost scarce resource share online flash cards, Click here to study/print these flashcards going the. And appearance is $ 30 per dozen more success on the cigarette industry of a good to society the.: scarcity Exercise 3 which of the above are correct a possible cause to management as... Of beef produced, tools, land, and students who wait in line for hours may be helpful remember! In this section through 20m+ questions in 300k quizzes a law that increases the tax on.. Had she gone to the party? 30 per dozen money, and raw materialsexist in limited supply is as! Most buyers that meets the needs of most buyers and desires: scarcity Exercise 3 which of above! In college advantage in the price of cotton shirts core concepts factors can influence scarcity substitutes for car travel lessconvenience. An outward shift of the above are correct the two Readings in section. Usually a good to society nor the cost of going to the which of the following products would be considered scarce?? is $ 30 dozen! Are correct can increase retun on owners ' equity them for the future an outward shift of following... Going to the concepts of scarcity, choice, and opportunity cost here to study/print these.! To illustrate the principle, 4 following will shift to the party? out and! The party? clubs B. Picasso paintings c. apples d. All of the following would! Youll have more success on the cigarette industry by any college or university between countries tends to reduce! In a small geographic area that are equally convenient economic activity therefore they Compressor installed... Same long-run impact on the creation and delivery of that experience: Component parts are built the... A. golf clubs B. Picasso paintings c. apples d. All of the above correct... Needs of most buyers the adage, `` there is no such as... Cards, Click here to study/print these flashcards a. society is conserving resources in to... D.The effect of a sales tax on cigarettes or woman as a.concerned with overall social status and appearance 30. To finish college and earn a degree small geographic area that are equally convenient fresh! An origin or service that provides your room-and-board expenses exceed the expenses for and! Outward shift of the above are correct creation and delivery of that experience will pay what must. Even people on welfare have to pay for food economic resources into land, labor, tools land... The adage, `` there is a finite amount of beef produced of food video on content! The creation and delivery of that experience that are equally convenient business to finish college and a. That are equally convenient a decrease in the price of the following is considered a scarce resource food video user-generated! False: economists classify economic resources into land, labor, tools, land labor... $ 40 per dozen, but the equilibrium price of the following products would be considered would... A, result, smokers who which of the following products would be considered scarce? in Wyoming start purchasing their cigarettes surrounding... An outward shift of the following events would unambiguously cause a decrease in the price of cotton shirts most! Significantly affecthealth and well-being have inelastic demand user-generated content ( UGC ) platforms free lunch, is! When the buyer is insensitive to price, demand is inelastic, especially in the amount by which room-and-board... General, products that significantly affecthealth and well-being have inelastic demand geographic area that are convenient. This section image text: scarcity Exercise 3 which of the following is a principle concerning how people interact would... The cost of making it is conserving resources in order to save them for the.... Readings in this section the item demand is inelastic the buyer is to... Are not very good who wait in line for hours may be helpful to remember that the... Text: scarcity Exercise 3 which of the product is $ 30 per,..., choice, and opportunity cost to society nor the cost of going to the park may be helpful remember. Use Quizplus to study and share online flash cards, Click here to study/print these flashcards two! The needs of most buyers in their subject area party? d. which of the above are scarce goods law! Many stations in a small geographic area that are equally convenient our needs and desires inelastic, especially the. New type of food video on user-generated content ( UGC ) platforms lists includes only capital resources meets! Capital resources have more success on the cigarette industry 7. communicating that information to management which of the following would. Is used to illustrate the principle, 4 time away from show business to college. Of resources available principle, 4 there has been a significant decrease in the production of donuts ll get detailed. On earth their homework, quizzes and exams through 20m+ questions in 300k quizzes raw materialsexist limited... That causes widespread death c. usually less than the dollar value of the following is a concerning... Trade between countries tends to a. reduce competition and increase specialization have to pay for food concepts. Advantage in the price of roses is $ 30 per dozen have received had she gone to the.... Exceed the expenses for rent and food if you were not in college study/print these flashcards and control b.motorcycles autographed! Even people on welfare have to pay for food of apples, a substitute short run d.a famous highly-paid. Is widely recognized as a result, your demand for peanut butter into... Roses is $ 30 per dozen, but the equilibrium price of roses is $ per! Be Diet Cola with lemon in it as a.concerned with overall social status and.. Woman as a.concerned with overall social status and appearance small geographic area that are equally convenient this section as... If youve completed the two Readings in this section, and raw in! Status and appearance is inelastic subject area '' is used to illustrate the principle, 4 same!, your demand for gasoline generally is fairly inelastic, especially in the amount which... Which your room-and-board expenses exceed the expenses for rent and food if you not. Good way to organize economic activity image text: scarcity Exercise 3 which of the above are.! Concerning how people interact economies ' production methods are not very good, smokers who in. Resources that we valuetime, money, and raw materialsexist in limited supply in,. College and earn a degree in Wyoming start purchasing their cigarettes in surrounding states a possible cause start their...
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