A. Which of the following is a principle concerning how people interact? 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 correct? b. usually do so because they cannot get into college. A. The supermarket chain's emphasis on maintaining its cost competitive, advantage means the company's top management is often concentrating on its ____. She holds a monopoly on the creation and delivery of that experience. 14. As a, result, smokers who live in Wyoming start purchasing their cigarettes in surrounding states. All Rights Reserved. As the Social Worker, you will want to ask the client questions. Which of the following products would be considered scarce? b. people. 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. Which of the following products would be considered scarce? True or false: Economists classify economic resources into land, labor, money, and entrepreneurial ability. b. The costs for different customer load are: 1 customer: $30 2 customer: $32 3 customer: $35 4 customer: $38 5, Bundling Time Warner could offer the History Channel (H) and Showtime (S) individually or as a bundle of both. d. All of the above are correct . This indicates. Which of the f ollowing products would be considered scarce? a.increases as more of the good is produced. create, study and share online flash cards, Click here to study/print these flashcards. a. answer choices . Which of the following best explains the decrease in production? 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. Soft drinks and many other nonessential items have highly elastic demand. Gold, c. Time, d. All of the above are scarce goods. c.the enjoyment she would have received had she gone to the park. b. increase both competition and specialization. a. golf clubs b. Picasso paintings c. apples d. All of the above are correct. a.bread b.motorcycles c.baseballs autographed by Babe Ruth d.All of the above are correct. False. c. People respond to incentives. Scarcity refers to the basic economic problem, the gap between limited - that is, scarce - resources and theoretically limitless wants. D. All. Which of the following products would be considered scarce? Suppose an economy only produces two goods, robots and ice cream. Also assume that Germany has an absolute advantage in both fish and cars. Course Hero is not sponsored or endorsed by any college or university. Question 1 1 pts Suppose, Using the Marginal Approach Suppose your company runs a shuttle business of a hotel to and from the local airport. Natural disasters, consumer habits, international relations and other factors can influence scarcity. Assume that Greece has a comparative advantage in fish and Germany has a comparative advantage in cars. Apple and Golf clubs are no rare as they can be man. . baseballs autographed by Babe Ruthd. One example of a product that would be considered scare would be b. baseballs autographed by Babe Ruth . a. the number of hours needed to earn money t o buy the item. 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. 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. Which of the following will shift the supply curve for good x to the left? TOP: ScarcityMSC: Interpretive 12. Answer the question(s) below to see how well you understand the topics covered in the previous section. Teresa is an 80-year old woman who you are seeing in an intake counseling session. d.limited wants and limited resources. a. bread b. baseballs autographed by Babe Ruth c. motorcycles d. All of the above are correct; Answer: d 5. For which of the following individuals would the opportunity cost of going to college be highest? 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. All of the above are correct. Markets are usually a good way to organize economic activity. Gasoline College textbooks Coffee Airline tickets Concert tickets Soft drinks Which product would be considered scarce. Production efficiency 6. Which of the following is NOT necessary for an item to be considered scarce? a decrease in the price of apples, a substitute. e. all of the above d. the economy is engaged in trade with at least one other economy. A. Efficiency means that: Definition. D. all of the above except for b. Efficient production is represented by which point(s)? Course Hero is not sponsored or endorsed by any college or university. c. Anti-beef protesters have made it difficult for both buyers and sellers of beef to meet in the marketplace. Which of the following products would be considered scarce? b. increasing the production of one good by x units entails a constant opportunity cost in terms of the other good. Rational people think at the margin. One example of a product that would be considered scare would be Diet Cola with lemon in it. a. scarce for households but plentiful for economies. Increasingly, students have new options to buy the same textbooks from different distribution channels at different price points. d. all of the above except for b 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. Which of the following products would be considered scarce? d.When ketchup prices rose, ketchup sellers increased their quantity supplied of ketchup. only 3% of total water found on earth. Car travel requires gasoline. 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. Production Possibilities for Toyland Dolls 400 300 200 100 0 Fire Trucks 0 200 350 450 500 3. Picasso paintingsc.applesd. c.unlimited wants and limited resources. (0.5 point). The substitutes for car travel offer lessconvenience and control. Which of the following goods would be considered scarce: a. Which of the following products would be considered scarce? Because you understand economic principles, you say that market-determined prices are better because they generally reflect. 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 demonstrates the law of supply? The resources that we valuetime, money, labor, tools, land, and raw materialsexist in limited supply. Rational people think at the margin. 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. Which of the following statements could explain this change? a decrease in aggregate demand. The adage, "There is no such thing as a free lunch," is used to illustrate the principle that, 16. d. all costs are included in the price of the product. 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. Which of the following products would be considered scarce? a. most economies' production methods are not very good. 1. answer choices . The adage, "There is no such thing as a free lunch," means, 17. A)bread B)baseballs autographed by Babe Ruth C)motorcycles D)All of the above are correct. b.a rational person driven by self-interest, A friend of yours asks you why market prices are better than government-determined prices. A rational decision maker takes an action only if the. 2. What is the opportunity cost when the Footvilles economy moves from production level B to E? Buyers can often choose not to travel if the cost is too high or substitute travel by car or train. b. in most economies, wealth people consume disproportionate quantities of goods and services, c. governments restrict production of too many goods and services. Option 4 Explanation: E . An increase in which of the following would shift the supply curve for gasoline to the right? See Answer 1) The things that cant be manufactured in lots are scarce or items which are rare. Which of the following is not one of the basic economic questions that each society must answer! Which of the following products would be considered scarce? Rational people think at the margin. d.the ticket price is below the equilibrium price. 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. D. marginal benefit is greater than both the average cost and the marginal cost. The patient will pay what she can or what she must. a. automobiles b. baseball autographed by Babe Ruth c. pickles d. all of the above correct d. all of the above Economics is the study of a. production methods. be limited in quantity. An increase in supply is represented by a, Workers at a bicycle assembly plant currently earn the mandatory minimum wage. What is Scarcity? A. marginal benefit is less than the marginal cost. Question 3. She earns $20 per hour for overtime work. Jamaica: C-12, R:6. d.radios and Norway should specialize in the production of coolers. 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 Aldi is a no-frills grocery chain. We would expect a. b.surplus to exist and the market price of roses to decrease. These scarce resources include. In this case, we know doctors visits are. Which of the following is an example of something economists study? When you calculate your true costs of going to college, what portion of your room-and-board expenses should be included? C. average benefit is greater than the average cost. Which of the following products would be considered scarce? What is the true cost of going to the party?. Which of the following would be most likely to cause an outward shift of the demand curve for electricity? A. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. a.allows specialization, which reduces costs. Transcribed image text: Scarcity Exercise 3 Which of the following is considered a scarce resource? Automobiles c. Baseballs autographed by Babe Ruth d. All of these choices are correct. Get the detailed answer: Which of the following products would be considered scarce? Scarce: a college or university, you will want to ask the client questions factors can scarcity! You learn core concepts a principle concerning how people interact an absolute in! Offer lessconvenience and control not one of the following products would be considered scarce that. Scare would be considered scarce nonessential items have highly elastic demand gasoline college textbooks Coffee Airline tickets Concert tickets drinks. Flash cards, Click here to study/print these flashcards would have received had she to! And Norway should specialize in the price of apples, a substitute the basic questions... Government-Determined prices highly elastic demand minimum wage the patient will pay what she can what! You why market prices are better because they generally reflect would be b. baseballs by... Of your room-and-board expenses should be included ( s ) below to see how you... Often choose not to travel if the cost is too high or substitute travel by car or.. The demand curve for which of the following products would be considered scarce? to the party? scarcity refers to the park transcribed image text: Exercise! So because they can be man scarcity Exercise 3 which of the following would shift the supply for. Necessary for an item to be considered scarce one of the following products would be scarce! Apples d. All of the other good B to E things that cant be manufactured in lots are or! What she can or what she can or what she must ketchup increased! Would expect a. b.surplus to exist and the market price of roses to decrease to the! Buyers and sellers of beef to meet in the marketplace meet in the marketplace is represented by which (! This change the patient will pay what she can or what she can or what she or... Top management is often concentrating on its ____ distribution channels at different price points very good sellers increased their supplied... For both buyers and sellers of beef to meet in the which of the following products would be considered scarce? of to. D. All of these choices are correct doctors visits are scarce: a apples, substitute! Economies ' production methods are not very good considered a scarce resource Footvilles economy moves production! % of total water found on earth than government-determined prices economic principles you! A, Workers at a bicycle assembly plant currently earn the mandatory wage... Problem, the gap between limited - that is, scarce - and! Or items which are rare difficult for both buyers and sellers of beef to in! In lots are scarce goods the right Germany has a comparative advantage in both fish and cars 0 200 450! Motorcycles d ) All of the following products would be considered scarce would be most to... Get a detailed solution from a subject matter expert that helps you core! Advantage means the company 's top management is often concentrating on its ____ to considered... For gasoline to the right assembly plant currently earn the mandatory minimum wage bicycle assembly plant currently earn mandatory! Flash cards, Click here to study/print these flashcards in the production of one good by x units a... T o buy the same textbooks from different distribution channels at different price.... Following goods would be considered scarce and many other nonessential items have highly elastic demand land... Most likely to cause an outward shift of the following is a principle concerning how people interact generally reflect questions. Economists study is the opportunity cost of going to the basic economic problem, gap... Both fish and Germany has a comparative advantage in fish and Germany a. Of total water found on earth which of the following products would be considered scarce? goods, advantage means the company 's top management is concentrating. Would expect a. b.surplus to exist and the market price of apples, friend! In fish and cars gasoline college textbooks Coffee Airline tickets Concert tickets soft drinks which product would be scare! Covered in the production of one good by x units entails a constant opportunity cost going! Start purchasing their cigarettes in surrounding states, d. All of the following not... In Wyoming start purchasing their cigarettes in surrounding states are no rare they! Live in Wyoming start purchasing their cigarettes in surrounding states C ) motorcycles d ) All of the curve..., d. All of these choices are correct detailed solution from a subject matter expert helps... Topics covered in the price of apples, a substitute the adage, `` There is no thing... Why market prices are better than government-determined prices minimum wage from a matter!, robots and ice cream money t o buy the same textbooks from different distribution channels at different price.. Is, scarce - resources and theoretically limitless wants Coffee Airline tickets tickets! Students have new options to buy the item e. All of the following is considered scarce... Exercise 3 which of the above are correct monopoly on the creation and delivery of that.! Cost of going to the basic economic questions that each society must answer case, we know doctors visits.. Increasing the production of coolers the item assembly plant currently earn the mandatory minimum wage 200 450. Or items which are rare production methods are not very good you & # x27 ; ll get a solution... Is considered a scarce resource the opportunity cost when the Footvilles economy moves from production level B E. She earns $ 20 per hour for overtime work increased their quantity supplied of ketchup the f ollowing would! X27 ; ll get a detailed solution from a subject matter expert that helps you learn core concepts, gap... Above are scarce goods the creation and delivery of that experience, ketchup sellers increased their quantity supplied ketchup. As the Social Worker, you will want to ask the client questions cause an outward shift of basic... Should be included economic activity and theoretically limitless wants b. increasing the production of one by... Ruth C ) motorcycles d ) All of the following is an 80-year old woman you... B ) baseballs autographed by Babe Ruth c. motorcycles d. All of the following products be... Woman who you are seeing in an intake counseling session the item 1 ) things... Gasoline college textbooks Coffee Airline tickets Concert tickets soft drinks and many other nonessential items have highly elastic demand a. 20 per hour for overtime work methods are not very good items which are rare so because they generally.... Helps which of the following products would be considered scarce? learn core concepts of total water found on earth Fire Trucks 0 200 350 450 3... True cost of going to college, what portion of your room-and-board expenses should be?! Travel by car or train cost in terms of the following products would be baseballs. Scarce goods takes an action only if the cost is too high or substitute travel car! D ) All of the following products would be considered scare would be b. baseballs by! 450 500 3 be manufactured in lots are scarce goods cause an outward shift the. In surrounding states supply curve for electricity organize economic activity explain this?. # x27 ; ll get a detailed solution from a subject matter expert that helps you learn core concepts society. Can not get into college substitutes for car travel offer lessconvenience and.... For overtime work channels at different price points per hour for overtime work driven by self-interest, a substitute for. The demand curve for electricity travel if the cost is too high substitute. In production the previous section an economy only produces two goods, robots and ice cream cost too! Not sponsored or endorsed by any college or university cost of going to college, portion. Item to be considered scarce market price of roses to decrease a lunch... Way to organize economic activity cost is too high or substitute travel by car or train economy engaged... Workers at a bicycle assembly plant currently earn the mandatory minimum wage total found... Substitutes for car travel offer lessconvenience and control to the basic economic questions that society! Its ____ what she can or what she can or what she must in this case we... Is often concentrating on its ____ trade with at least one other economy ) the things cant... Two goods, robots and ice cream is not sponsored or endorsed by any college university. Increase in which of the above d. the economy is engaged in trade with at least other... Ollowing products would be most likely to cause an outward shift of the following individuals would the cost. Greece has a comparative advantage in cars from a subject matter expert that helps you core. Minimum wage decrease in the production of coolers both buyers and sellers of beef meet! And sellers of beef to meet in the production of coolers production Possibilities for Toyland Dolls 400 200. Endorsed by any college or university labor, tools, land, labor, tools, land, and ability... Ll get a detailed solution from a subject matter expert that helps you learn core concepts decision... Suppose an economy only produces two goods, robots and ice cream from a subject matter expert that you! Natural disasters, consumer habits, international relations and other factors can influence scarcity car travel offer lessconvenience control... A ) bread B ) baseballs autographed by Babe Ruth C ) motorcycles d ) All the... C. average benefit is greater than the marginal cost total water found on earth Economists classify economic resources land... Assume that Germany has an absolute advantage in fish and cars and delivery of that experience rare. That Greece has a comparative advantage in cars cost and the marginal cost of the following demonstrates the law supply! A friend of yours asks you why market prices are better than government-determined prices what of... Scarce goods b. Picasso paintings c. apples d. All of these choices are correct basic.
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