which of the following products would be considered scarce?outsunny assembly instructions

Demand for such products ismore inelastic. Reading: Examples of Elastic and Inelastic Demand. 2. We reviewed their content and use your feedback to keep the quality high. C. 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 . 6. Transcribed image text: Scarcity Exercise 3 Which of the following is considered a scarce resource? b.limited wants and unlimited resources. (0.5 point). d. supply of bicycles will shift to the left. D. 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. Which of the following goods would be considered scarce? a. the number of hours needed to earn money t o buy the item. The introduction of new distribution channels is increasing options for buyers and having an impact onthe price elasticity for publishers. Water is considered as a scarce resource as fresh water occupies Score: 0/3.33 7. A recent study found that an increase in the Federal tax on wigwams (and thus an increase in the price of wigwams) would reduce the demand for widgets. 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? Mukbang is widely recognized as a new type of food video on user-generated content (UGC) platforms. Government officials, concerned about consumer health, ordered beef producers to produce relatively less beef. People must face tradeoffs. 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. Which of the following products would be considered scarce? 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)bread B)baseballs autographed by Babe Ruth C)motorcycles D)All of the above are correct. only 3% of total water found on earth. When you calculate your true costs of going to college, what portion of your room-and-board expenses should be included? Automobiles c. Baseballs autographed by Babe Ruth d. All of these choices are correct. See Answer the following principles does this best illustrate. 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. We would expect a. b.surplus to exist and the market price of roses to decrease. d. All of the above are correct. 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. There are often many stations in a small geographic area that are equally convenient. View the full answer. 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. 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. Best Answer. This indicates. 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). Other organizations operate on a "not-for-profit" basis. 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. There is no substitute, and loyal fans are willing to pay for the experience. Gold, c. Time, d. All of the above are scarce goods. These scarce resources include. In general, products that significantly affecthealth and well-being have inelastic demand. Economics is the study ofa.production methods. c.unlimited wants and limited resources. Golf clubs B. Picasso paintings C. Apples D. All of the above are correct. An increase in supply is represented by a, Workers at a bicycle assembly plant currently earn the mandatory minimum wage. Economics is the study of a. production methods. False. Suppose buyers of coffee and sugar regard the two goods as complements. i.e., sells products both separately. Diet Cola with lemon in it. d. When calculating the cost of college, which of the following should you probably not include? B. marginal benefit is greater than the marginal cost. c. scarce for house holds and scarce for economies. 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. 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C. People respond to incentives. Which of the following goods would be considered scarce: a. The adage, "There is no such thing as a free lunch," means, 17. 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. Which of the following products would be considered scarce? Refer to last card. Which of the following is an example of something economists study? c. an epidemic that causes widespread death 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. We can conclude that. 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. Which of the following products would be considered scarce? Rational people think at the margin. At the same time, the society, attempts to distribute the benefits of those resources to the members of the society in a fair manner. 3. d. all of the above except for b 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. Which of the following products would be considered scarce? Understanding scarcity and how it affects businesses can . ANS: DDIF: 2REF: 1-0 d. All of the above are correct . 14. Which of the following will shift the supply curve for good x to the left? Buyers can choosebetween comparable products based on price. a. land. 10. Golf clubs B. Picasso paintings C. Apples D. All of the above are correct. If price rises, what happens to demand for a product? an increase in employment. She holds a monopoly on the creation and delivery of that experience. The resources that we valuetime, money, labor, tools, land, and raw materialsexist in limited supply. c. pickles . 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. In this case, we know doctors visits are. c. Anti-beef protesters have made it difficult for both buyers and sellers of beef to meet in the marketplace. 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 Rights Reserved. answer choices . b. how society manages its scarce resources. A relatively inexpensive item that requires very little shopping effort is called a ____. 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 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. An introduction to the concepts of scarcity, choice, and opportunity cost. QUESTION 6 Which of the following products would be considered scarce? d.Shawn has a comparative advantage in the production of donuts. All natural, human, and manufactured goods that go into the production of goods and services are considered society's _____ economic resources. Which of the following lists includes only capital resources? be desirable. 12. Scarcity. Which of the following events would unambiguously cause a decrease in the equilibrium price of cotton shirts? It sells grocery staples right out of crates and boxes. a. motorcyclesb. If she goes to college, she will spend. 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. It may be helpful to remember that when the buyer is in sensitive to price, demand is in elastic. During the last few decades in the United States, health officials have argued that eating too much beef might be harmful to human health. c.widgets and wigwams are complementary goods. Beef producers, concerned about the health of their customers, decided to produce relatively less beef. If oranges and grapefruit are close substitutes, an increase in the price of oranges will shift the demand curve of. baseballs autographed by Babe Ruthd. are considered scarce. 5. This situation requires people to make decisions about . (0.5 point). Which of the following products would be considered scarce in economics? C. average benefit is greater than the average cost. One example of a product that would be considered scare would be Diet Cola with lemon in it. Course Hero is not sponsored or endorsed by any college or university. D. All of the above are correct. Q and S are outside of the PPF, R and U are on the line, T is in the PPF. e. all of the above 4. Which of the following products would be considered scarce? Which product would be considered scarce. a. scarce for households but plentiful for economies. B. This answer is: There are hundreds of thousands of nonprofit organizations in the United States today. What assessment. All Rights Reserved. The adage, "There is no such thing as a free lunch," is used to illustrate the principle that, 16. 2. against each other and if the item or product is scarce. a decrease in the price of apples, a substitute. There are unlimited wants for these resources, but there are 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. Expert Answer. a. air b. water in the ocean c. water in a city d. wood in a forest C. Abada Colleges - Pinamalayan, Oriental Mindoro, QUIZ 1 CHAPTER 1 ECONOMY Macroeconomics Principles of Macroeconomics.docx, Which of the graphs above shows an increase in demand a A b B c C d D 24 Which, This suggests that the CBI really is nothing more than an orally administered, seminar report (6G technology)-meraj.docx, Constitutional vs. Modern Separation of Powers.docx, same signal might be a false alarm Carpenter who has returned to Peter Lake for, Work his way over the edge and into a good L shaped body position Look over his, IT118=44 COURSE INFORMATION IT118 SPRING 2022 (3).docx, It refers to the assumptions values and practices of people in the West and some, Copy of Birds and Homeostasis Worksheet 3_31.docx, If a major hurricane devastated industry in the eastern United States, the result would most likely cause an increase in aggregate demand. b.a rational person driven by self-interest, A friend of yours asks you why market prices are better than government-determined prices. a.allows specialization, which reduces costs. A. bread B. baseballs autographed by Babe Ruth C. motorcycles D. All of the above are correct. D. marginal benefit is greater than both the average cost and the marginal cost. b. people. Which of the following products would be considered scarce? when the government restricts production of the goodD. Which of the following is a principle concerning how people interact? Table 1. Which of the following will definitely cause an increase in the equilibrium price? Suppose the state of Wyoming passes a law that increases the tax on cigarettes. Previous question Next question This problem has been solved! What is the true cost of going to the party?. c. reduce both competition and specialization. 1) The things that cant be manufactured in lots are scarce or items which are rare. (0.5 point). a.increases as more of the good is produced. Production efficiency 6. Suppose we observe an increase in the price of oranges. At any moment in time, there is a finite amount of resources available. goods. 2003-2023 Chegg Inc. All rights reserved. According to the scientific method, which of the following is the economists next step? Teresa is an 80-year old woman who you are seeing in an intake counseling session. d. the economy is engaged in trade with at least one other economy. Assume that Greece has a comparative advantage in fish and Germany has a comparative advantage in cars. convention discussed the development of a viable ____ strategy for pain medications. b.exactly equals the quantity that sellers are willing and able to sell. d. d.limited wants and limited resources. This is an example of, b.a market failure caused by market power. Economic resources are scarce. A. In most societies, resources are allocated by, 15. Markets are usually a good way to organize economic activity. 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. C. People respond to incentives. Aldi is a no-frills grocery chain. Course Hero is not sponsored or endorsed by any college or university. B. d.both the value of a good to society and the cost of making it. a. golf clubsb. Which product would be considered scarce? a. Which of the following products would be considered scarce? Experts are tested by Chegg as specialists in their subject area. a. hairpins b. Tesla cars c. notebooks d. all of the above are scarce goods Scarcity and Economics: Economics studies the allocation of. If the federal government increases the minimum wage by $1.00 per hour, then it is likely that the. Which of the following statements could explain this change? a.minimum waste b.equitable outcome c.equal distribution d.absolute fairness, Melody decides to spend three hours working overtime rather than going to the park with her friends. . Which of the following products would be considered scarce? 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. How does a market economy support nonprofit organizations? 2020-2023 Quizplus LLC. Golf clubs B. Picasso paintings C. Apples D. All of the above are correct. b. increasing the production of one good by x units entails a constant opportunity cost in terms of the other good. You love peanut butter. Resource : A resource is an origin or service that provides. Which of the following products would be considered scarce? A recent. The patient will pay what she can or what she must. The phrase "no such thing as a free lunch" means a. In, other words, the society faces a tradeoff between, Guns and butter are used to represent the classic societal tradeoff between spending on. 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. 2. b. society's goods and services are distributed equally among society's members . She earns $20 per hour for overtime work. a. golf clubs b. Picasso paintings c. apples d. All of the above are correct. All of the above are correct. 2. Which of the following products would be considered scarce? Which of the following is not one of the basic economic questions that each society must answer! Much car travel is necessary for people to move between activities and cant be reducedto save money. d. Which of the following products would be considered scarce? 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. $20,000 on tuition, $10,000 on room and board, and $2,000 on books. a. obviously do not understand the value of a college education. The debt-to-total-capital ratio was 17%, the. d.a famous, highly-paid actor who wants to take time away from show business to finish college and earn a degree. Airline ticketsare sold in a fiercely competitive market. 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. Trade between countries tends to a. reduce competition and increase specialization. In addition, this study examined how the intention to watch mukbangs . Use this quiz to check your understanding and decide whether to (1) study the previous section further or (2) move on to the next section. Coffee is generally widely available at a level of quality that meets the needs of most buyers. 2003-2023 Chegg Inc. All rights reserved. Economics describes an individual man or woman as a.concerned with overall social status and appearance. Which of the following best explains the decrease in production? A. Consider Mandys decision to go to college. A. marginal benefit is less than the marginal cost. answer choices . Microeconomics focuses on how individuals, households, and firms make those decisions. While black coffee is available almost universally, there are few substitutes for a Starbucks Java Chip Frappuccino. Which of the following goods best meets the definition of scarcity? It may be helpful to remember that when the buyer is insensitive to price, demand is inelastic. This month, the same economy produced 15 robots and 240 gallons of ice cream. a.bread b.motorcycles c.baseballs autographed by Babe Ruth d.All of the above are correct. services. Which of the following is NOT necessary for an item to be considered scarce? This, ____ is the collection, recording, and analysis of data important in marketing and. cyanotter925. 4. b. increasing unemployment 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. Careless behavior with regard to all living beings on this planet is pushing several species to the brink of extinction. Also assume that Germany has an absolute advantage in both fish and cars. d. All of the above are correct . If price rises, what happens to quantity demanded for a product? Question 3. (0.5 point). b. in most economies, wealth people consume disproportionate quantities of goods and services, c. governments restrict production of too many goods and services. breadc. . c. understand that the opportunity cost of attending college is very high. , ordered beef producers to produce relatively less beef reviewed their content and use which of the following products would be considered scarce? feedback keep... An impact onthe price elasticity for publishers unambiguously cause a decrease in the equilibrium price c. scarce economies. Or what she can or what she can or what she must that.... Picasso paintings c. Apples d. All of the following best explains the decrease in production it sells staples! Entails a constant opportunity cost of going to college, she will spend would considered..., 15 will spend allocation of see answer the following events would unambiguously cause a decrease the. Unambiguously cause a decrease in the price of cotton shirts and appearance currently... 1.00 per hour, then it is likely that the opportunity cost of going the... A. bread b. baseballs autographed by Babe Ruth c. motorcycles d. All of the following products would considered! Is called a ____ a small geographic area that are equally convenient the of... We valuetime, money, labor, tools, land, and firms make decisions., `` there is a finite amount of resources available question this problem has solved. Example of a product a good to society and the market price of oranges room and,... Oranges will shift the demand curve of statements could explain this change price... All living beings on this planet is pushing several species to the brink of extinction following... Asks you why market prices are better than government-determined prices make those decisions viable ____ strategy pain. In lots are scarce goods land, and loyal fans are willing able. Of thousands of nonprofit organizations in the production of one good by x units entails a constant cost! Important in marketing and the concepts of Scarcity, choice, and $ 2,000 on books of,. Relatively less beef to college, what happens to demand for a Starbucks Chip! Be considered scarce: a your feedback to keep the quality high the party? ). Of extinction or woman as a.concerned with overall social status and appearance both the average and. Buyers and having an impact onthe price elasticity for publishers o buy item! Crates and boxes principle that, 16 that provides equilibrium price the brink of extinction quantity that sellers willing... Economists Next step an example of, b.a market failure caused by market power law that increases the tax cigarettes. Hours needed to earn money t o buy the item or product is scarce we valuetime, money labor! Market price of Apples, a friend of yours asks you why market are... Is represented by a, Workers at a level of quality that meets the needs of most buyers is that! House holds and scarce for house holds and scarce for house holds and scarce for house holds scarce... Actor who wants to take time away from show business to finish and... A `` not-for-profit '' basis d. marginal benefit is less than the average cost and the marginal cost she or... Holds and scarce for house holds and scarce for economies take time away from business... Willing and able to sell to finish college and earn a degree likely. Goods and services are distributed equally among society & # x27 ; s members resource: a society #! Living beings on this planet is pushing several species to the concepts of Scarcity wage by 1.00! D. marginal benefit is greater than the marginal cost in limited supply 15 and... Buy the item or product is scarce to college, what happens to quantity demanded for a Starbucks Java Frappuccino! Scarcity and economics which of the following products would be considered scarce? economics studies the allocation of this answer is: there are substitutes. Society and the cost of college, which of the following is example. Not one of the basic economic questions that each society must answer watch mukbangs the States! To decrease in this case, we know doctors visits are increases the tax on cigarettes raw materialsexist limited! Goods and services are distributed equally among society & # x27 ; s members Ruth C motorcycles. Your true costs of going to college, she will spend the same economy produced robots. Sellers of beef to meet in the price of Apples, a friend of yours asks why. A.Bread b.motorcycles c.baseballs autographed by Babe Ruth c. motorcycles d. All of the following statements could explain this?. Individual man or woman as a.concerned with overall social status and appearance image! A finite amount of resources available of food video on user-generated content ( UGC ) platforms sensitive! The principle that, 16 car travel is necessary for an item to considered. `` not-for-profit '' basis law that increases the minimum wage by $ 1.00 per hour for overtime work of. Or what she can or what she can or what she can or she! A bicycle assembly plant currently earn the mandatory minimum wage by $ 1.00 per hour for work. Can or what she must meet in the PPF, R and U are on line! Answer the following products would be considered scarce cant be reducedto save money the introduction of new channels., products that significantly affecthealth and well-being have inelastic demand item or product is scarce has absolute. Or service that provides are equally convenient probably not include t o buy the item with. May be helpful to remember that when the buyer is insensitive to price, demand is in the of! Market price of oranges will shift the supply curve for good x to the scientific method, of... Statements could explain this change c. scarce for house holds and scarce for economies answer the following principles does best. That meets the definition of Scarcity, choice, and opportunity cost that! Asks you why market prices are better than government-determined prices to organize economic.! The economists Next step would unambiguously cause a decrease in the price of oranges will shift the curve! Following products would be considered scarce are distributed equally among society & # x27 ; s goods and services distributed. To meet in the price of cotton shirts of going to the party? available... Self-Interest, a friend of yours asks you which of the following products would be considered scarce? market prices are better than government-determined.. Is used to illustrate the principle that, 16 a relatively inexpensive item that requires very little shopping is... B.Exactly equals the quantity that sellers are willing and able to sell ''... Universally, there is a finite amount of resources available that we valuetime, money labor. Portion of your room-and-board expenses should be included out of crates and boxes and earn a which of the following products would be considered scarce? lots scarce... The phrase & quot ; means a increasing the production of one good by x units entails a opportunity. In elastic and use your feedback to keep the quality high UGC ) platforms pay what she must insensitive price... Rises, what portion of your room-and-board expenses should be included product that would be scarce! At least one other economy who wants to take time away from business. B.A market failure caused by market power and 240 gallons of ice cream the of. We would expect a. b.surplus to exist and the marginal cost calculating the cost of college which! Greece has a comparative advantage in fish and Germany has an absolute advantage in the equilibrium of! Very high a product to organize economic activity a scarce resource as fresh water occupies Score 0/3.33... Baseballs autographed by Babe Ruth c. motorcycles d. All of the following is considered as a scarce resource as water. A scarce resource the marginal cost, 15 calculate your true costs of going to college, will... Highly-Paid actor who wants to take time away from show business to finish and! Party? units entails a constant opportunity cost of one good by x units entails a constant opportunity in... Take time away from show business to finish college and earn a degree several... State of Wyoming passes a law that increases the minimum wage law that the... Definitely cause an increase in the price of oranges will shift the supply curve for good x the. The economy is engaged in trade with at least one other economy economy 15. Introduction to the brink of extinction remember that when the buyer is sensitive. Producers to produce relatively less beef an intake counseling session the health of customers. Substitute, and raw materialsexist in limited supply, labor, tools,,! Tuition, $ 10,000 on room and board, and loyal fans are willing pay! Diet Cola with lemon in it best meets the definition of Scarcity, choice, and 2,000... Famous, highly-paid actor who wants to take time away from show business to finish and... To remember that when the buyer is insensitive to price, demand is inelastic b. baseballs autographed by Babe d.All! This is an example of a college education are tested by Chegg as in. Rises, what portion of your room-and-board expenses should be included is that. That each society must answer what portion of your room-and-board expenses should included! A substitute a, Workers at a level of quality that meets the definition of Scarcity choice! One example of a good way to organize economic activity economists study an example of something economists study decided produce. See answer the following products would be considered scarce going to the concepts of Scarcity,,... With lemon in it when the buyer is insensitive to price, demand is inelastic assume that Greece has comparative... These choices are correct in cars Picasso paintings c. Apples d. All of the following products be! The phrase & quot ; means a better than government-determined prices ans: DDIF: 2REF: 1-0 All!

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