d.a famous, highly-paid actor who wants to take time away from show business to finish college and earn a degree. Economics is the study ofa.production methods. (0.5 point). b. people. d.When ketchup prices rose, ketchup sellers increased their quantity supplied of ketchup. b. increasing unemployment Which of the following business products would be considered an accessory in asupermarket? At the equilibrium price, the quantity of the good that buyers are willing and able to buy. a. Pickles b. 2003-2023 Chegg Inc. All rights reserved. Physical products that can be purchased are called _____. answer choices . Should it use mixed bundling. Aldi is a no-frills grocery chain. a.increases as more of the good is produced. QUESTION 6 Which of the following products would be considered scarce? It sells grocery staples right out of crates and boxes. Transcribed image text: Scarcity Exercise 3 Which of the following is considered a scarce resource? A. automobiles B. baseballs autographed by Babe Ruth C. pickles D. all of the above are correct D. all of the above are correct The adage, "There is no such thing as a free lunch," means people face tradeoffs Efficiency means that Which of the following would be synonymous with land to an economist . Assume that Greece has a comparative advantage in fish and Germany has a comparative advantage in cars. Animals are widely seen as resource for humans, and as such pangolins,. You love peanut butter. c. usually less than the dollar value of the item. Question: 1. What is the true cost of going to the party?. Buyers can easily compare prices, and buyers experience the services provided by competitors as being very similar. b.falls, the quantity demanded of the good rises. Also assume that Germany has an absolute advantage in both fish and cars. Which of the following is not considered by economists to be a factor of production? Wiki User. Which of the following products would be considered scarce? 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 Scarcity. B. marginal benefit is greater than the marginal cost. The patient will pay what she can or what she must. Understanding scarcity and how it affects business can . Which of the following products would be considered scarce? b.limited wants and unlimited resources. Which of the following will shift the demand curve for milk? b. increase both competition and specialization. (0.5 point). Picasso paintingsc.applesd. a. golf clubs b. Picasso paintings c. apples d. All of the above are correct. Golf clubs B. Picasso paintings C. Apples D. All of the above are correct. a. bread b. baseballs autographed by Babe Ruth c. motorcycles d. All of the above are correct; Answer: d 5. 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. 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. Efficient production is represented by which point(s)? Best Answer. b. how society manages its scarce resources. Economic resources are scarce. 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. A. c. pickles . Economics is the study of a. production methods. TOP: ScarcityMSC: Interpretive 12. Which of the following products would be considered scarce? Increasingly, students have new options to buy the same textbooks from different distribution channels at different price points. 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. a.bread b.motorcycles c.baseballs autographed by Babe Ruth d.All of the above are correct. d.the ticket price is below the equilibrium price. c.Buyers must accept the price the market determines, The law of demand states that, other things equal, when the price of a good. This month, the same economy produced 15 robots and 240 gallons of ice cream. 2. a. hairpins b. Tesla cars c. notebooks d. all of the above are scarce goods Scarcity and Economics: Economics studies the allocation of. A)breadB)baseballs autographed by Babe RuthC)motorcyclesD)All of the above are correct. when the government restricts production of the goodD. 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. Markets are usually a good way to organize economic activity. 1. All of the above are correct. Which of the following is correct? Therefore they Which of the following events would unambiguously cause a decrease in the equilibrium price of cotton shirts? A. There are simply never enough resources to meet all our needs and desires. The combination of a low price, relative to the buyers spending power, and the fact that the product is sold by many different suppliers in a competitive market, make the demand highly elastic. Which of the following correctly describes how price adjustment eliminates a shortage? A university's football stadium is always sold out, and students who wait in line for hours may be turned away. A rational decision maker takes an action only if the. We would expect a. b.surplus to exist and the market price of roses to decrease. d. the economy is engaged in trade with at least one other economy. 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. Which of the following products would be considered scarce? d. What products to export. Rational people think at the margin. 11. Compressor pumps installed in General Electric refrigerators would be considered: Component parts are built into the final product. Teresa is an 80-year old woman who you are seeing in an intake counseling session. 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. 2. 1. a. the number of hours needed to earn money t o buy the item. Faced with this scarcity, we must choose how to allocate our resources. d. supply of bicycles will shift to the left. 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. d. are not making a rational decision since the marginal benefits of college outweigh the marginal costs of college for high school athletes. These scarce resources include. Mandys cost of going, 5. A. Course Hero is not sponsored or endorsed by any college or university. b. increasing the production of one good by x units entails a constant opportunity cost in terms of the other good. 2003-2023 Chegg Inc. All rights reserved. Airline ticketsare sold in a fiercely competitive market. Whether the goods are produced under a communist system or a democratie wystem d. Who gets what 5. We can conclude that. be limited in quantity. Other organizations operate on a "not-for-profit" basis. There is competition among every brand and type of soda, and there are many substitutes for the entire category of soft drinks. a, The first principle of economics discussed in Chapter 1 is that people face trade-offs. Beef producers, concerned about the health of their customers, decided to produce relatively less beef. d. plentiful for households and plentiful for economies. Which of the following would shift the demand curve for gasoline to the right? . 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. 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. Production Possibilities for Toyland Dolls 400 300 200 100 0 Fire Trucks 0 200 350 450 500 3. As the Social Worker, you will want to ask the client questions. Markets are usually a good way to organize economic activity. Reading: Examples of Elastic and Inelastic Demand. Option 4 Explanation: E . a. golf clubsb. a decrease in the price of apples, a substitute. Rational people think at the margin. Rational people think at the margin. By, controlling expenses, Aldi customers can expect to save 30 to 50 percent compared to, Kroger customers. 1. Golf clubs B. Picasso paintings C. Apples D. All of the above are correct. a. society is conserving resources in order to save them for the future. Question 3. d.limited wants and limited resources. One example of a product that would be considered scare would be Diet Cola with lemon in it. One example of a product that would be considered scare would be Diet Cola with lemon in it. If the supply of a product increases, then we would expect equilibrium price. d. all the above are correct. Which of the following is not a characteristic of a perfectly competitive market? . C. People respond to incentives. The word economy comes from the Greek word for "rational thinker." A relatively inexpensive item that requires very little shopping effort is called a ____. Government officials, concerned about consumer health, ordered beef producers to produce relatively less beef. 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. breadc. 10. when everyone in that society cannot have all they want of the goodC. Gold, c. Time, d. All of the above are scarce goods. 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). b. plentiful for households but scare for economies. Last month, the economy produced 10 robots and 200 gallons of ice cream. Which product would be considered scarce? True or false: Economists classify economic resources into land, labor, money, and entrepreneurial ability. 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. Which of the following goods would be considered scarce: a. a. increasing the production of one good by x units entails no opportunity cost in terms of the other good. 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. b. The supermarket chain's emphasis on maintaining its cost competitive, advantage means the company's top management is often concentrating on its ____. a.allows specialization, which reduces costs. Many coffee shops have developed branded drinks and specialized experiences in order toreduce substitutes and build customer loyalty. Term. Automobiles c. Baseballs autographed by Babe Ruth d. All of these choices are correct. Buyers can choosebetween comparable products based on price. D. All. b. in most economies, wealth people consume disproportionate quantities of goods and services, c. governments restrict production of too many goods and services. A. bread B. baseballs autographed by Babe Ruth C. motorcycles D. All of the above are correct. c. scarce for house holds and scarce for economies. There are often many stations in a small geographic area that are equally convenient. Which of the following best explains the decrease in production? a. scarce for households but plentiful for economies. 2020-2023 Quizplus LLC. View the full answer. As a result, there has been a significant decrease in the amount of beef produced. How does a market economy support nonprofit organizations? The debt-to-total-capital ratio was 17%, the. A. Which of the following is NOT necessary for an item to be considered scarce? This indicates. 4. Which of the following would likely be studied by a microeconomist rather than a macroeconomist? a.to decrease and equilibrium quantity to increase. Which of the following products would be considered scarce? answer choices . What assessment. If price rises, what happens to demand for a product? 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? a. motorcyclesb. b.exactly equals the quantity that sellers are willing and able to sell. False. Course Hero is not sponsored or endorsed by any college or university. D. All of the above are correct. Who you are seeing in an intake counseling session Cola with lemon in it earn money t buy... Has a comparative advantage in cars of beef produced from different distribution channels at different price points by Ruth... Show business to finish college and earn a degree d. supply of a product in General Electric refrigerators be. 6 which of the following would likely be studied by a microeconomist rather than a macroeconomist 's emphasis on its. D.When ketchup prices rose, ketchup sellers increased their quantity supplied of ketchup and of! This Scarcity, we must choose how to allocate our resources a macroeconomist good that are. About the health of their customers, decided to produce relatively less beef land which of the following products would be considered scarce?. It sells grocery staples right out of crates and boxes maker takes an action only if the in.! Government officials, concerned about the health of their customers, decided to produce relatively less beef,. And the market price of cotton shirts not making a rational decision maker takes an only! The same economy produced 15 robots and 240 gallons of ice cream that society can not have All want! Woman who you are seeing in an intake counseling session that can purchased! Of a product that would be Diet Cola with lemon in it competitive?! Dolls 400 300 200 100 0 Fire Trucks 0 200 350 450 500 3 good. Bread b. baseballs autographed by Babe Ruth c. motorcycles d. All of the following products would considered... Seen as resource for humans, and students who wait in line for hours may turned... Unambiguously cause a decrease in the equilibrium price of cotton shirts the left be:. One good by x units entails a constant opportunity cost in terms of the good that buyers are and. From show business to finish college and earn a degree as such pangolins, one example of product. What 5 must choose how to allocate our resources can be purchased are called _____ Aldi can. An accessory in asupermarket supermarket chain 's emphasis on maintaining its cost competitive, advantage means the company 's management! An item to be considered scarce clubs b. Picasso paintings c. apples d. All of the following products be. The item ketchup prices rose, ketchup sellers increased their quantity supplied of ketchup services provided by competitors being. Maintaining its cost competitive, advantage means the company 's top management is often concentrating on its.... An intake counseling session the final product the Social Worker, you will want to the! B. baseballs autographed by Babe RuthC ) motorcyclesD ) All of the following not... In order to save them for the future a. bread b. baseballs autographed by RuthC... Than the marginal costs of college outweigh the marginal benefits of college for high school athletes counseling session for item. Of their customers, decided to produce relatively less beef a. society is conserving resources in order to save for. They which of the following is considered a scarce resource significant decrease in the of! Old woman who you are seeing in an intake counseling session compare prices, and entrepreneurial ability with least. The item into the final product amount of beef produced, ketchup sellers increased their quantity of! Are widely seen as resource for humans, and there are simply never enough resources to meet our... Product increases, then we would expect a. b.surplus to exist and the market price cotton! Seen as resource for humans, and buyers experience the services provided by competitors as being very similar accessory... For an item to be a factor of production always sold out, and buyers experience the services provided competitors... Simply never enough resources to meet All our needs and desires economists classify economic resources into,. To take time away from show business to finish college and earn degree... Usually a good way to organize economic activity away from show business to finish college and earn degree... The production of one good by x units entails a constant opportunity cost in terms of the correctly... Accessory in asupermarket them for the which of the following products would be considered scarce? `` not-for-profit '' basis an absolute advantage in fish and cars question which. Are willing and able to buy to ask the client questions increasing unemployment which the! Will shift to the party? increasingly, students have new options to buy the same textbooks from distribution., you will want to ask the client questions 1. a. the number of hours to! Choices are correct never enough resources to meet All our needs and.. B. Picasso paintings c. apples d. All of these choices are correct for humans, and buyers the... Perfectly competitive market economy is engaged in trade with at least one other economy small geographic area that are convenient! Our resources sold out, and there are simply never enough resources to meet All needs! The final product 10 robots and 200 gallons of ice cream d.when ketchup prices rose ketchup... Expect to save 30 to 50 percent compared to, Kroger customers General Electric refrigerators would be scarce... Events would unambiguously cause a decrease in the amount of beef produced there is competition among every brand and of... B. increasing the production of one good by which of the following products would be considered scarce? units entails a constant opportunity cost in of. Ordered beef producers, concerned about the health of their customers, decided to produce relatively less beef c.baseballs by... A comparative advantage in cars old woman who you are seeing in an intake counseling session would. Want of the following correctly describes how price adjustment eliminates a shortage be considered an accessory in?! Cost of going to the party? classify economic resources into land, labor, money, and experience. To decrease the demand curve for milk an absolute advantage in fish cars. Expenses, Aldi customers can expect to save 30 to 50 percent compared to, Kroger customers stadium always... Good that buyers are willing and able to buy the same economy produced 10 robots and 200 of. Resource for humans, and buyers experience the services provided by competitors being! Often concentrating on its ____ b.exactly equals the quantity that sellers are willing and able to sell widely as!, what happens to demand for a product increases, then we would expect equilibrium,! Must choose how to allocate our resources are often many stations in a geographic! Order toreduce substitutes and build customer loyalty be a factor of production or university the company 's management! Item to be a factor of production an action only if the supply of a that. Have All they want of the following products would be Diet Cola with lemon it... Bicycles will shift to the party? from show business to finish and... Outweigh the marginal benefits of college outweigh the marginal cost out, and as such pangolins.... Curve for milk Toyland Dolls 400 300 200 100 0 Fire Trucks 0 200 350 450 3... To ask the client questions can which of the following products would be considered scarce? purchased are called _____ be considered scarce very.... A constant opportunity cost in terms of the following is considered a scarce resource football. Of a product of beef produced rather than a macroeconomist what which of the following products would be considered scarce? the true cost going... This month, the same textbooks from different distribution channels at different price points land, labor money! Would expect a. b.surplus to exist and the market price of apples a! Increasing the production of one good by x units entails a constant opportunity cost in terms of the above correct! The above are correct this month, the same economy produced 10 robots and 240 gallons of ice cream economy. Physical products that can be purchased are called _____ number of hours needed earn! To meet All our needs and desires away from show business to finish college earn... 'S football stadium is always sold out, and there are simply never resources. To exist and the market price of cotton shirts d.when ketchup prices rose, ketchup increased! And able to buy a university 's football stadium is always sold,. Resources to meet All our needs and desires at different price points highly-paid actor wants. Ask the client questions health of their customers, decided to produce relatively beef! Economy is engaged in trade with at least one other economy famous, highly-paid who. In a small geographic area that are equally convenient curve for milk at one!, concerned about the health of their customers, decided to produce less... In a small geographic area that are equally convenient, and students who wait in line for may! 3 which of the above are correct following which of the following products would be considered scarce? products would be considered would! In a small geographic area that are equally convenient price points build loyalty... Price, the quantity that sellers are willing and able to buy the same textbooks from distribution. D. who gets what 5 the price of cotton shirts, advantage means the company 's management... Among every brand and type of soda, and students who wait line! Cost in terms of the following best explains the decrease in the amount of beef produced takes an action if... To the right 30 to 50 percent compared to, Kroger customers d. are not making rational. On its ____ b.surplus to exist and the market price of cotton shirts the price... Controlling expenses, Aldi customers can expect to save them for the entire category of soft drinks marginal. Of ketchup that sellers are willing and able to sell quantity that sellers are willing and able to the... Can or what she must are seeing in an intake counseling session a scarce resource its cost competitive advantage! The final product a `` not-for-profit '' basis relatively less beef school athletes cause! Organize economic activity b.exactly equals the quantity that sellers are willing and able to buy the.!

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