Youll have more success on the Self Check if youve completed the two Readings in this section. b. society's goods and services are distributed equally among society's members . What is Scarcity? c. the economy is producing efficiently. Course Hero is not sponsored or endorsed by any college or university. b. how society manages its scarce resources. c. how households decide who performs which tasks. Most businesses use scarce resources to produce goods and services in hopes of earning a profit for their owners. Previous question Next question This problem has been solved! 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. Experts are tested by Chegg as specialists in their subject area. Should it use mixed bundling. Which of the following products would be considered scarce? answer choices . Teresa is an 80-year old woman who you are seeing in an intake counseling session. a. a. obviously do not understand the value of a college education. d. All of the above are correct. D. all of the above except for b. 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. Which of the following business products would be considered an accessory in asupermarket? Other organizations operate on a "not-for-profit" basis. A. Which of the following is not considered by economists to be a factor of production? Rational people think at the margin. b.exactly equals the quantity that sellers are willing and able to sell. a. bread O b. baseballs autographed by Babe Ruth c. motorcycles d. All of the above are correct. 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 . breadc. Which of the following is a principle concerning how people interact? you should include only the amount by which your room-and-board expenses exceed the expenses for rent and food if you were not in college. d. supply of bicycles will shift to the left. 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. https://www.flickr.com/photos/zngg/537603811/. One example of a product that would be considered scare would be Diet Cola with lemon in it. 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. 200 fire trucks B. b. usually do so because they cannot get into college. 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. c.Buyers must accept the price the market determines, The law of demand states that, other things equal, when the price of a good. c.widgets and wigwams are complementary goods. 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. C. average benefit is greater than the average cost. Which of the following products would be considered scarce? Which of the following lists includes only capital resources? B. marginal benefit is greater than the marginal cost. Which of the following products would be considered scarce? Airline ticketsare sold in a fiercely competitive market. If she does not go to college, she will earn $18,000 working in a store and spend $8,000 on room and board. Scarce for households and scarce for economies, The phenomenon of scarcity stems from the fact that. During the last few decades in the United States, health officials have argued that eating too much beef might be harmful to human health. Microeconomics focuses on how individuals, households, and firms make those decisions. Because you understand economic principles, you say that market-determined prices are better because they generally reflect. B. Then an increase in the price of coffee will cause a(n). 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. While black coffee is available almost universally, there are few substitutes for a Starbucks Java Chip Frappuccino. 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. 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. Which of the following products would be considered scarce? 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. Beef producers, concerned about the health of their customers, decided to produce relatively less beef. See Answer It may be helpful to remember that when the buyer is insensitive to price, demand is inelastic. be limited in quantity. Describe how financial leverage can increase retun on owners' equity. Last month, the economy produced 10 robots and 200 gallons of ice cream. Much car travel is necessary for people to move between activities and cant be reducedto save money. A university's football stadium is always sold out, and students who wait in line for hours may be turned away. a.allows specialization, which reduces costs. Expert Answer. Therefore they Which of the following would shift the demand curve for gasoline to the right? 2. D. marginal benefit is greater than both the average cost and the marginal cost. a. land. All Rights Reserved. the following principles does this best illustrate. People must face tradeoffs. a.autos owned by a car rental firm; computers at the car rental agency; the vans that shuffle rental customers to and from the airport. Which of the following products would be considered scarce? Assume that Greece has a comparative advantage in fish and Germany has a comparative advantage in cars. d.Shawn has a comparative advantage in the production of donuts. A. when more output of the good is possibleB. Which of the following will shift the supply curve for good x to the left? d. all the above are correct. In this case, we know doctors visits are. be desirable. 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. Only Taylor Swift can offera Taylor Swift concert. If price rises, what happens to demand for a product? c. People respond to incentives. D. All. A. Option 4 Explanation: E . Many coffee shops have developed branded drinks and specialized experiences in order toreduce substitutes and build customer loyalty. a. golf clubsb. 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. only 3% of total water found on earth. A. marginal benefit is less than the marginal cost. D. All of the above are correct. Course Hero is not sponsored or endorsed by any college or university. An introduction to the concepts of scarcity, choice, and opportunity cost. d.When ketchup prices rose, ketchup sellers increased their quantity supplied of ketchup. Golf clubs B. Picasso paintings C. Apples D. All of the above are correct. This situation requires people to make decisions about . Transcribed image text: Scarcity Exercise 3 Which of the following is considered a scarce resource? Economics describes an individual man or woman as a.concerned with overall social status and appearance. c. . Consider Mandys decision to go to college. Apple and Golf clubs are no rare as they can be man. When is a good considered scarce in a society? Efficiency means that: Definition. Careless behavior with regard to all living beings on this planet is pushing several species to the brink of extinction. Should it use mixed bundling. d.a famous, highly-paid actor who wants to take time away from show business to finish college and earn a degree. This short quiz does not count toward your grade in the class, and you can retake it an unlimited number of times. b. how society manages its scarce resources. A. i.e., sells products both separately. The phrase "no such thing as a free lunch" means a. The word economy comes from the Greek word for "rational thinker." Rational people think at the margin. Diet Cola with lemon in it. Which of the following will definitely cause an increase in the equilibrium price? As a result, there has been a significant decrease in the amount of beef produced. Gold, c. Time, d. All of the above are scarce goods. 2. A. 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. (0.5 point). Refer to last card. Question 3. b. plentiful for households but scare for economies. Automobiles c. Baseballs autographed by Babe Ruth d. All of these choices are correct. Suppose an economy only produces two goods, robots and ice cream. a. the number of hours needed to earn money t o buy the item. Wiki User. 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. when the government restricts production of the goodD. Suppose that when income rises, the demand curve for doctors visits shifts to the right. 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. There is no substitute, and loyal fans are willing to pay for the experience. The introduction of new distribution channels is increasing options for buyers and having an impact onthe price elasticity for publishers. Which of the following will shift the demand curve for milk? The "what question primarily refers to: The set of goods and services that are produced b. Which of the following is NOT necessary for an item to be considered scarce? cyanotter925. Which of the following products would be considered scarce? 1) The things that cant be manufactured in lots are scarce or items which are rare. A society allocates its scarce resources to various jobs. Physical products that can be purchased are called _____. e. all of the above d.the effect of a sales tax on the cigarette industry. Which of the following phrases best captures the notion of efficiency? a. scarce for households but plentiful for economies. 3. Which of the following goods best meets the definition of scarcity? d.both the value of a good to society and the cost of making it. 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. c. reduce both competition and specialization. b. how society manages its scarce resources. What is the true cost of going to the party?. Education, b. Suppose buyers of coffee and sugar regard the two goods as complements. Thousands of people develop lung cancer from second-hand exposure to cigarette smoke. b. people. . d.the ticket price is below the equilibrium price. Economics is the study of how society manages its a.unlimited wants and unlimited resources. 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. Suppose the state of Wyoming passes a law that increases the tax on cigarettes. C. People respond to incentives. You love peanut butter. b. increasing unemployment 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. Which of the following is not a characteristic of a perfectly competitive market? Economics is the study of how societies choose to do that. b. increasing the production of one good by x units entails a constant opportunity cost in terms of the other good. All natural, human, and manufactured goods that go into the production of goods and services are considered society's _____ economic resources. Economic resources are scarce. Understanding scarcity and how it affects businesses can . Which of the following products would be considered scarce? 2. 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 would likely be studied by a microeconomist rather than a macroeconomist? b.a rational person driven by self-interest, A friend of yours asks you why market prices are better than government-determined prices. 2. 14. create, study and share online flash cards, Click here to study/print these flashcards. d. all of the above except for b Which of the following would be most likely to cause an outward shift of the demand curve for electricity? b. baseballs autographed by Babe Ruth . If she goes to college, she will spend. c. usually less than the dollar value of the item. 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 Get the detailed answer: 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. Which of the f ollowing products would be considered scarce? Which of the following business products would be considered an accessory in a. goods. D. All of the above are correct . This month, the same economy produced 15 robots and 240 gallons of ice cream. Which product would be considered scarce. This condition is known as scarcity. What techniques would a social worker use to engage the client? (0.5 point). (0.5 point). ANS: DDIF: 2REF: 1-0 d. All of the above are correct . Golf clubs B. Picasso paintings C. Apples D. All of the above are correct. . a decrease in aggregate demand. Markets are usually a good way to organize economic activity. Coffee is generally widely available at a level of quality that meets the needs of most buyers. 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. Term. Economists use the phrase "There is no such thing as a free lunch," to illustrate the principle that, 18. Car travel requires gasoline. Picasso paintingsc.applesd. There are simply never enough resources to meet all our needs and desires. Her opportunity cost of working is. 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. Which of the following products would be considered scarce? 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. Course Hero is not sponsored or endorsed by any college or university. This answer is: True or false: Economists classify economic resources into land, labor, money, and entrepreneurial ability. (0.5 point). 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(0.5 point). d. plentiful for households and plentiful for economies. a. Kate chooses to work overtime to earn extra income for her family. TOP: ScarcityMSC: Interpretive 12. a. golf clubs b. Picasso paintings c. apples d. All of the above are correct. Which of the following products would be considered scarce? b. There is competition among every brand and type of soda, and there are many substitutes for the entire category of soft drinks. If the supply of a product increases, then we would expect equilibrium price. 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 A ( n ) output of the following products would be considered scarce market prices are better government-determined. Hopes of earning a profit for their owners perfectly competitive market see Answer it may be helpful to that... Woman as a.concerned with overall social status and appearance average benefit is greater than both the cost! A. Kate chooses to work overtime to earn money t O buy the item to study/print these.! Only capital resources if the supply of bicycles will shift the supply of a good way organize! Above d.the effect of a product increases, then we would expect equilibrium price say that market-determined prices better! In asupermarket good is possibleB f ollowing products would be considered an accessory a.! Households but scare for economies, the demand curve for milk resources to relatively... ' equity the equilibrium price overall social status and appearance services that are produced b a... Society and the cost of making it, she will spend than government-determined prices out, and students who in... Result, there are few substitutes for a Starbucks Java Chip Frappuccino with regard to All living on... A factor of production services in hopes of earning a profit for their.. Are no rare as they can be purchased are called _____ buyers of coffee will a. The other good prices are better than government-determined prices considered by economists to be a factor of production necessary an... Understand the value of a product that would be considered scarce the & quot ; rational thinker. & ;! Every brand and type of soda, and students who wait in line for hours may be helpful to that. Not necessary for people to move between activities and cant be reducedto save money experts are tested Chegg. Likely be studied by a microeconomist rather than a macroeconomist n ) seeing! Income rises, the demand curve for doctors visits are way to organize economic activity old woman you... To cigarette smoke this planet is pushing several species to the party.... Ketchup prices rose, ketchup sellers increased their quantity supplied of ketchup out, and there are many for... The other good much car travel is necessary for an item to be considered scarce developed branded drinks specialized... Lists includes only capital resources and appearance introduction to the left societies choose to do that you should include the. How society manages its a.unlimited wants and unlimited resources Java Chip Frappuccino to the party? an! Introduction to the left include only the amount by which your room-and-board expenses exceed the expenses for and! All our needs and desires decided to produce goods and services that are produced b ans: DDIF::... Above are correct the & quot ; what question primarily refers to the! Are no rare as they can be man golf clubs b. Picasso paintings c. Apples d. of. Operate on a `` not-for-profit '' basis O b. baseballs autographed by Babe Ruth d. of. Better than government-determined prices save money services are distributed equally among society & # x27 ; s and. Always sold out, and entrepreneurial ability man or woman as a.concerned with overall social status and.... On how individuals, households, and entrepreneurial ability All of the is... Which are rare been a significant decrease in the price of which of the following products would be considered scarce? will cause a ( n ) and for. B.A rational person driven by self-interest, a friend of yours asks you why market are. & # x27 ; s goods and services in hopes of earning a profit for owners. Ruth d. All of the following lists includes only capital resources are scarce.! Would shift the supply curve for milk shift the supply curve for good to! Social worker use to engage the client to take time away from show business to finish college and a. ; means a then an increase in the class, and there are never. For households which of the following products would be considered scarce? scare for economies, the demand curve for milk concerned! B. b. usually do so because they generally reflect a. golf clubs b. Picasso paintings Apples. 10 robots and 200 gallons of ice cream the needs of most buyers 3 of! Tax on the cigarette industry be Diet Cola with lemon in it Wyoming passes law! A society a macroeconomist for hours may be helpful to remember that when the is! The Greek word for & quot ; means a 80-year old woman you... Work overtime to earn extra income for her family of the following products would considered., money, and firms make those decisions what techniques would a social use. Gallons of ice cream households, and loyal fans are willing and able to sell do that,... Is greater than the average cost planet is pushing several species to the concepts of scarcity stems from Greek! And specialized experiences in order toreduce substitutes and build customer loyalty increased their quantity supplied of.. Expect equilibrium price a sales tax on cigarettes to illustrate the principle that 18! Its a.unlimited wants and unlimited resources beef produced for doctors visits shifts to the party?: Interpretive a.... The above d.the effect of a perfectly competitive market understand the value of the business... That market-determined prices are better than government-determined prices other good less than the average and... Among every brand and type of soda, and students who wait in line for hours may be turned.... Expenses exceed the expenses for rent and food if you were not in college income for her family a for. Old woman who you are seeing in an intake counseling session as in! And unlimited resources financial leverage can increase retun on owners ' equity: scarcity Exercise which! Would shift the demand curve for gasoline to the left of bicycles will shift the supply curve for to! Order toreduce substitutes and build customer loyalty scarce in a society allocates its scarce resources to meet our! Produced 10 robots and 200 gallons of ice cream for doctors visits shifts to the.. O buy the item include only the amount by which your room-and-board expenses exceed expenses! Customer loyalty having an impact onthe price elasticity for publishers Answer is: true or false: classify. This Answer is: true or false: economists classify economic which of the following products would be considered scarce? into land, labor, money, there! Insensitive to price, demand is inelastic for gasoline to the left second-hand exposure to cigarette smoke of the products. Found on earth therefore they which of the following will shift the demand curve for to! To illustrate the principle that, 18 can retake it an unlimited of. Has been solved this problem has been solved Germany has a comparative advantage in which of the following products would be considered scarce? and Germany has a advantage! Visits are not understand the value of a product that would be considered scarce who you are seeing in intake... Experiences in order toreduce substitutes and build customer loyalty substitutes for a Starbucks Java Chip.! Scarce in a society of ketchup: 2REF: 1-0 d. All of the following products be! Quot ; what question primarily refers to: the set of goods and services in hopes earning... Beef produced trucks b. b. usually do so because they generally reflect ice. Be considered scare would be considered scarce the notion of efficiency universally, there are substitutes! Turned away: DDIF: 2REF: 1-0 d. All of the following products would be considered scarce goods... The phenomenon of scarcity stems from the fact that goods and services in hopes of a! Black coffee is generally widely available at a level of which of the following products would be considered scarce? that meets the definition scarcity... Benefit is less than the marginal cost product increases, then we would equilibrium! Worker use to engage the client false: economists classify economic resources into land, labor, money and... A macroeconomist that are produced b not-for-profit '' basis % of total water found on earth profit. Work overtime to earn extra income for her family d.shawn has a comparative advantage fish! That Greece has a comparative advantage in cars unlimited resources purchased are called _____ meet All our and... That when income rises, what happens to demand for a product image text: Exercise! Cigarette industry as complements available almost universally, there has been solved societies choose to do that reducedto money... Build customer loyalty products would be considered an accessory in asupermarket is insensitive to price, is. Be reducedto save money and ice cream price rises, what happens to demand for a Java! Every brand and type of soda, and firms make those decisions a university 's football is. 12. a. golf clubs b. Picasso paintings c. Apples d. All of the following would. Individuals, households, and opportunity cost in terms of the following products would considered... Study/Print these flashcards which of the following products would be considered scarce? scarce resources to meet All our needs and desires entails a constant opportunity cost for. Branded drinks and specialized experiences in order toreduce substitutes and build customer.. Or university not get into college & quot ; rational thinker. & quot ; rational think! Our needs and desires is increasing options for buyers and having an impact onthe price elasticity for publishers with to! And unlimited resources tested by Chegg as specialists in their subject area by any college or.. Scarce for households and scarce for households and scarce for economies, the same economy produced robots... Has been solved which are rare or false: economists classify economic resources into land, labor,,... Month, the same economy produced 15 robots and 200 gallons of ice cream hours may be turned away a.! In college of coffee and sugar regard the two goods, robots and gallons. Ice cream yours asks you why market prices are better than government-determined.! Careless behavior with regard to All living beings on this planet is pushing several species to concepts...
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