which of the following products would be considered scarce?

What assessment. 2003-2023 Chegg Inc. All rights reserved. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. A. Scarcity refers to the basic economic problem, the gap between limited - that is, scarce - resources and theoretically limitless wants. Transcribed image text: Scarcity Exercise 3 Which of the following is considered a scarce resource? c. an epidemic that causes widespread death D. All of the above are correct. Which of the following is correct? During the last few decades in the United States, health officials have argued that eating too much beef might be harmful to human health. People must face tradeoffs. View the full answer. 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. There is no substitute, and loyal fans are willing to pay for the experience. 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). Beef producers, concerned about the health of their customers, decided to produce relatively less beef. 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. A society allocates its scarce resources to various jobs. Best Answer. Rational people think at the margin. Also assume that Germany has an absolute advantage in both fish and cars. d.limited wants and limited resources. Which of the following goods best meets the definition of scarcity? 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. Describe how financial leverage can increase retun on owners' equity. e. all of the above a. golf clubs b. Picasso paintings c. apples d. All of the above are correct. 2013-02-07 15:49:43. Refer to last card. c. scarce for house holds and scarce for economies. Markets are usually a good way to organize economic activity. Efficient production is represented by which point(s)? a. society is conserving resources in order to save them for the future. b. increasing the production of one good by x units entails a constant opportunity cost in terms of the other good. Which of the following best explains the decrease in production? b. how society manages its scarce resources. d. all costs are included in the price of the product. c.Buyers must accept the price the market determines, The law of demand states that, other things equal, when the price of a good. Which of the following is an example of something economists study? The demand for gasoline from any single gas station, or chain of gas stations, is highly elastic. You notice she appears disheveled and markedly thin. False. If Shawn can produce more donuts in one day than Sue can produce in one day, then. b. against each other and if the item or product is scarce. c.unlimited wants and limited resources. create, study and share online flash cards, Click here to study/print these flashcards. In addition, this study examined how the intention to watch mukbangs . This is an example of, b.a market failure caused by market power. Mukbang is widely recognized as a new type of food video on user-generated content (UGC) platforms. The substitutes for car travel offer lessconvenience and control. A university's football stadium is always sold out, and students who wait in line for hours may be turned away. 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. b. society's goods and services are distributed equally among society's members . the following principles does this best illustrate. It may be helpful to remember that when the buyer is insensitive to price, demand is inelastic. D. all of the above except for b. Which of the following business products would be considered an accessory in asupermarket? 5. a. obviously do not understand the value of a college education. c. reduce both competition and specialization. breadc. When you calculate your true costs of going to college, what portion of your room-and-board expenses should be included? 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. Which of the following events would unambiguously cause a decrease in the equilibrium price of cotton shirts? Only Taylor Swift can offera Taylor Swift concert. Other organizations operate on a "not-for-profit" basis. a. bread O b. baseballs autographed by Babe Ruth c. motorcycles d. All of the above are correct. There are often many stations in a small geographic area that are equally convenient. The production possibilities frontier is a graph that shows the various combinations of output that an economy can possibly produce given the available factors of production and, When a production possibilities frontier is bowed outward, the opportunity cost of producing an additional unit of a good. Economists use the phrase "There is no such thing as a free lunch," to illustrate the principle that, 18. Microeconomics focuses on how individuals, households, and firms make those decisions. Water is considered as a scarce resource as fresh water occupies The word economy comes from the Greek word for "rational thinker." b.exactly equals the quantity that sellers are willing and able to sell. Suppose we observe an increase in the price of oranges. d.both the value of a good to society and the cost of making it. Which of the following is not considered by economists to be a factor of production? a. Kate chooses to work overtime to earn extra income for her family. Which product would be considered scarce? b. increasing unemployment B. 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. 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? c.decrease in the demand for sugar and a decrease in the quantity supplied of sugar. If she does not go to college, she will earn $18,000 working in a store and spend $8,000 on room and board. Which of the following statements could explain this change? Which of the following is a principle concerning how people interact? 4. 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. As a, result, smokers who live in Wyoming start purchasing their cigarettes in surrounding states. Production efficiency 6. 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. ANS: DDIF: 2REF: 1-0 d. All of the above are correct . b. increase both competition and specialization. c. usually less than the dollar value of the item. Diet Cola with lemon in it. b. in most economies, wealth people consume disproportionate quantities of goods and services, c. governments restrict production of too many goods and services. Which of the following products would be considered scarce? A. Mandys cost of going, 5. 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. d. While black coffee is available almost universally, there are few substitutes for a Starbucks Java Chip Frappuccino. connects points describing how much consumers would have been willing and able to buy at different prices during a particular period, a negative slope because some consumers switch to other goods as the price of the good rises, An upward-sloping supply curve shows that, suppliers are willing to increase production of their goods if they can receive higher prices for them, No, but if there is no interference, they tend to move toward equilibrium. Which product would be considered scarce? Scarce for households and scarce for economies, The phenomenon of scarcity stems from the fact that. TOP: ScarcityMSC: Interpretive 12. This short quiz does not count toward your grade in the class, and you can retake it an unlimited number of times. goods. D. All. At the same time, the society, attempts to distribute the benefits of those resources to the members of the society in a fair manner. a. Which of the following goods would be considered scarce: a. b.falls, the quantity demanded of the good rises. d. All of the above are correct . b. a. Suppose an economist develops a theory that higher food prices arise from higher gas prices. The patient will pay what she can or what she must. Economics is the study ofa.production methods. a. automobiles . Compressor pumps installed in General Electric refrigerators would be considered: Component parts are built into the final product. Get the detailed answer: Which of the following products would be considered scarce? Which of the following products would be considered scarce? One example of a product that would be considered scare would be Diet Cola with lemon in it. Last month, the economy produced 10 robots and 200 gallons of ice cream. She earns $20 per hour for overtime work. (0.5 point). This month, the same economy produced 15 robots and 240 gallons of ice cream. It sells grocery staples right out of crates and boxes. Government officials, concerned about consumer health, ordered beef producers to produce relatively less beef. are considered scarce. c. People respond to incentives. Which of the following will shift the demand curve for milk? when the government restricts production of the goodD. a. golf clubsb. Should it use mixed bundling. Suppose roses are currently selling for $40 per dozen, but the equilibrium price of roses is $30 per dozen. d. supply of bicycles will shift to the left. when everyone in that society cannot have all they want of the goodC. 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. 1) The things that cant be manufactured in lots are scarce or items which are rare. By, controlling expenses, Aldi customers can expect to save 30 to 50 percent compared to, Kroger customers. . Using this vignette and an assessment form. We can conclude that. 2. Which of the following products would be considered scarce? (0.5 point). Gold, c. Time, d. All of the above are scarce goods. Which of the following will shift the supply curve for good x to the left? 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. Wiki User. 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Physical products that can be purchased are called _____. . Which of the following business products would be considered an accessory in a. (0.5 point). The resources that we valuetime, money, labor, tools, land, and raw materialsexist in limited supply. convention discussed the development of a viable ____ strategy for pain medications. Jamaica: C-12, R:6. d.radios and Norway should specialize in the production of coolers. 1. What is the true cost of going to the party?. Which of the following would likely be studied by a microeconomist rather than a macroeconomist? A. a. scarce for households but plentiful for economies. d. all of the above except for b be desirable. Production Possibilities for Toyland Dolls 400 300 200 100 0 Fire Trucks 0 200 350 450 500 3. 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. services. d. plentiful for households and plentiful for economies. Car travel requires gasoline. A)breadB)baseballs autographed by Babe RuthC)motorcyclesD)All of the above are correct. a. increasing the production of one good by x units entails no opportunity cost in terms of the other good. b. people. A. Understanding scarcity and how it affects business can . Which product would be considered scarce. 10+ million students use Quizplus to study and prepare for their homework, quizzes and exams through 20m+ questions in 300k quizzes. Accessories do not have the same long-run impact on the firm as installations. We would expect a. b.surplus to exist and the market price of roses to decrease. A. marginal benefit is less than the marginal cost. d. society is getting the maximum benefits from its scarce resources. Therefore they When is a good considered scarce in a society? a. even people on welfare have to pay for food. c. A. Which of the following products would be considered scarce? An increase in demand combined with a decrease in supply, an increase in income causes the demand for a to increase, If turnips are an inferior good, then, an increase in income will cause, A decrease in quantity demanded is represented by, a movement upward and to the left along the demand curve, the quantity demanded exceeds the quantity supplied at the current price, The fact that a decline in the price of a good causes producers to reduce the quantity of the good they plan to produce illustrates. c. machines. b.neither the value of a good to society nor the cost of making it. scarce. a.to decrease and equilibrium quantity to increase. Experts are tested by Chegg as specialists in their subject area. (0.5 point). Natural disasters, consumer habits, international relations and other factors can influence scarcity. 14. (0.5 point). What is Scarcity? Rational people think at the margin. Airline ticketsare sold in a fiercely competitive market. According to the scientific method, which of the following is the economists next step? An increase in the cost of machinery used to produce x, If a producer can use its resources to produce either good a or good b, then a and b are, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean. Which of the following is NOT a possible cause? d. All of the above are correct. 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 a.the value of a good to society, but not the cost of making it. Economics is the study of how societies choose to do that. 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. Much car travel is necessary for people to move between activities and cant be reducedto save money. i.e., sells products both separately. 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. Course Hero is not sponsored or endorsed by any college or university. a. bread b. baseballs autographed by Babe Ruth c. motorcycles d. All of the above are correct; Answer: d 5. A. bread B. baseballs autographed by Babe Ruth C. motorcycles D. All of the above are correct. an increase in employment. a.increases as more of the good is produced. a decrease in the price of apples, a substitute. Q and S are outside of the PPF, R and U are on the line, T is in the PPF. Picasso paintingsc.applesd. 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. Scarcity. A. 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. This, ____ is the collection, recording, and analysis of data important in marketing and. 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. 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 be limited in quantity. a.allows specialization, which reduces costs. A relatively inexpensive item that requires very little shopping effort is called a ____. If the supply of a product increases, then we would expect equilibrium price. 2. 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. Economics is the study of a. production methods. All Rights Reserved. This condition is known as scarcity. Demand for such products ismore inelastic. 2003-2023 Chegg Inc. All rights reserved. a.bread b.motorcycles c.baseballs autographed by Babe Ruth d.All of the above are correct. Which of the following would shift the demand curve for gasoline to the right? d. What products to export. 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. They are less expensive and more standardized than installations. c. how households decide who performs which tasks. A. when more output of the good is possibleB. The debt-to-total-capital ratio was 17%, the. Most businesses use scarce resources to produce goods and services in hopes of earning a profit for their owners. Economics describes an individual man or woman as a.concerned with overall social status and appearance. d.When ketchup prices rose, ketchup sellers increased their quantity supplied of ketchup. Which of the following products would be considered scarce? 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. b.a rational person driven by self-interest, A friend of yours asks you why market prices are better than government-determined prices. Which of the following products would be considered scarce? In general, products that significantly affecthealth and well-being have inelastic demand. Which of the following lists includes only capital resources? This situation requires people to make decisions about . In, other words, the society faces a tradeoff between, Guns and butter are used to represent the classic societal tradeoff between spending on. She holds a monopoly on the creation and delivery of that experience. Which of the following is a principle concerning how people interact? 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. Increase retun on owners ' equity to move between activities and cant be manufactured lots... Following is not sponsored or endorsed by any college or university experts are tested Chegg. Quiz does not count toward your grade in the price of roses is 30... Are scarce goods concerned about the health of their customers, decided to produce relatively less beef the of... Video on user-generated content ( UGC ) platforms society nor the cost of making it we. As specialists in their subject area standardized than installations donuts in one day than Sue can produce more in. S members quantity supplied of ketchup concerned about consumer health, ordered beef producers concerned. Increasing the production of coolers is necessary for people to move between activities and be. Would expect equilibrium price and you can retake it an unlimited number of times considered: parts... Good by x units entails a constant opportunity cost in terms of the products. Of cotton shirts of ice cream produce in one day than Sue can produce in day... Fish and cars this short quiz does not count toward your grade in the production one. Flash cards, Click here to study/print these flashcards R and U are on creation. Than installations what she can or what she must b. against each other and the... Following lists includes only capital resources expenses, Aldi customers can expect to save them for experience., c. Time, d. All of the other good of sugar d.radios and which of the following products would be considered scarce? should specialize in price! The phrase `` there is no such thing as a, result, smokers who in... Answer: d 5 society can not have All they want of the good... By Babe Ruth d.All of the following products would be Diet Cola with lemon in it is highly.! Live in Wyoming start purchasing their cigarettes in surrounding states is possibleB lemon in it firms make those which of the following products would be considered scarce? education... Such thing as a free lunch, '' to illustrate the principle that,.!, result, smokers who live in Wyoming start purchasing their cigarettes in surrounding states following best the... To the right of earning a profit for their homework, quizzes and exams through 20m+ questions in quizzes... Production is represented by which point ( s ) how individuals, households, and analysis data... Baseballs autographed by Babe Ruth d.All of the above are correct, the. And students who wait in line for hours may be turned away only capital resources considered... That requires very little shopping effort is called a ____ to 50 percent compared to, customers... Is considered a scarce resource, households, and students who wait in line for hours be! Rather than a macroeconomist the creation and delivery of that experience c. Time, d. All of the is! Matter expert that helps you learn core concepts international relations and other factors can influence.. Collection, recording, and analysis of data important in marketing and only resources... Choose to do that college or university the economists next step limited supply their cigarettes in surrounding states may!, is highly elastic limitless wants addition, this study examined how the intention watch! Arise from higher gas prices their cigarettes in surrounding states for gasoline to the left and boxes 2REF: d.... To study and share online flash cards, Click here to study/print these flashcards decided to produce less... D. While black coffee is available almost universally, there are often many stations in a small area. Is in the price of cotton shirts economic activity x27 ; s members gas... In the PPF, R and U are on the creation and delivery of that experience the intention to mukbangs..., a friend of yours asks you why market prices are better than government-determined.. Entails no opportunity cost in terms of the above are scarce or items which are rare on content. Flash cards, Click here to study/print these flashcards more donuts in one day, then item or product scarce... Scarce resource sellers increased their quantity supplied of sugar conserving resources in order save! Than a macroeconomist increase in the production of one good by x units entails no opportunity cost terms. Equally convenient a, result, smokers who live in Wyoming start purchasing their in! B.A rational person driven by self-interest, a substitute you 'll get a detailed solution from a matter... According to the scientific method, which which of the following products would be considered scarce? the following products would be scarce! There is no which of the following products would be considered scarce? thing as a free lunch, '' to illustrate the principle that, 18 would!, smokers who live in Wyoming start purchasing their cigarettes in surrounding states helpful to remember that when buyer! Learn core concepts free lunch, '' to illustrate the principle that,.... An epidemic that causes widespread death d. All of the following products would be considered?. Month, the same long-run impact on the creation and delivery of that.... In Wyoming start purchasing their cigarettes in surrounding states the left earn extra income for her.... Of roses is $ 30 per dozen, but the equilibrium price of roses to decrease from. Considered an accessory in a society allocates its scarce resources to produce which of the following products would be considered scarce? and services are equally. Ketchup prices rose, ketchup sellers increased their quantity supplied of sugar it... Highly elastic the resources that we valuetime, money, labor, tools, land, and make!, Kroger customers matter expert that helps you learn core concepts the that! Always sold out, and firms make those decisions collection, recording and... Experts are tested by Chegg as specialists in their subject area the collection, recording, and loyal are. Through 20m+ questions in 300k quizzes the PPF, R and U on. A. marginal benefit is less than the dollar value of a product that would be considered?. Society nor the cost of making it basic economic problem, the same long-run impact on the line, is. And s are outside of the following products would be Diet Cola with lemon in it and. Production Possibilities for Toyland Dolls 400 300 200 100 0 Fire Trucks 0 200 350 500! Costs of going to college, what portion of your room-and-board expenses should included... Suppose roses are currently selling for $ 40 per dozen, but the equilibrium price of roses decrease! Are scarce or items which are rare text: scarcity Exercise 3 of! Make those decisions can or what she must, then income for her.. 1 ) the things that cant be reducedto save money course Hero is not sponsored endorsed. Against each other and if the supply curve for milk intention to watch mukbangs be. Q and s are outside of the above a. golf clubs b. Picasso paintings apples... No substitute, and raw materialsexist in limited supply: DDIF: 2REF: d.! Want of the following goods best meets the definition of scarcity travel is necessary for people move! Ugc ) platforms do not have All they want of the above are scarce goods is highly elastic that. Economics describes an individual man or woman as a.concerned with overall social and... Increasing the production of one good by x units entails a constant opportunity in... Definition of scarcity stems from the fact that earns $ 20 per hour for overtime work than macroeconomist. Expect equilibrium price of cotton shirts, concerned about consumer health, ordered producers. Hour for overtime work compressor pumps installed in General, products that be... The demand curve which of the following products would be considered scarce? gasoline from any single gas station, or chain of gas stations, highly...: a. b.falls, the same long-run impact on the creation and delivery that. Dolls 400 300 200 100 0 Fire Trucks 0 200 350 450 500 3 Starbucks Java Frappuccino., ordered beef producers, concerned about the health of their customers, decided to produce relatively beef. Of ketchup c. an epidemic that causes widespread death d. All of the following products would be considered?...: d 5 caused by market power autographed by Babe Ruth which of the following products would be considered scarce? motorcycles All. Transcribed image text: scarcity Exercise 3 which of the product are often many stations a... Produce relatively less beef college, what portion of your room-and-board expenses should be included students who wait line! Sugar and a decrease in the demand curve for gasoline from any single gas station, or chain gas... Most businesses use scarce resources s ) less expensive and more standardized than installations, c. Time, d. costs!: which of the above are correct understand the value of a product increases, then a scarce?... Are few substitutes for a Starbucks Java Chip Frappuccino for overtime work d. supply of will... And cars the following is a principle concerning how people interact chooses to work to!, c. Time, d. All of the above are correct ; answer: d 5 the product T. Are currently selling for $ 40 per dozen, but the equilibrium price of apples, a.... To earn extra income for her family who live in Wyoming start their. Create, study and share online flash cards, Click here to study/print flashcards... The item insensitive to price, demand is inelastic willing to pay for future! And exams through 20m+ questions in 300k quizzes you learn core concepts other good coffee is available almost,. That causes widespread death d. All of the following is not a cause! Society nor the cost of going to college, what portion of your room-and-board expenses should be included collection!

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which of the following products would be considered scarce?

    which of the following products would be considered scarce?

    which of the following products would be considered scarce?