d. plentiful for households and plentiful for economies. People must face tradeoffs. If the federal government increases the minimum wage by $1.00 per hour, then it is likely that the. Which of the following is correct? Course Hero is not sponsored or endorsed by any college or university. Expert Answer. One example of a product that would be considered scare would be Diet Cola with lemon in it. Which of the following is an example of something economists study? 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. a. air b. water in the ocean c. water in a city d. wood in a forest C. a. Which product would be considered scarce? Which product would be considered scarce? 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. Demand for such products ismore inelastic. There are unlimited wants for these resources, but there are d.the effect of a sales tax on the cigarette industry. 3. Suppose roses are currently selling for $40 per dozen, but the equilibrium price of roses is $30 per dozen. This situation requires people to make decisions about . a. golf clubsb. b. how society manages its scarce resources. Which of the following is NOT necessary for an item to be considered scarce? Coffee is generally widely available at a level of quality that meets the needs of most buyers. b. how society manages its scarce resources. c. usually less than the dollar value of the item. d. society is getting the maximum benefits from its scarce resources. A. marginal benefit is less than the marginal cost. (0.5 point). This is an example of, b.a market failure caused by market power. You notice she appears disheveled and markedly thin. c.Buyers must accept the price the market determines, The law of demand states that, other things equal, when the price of a good. 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. It may be helpful to remember that when the buyer is in sensitive to price, demand is in elastic. Rational people think at the margin. B. c. how households decide who performs which tasks. Best Answer. Automobiles c. Baseballs autographed by Babe Ruth d. All of these choices are correct. against each other and if the item or product is scarce. These scarce resources include. . This short quiz does not count toward your grade in the class, and you can retake it an unlimited number of times. cyanotter925. 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. 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 Which of the following goods would be considered scarce? An introduction to the concepts of scarcity, choice, and opportunity cost. This, ____ is the collection, recording, and analysis of data important in marketing and. Golf clubs B. Picasso paintings C. Apples D. All of the above are correct. 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. scarce. You love peanut butter. C. average benefit is greater than the average cost. Which of. 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. Buyers can often choose not to travel if the cost is too high or substitute travel by car or train. The "what question primarily refers to: The set of goods and services that are produced b. Markets are usually a good way to organize economic activity. A. One example of a product that would be considered scare would be Diet Cola with lemon in it. Course Hero is not sponsored or endorsed by any college or university. D. All. Economics describes an individual man or woman as a.concerned with overall social status and appearance. Aldi is a no-frills grocery chain. Buyers can easily compare prices, and buyers experience the services provided by competitors as being very similar. b. b. how society manages its scarce resources. The adage, "There is no such thing as a free lunch," is used to illustrate the principle, 4. oil . Suppose that when income rises, the demand curve for doctors visits shifts to the right. 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. 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 lists includes only capital resources? The word economy comes from the Greek word for "rational thinker." D. marginal benefit is greater than both the average cost and the marginal cost. If oranges and grapefruit are close substitutes, an increase in the price of oranges will shift the demand curve of. breadc. Microeconomics focuses on how individuals, households, and firms make those decisions. Score: 0/3.33 7. a decrease in aggregate demand. A. 6. c. understand that the opportunity cost of attending college is very high. Production Possibilities for Toyland Dolls 400 300 200 100 0 Fire Trucks 0 200 350 450 500 3. A recent. 1. d. supply of bicycles will shift to the left. Trade between countries tends to a. reduce competition and increase specialization. Her opportunity cost of working is. Wiki User. c. reduce both competition and specialization. answer choices . True or false: Economists classify economic resources into land, labor, money, and entrepreneurial ability. Which of the following will shift the demand curve for milk? This month, the same economy produced 15 robots and 240 gallons of ice cream. B. 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. 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. services. A society allocates its scarce resources to various jobs. For which of the following individuals would the opportunity cost of going to college be highest? a. Nike shoes b. Monet paintings c. 1-carat diamonds d. All of the above are correct.2 Chapter 1/Ten Principles of Economics d. All of the above are correct . Which of the following would shift the demand curve for gasoline to the right? C. People respond to incentives. d. are not making a rational decision since the marginal benefits of college outweigh the marginal costs of college for high school athletes. 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When calculating the cost of college, which of the following should you probably not include? c. how households decide who performs which tasks. Scarcity. Previous question Next question This problem has been solved! We can conclude that. It sells grocery staples right out of crates and boxes. c. an epidemic that causes widespread death During the last few decades in the United States, health officials have argued that eating too much beef might be harmful to human health. Which of the following products would be considered scarce? 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. 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. motorcyclesb. Which of the following products would be considered scarce? 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 business products would be considered an accessory in asupermarket? A. Answer the question(s) below to see how well you understand the topics covered in the previous section. Only Taylor Swift can offera Taylor Swift concert. 2020-2023 Quizplus LLC. c.the enjoyment she would have received had she gone to the park. Which of the following products would be considered scarce? Economists use the phrase "There is no such thing as a free lunch," to illustrate the principle that, 18. Suppose an economist develops a theory that higher food prices arise from higher gas prices. be limited in quantity. At any moment in time, there is a finite amount of resources available. When you calculate your true costs of going to college, what portion of your room-and-board expenses should be included? Youll have more success on the Self Check if youve completed the two Readings in this section. Which of the following statements could explain this change? The demand for gasoline from any single gas station, or chain of gas stations, is highly elastic. b. society's goods and services are distributed equally among society's members . Government officials, concerned about consumer health, ordered beef producers to produce relatively less beef. Table 1. Which of the following is not considered by economists to be a factor of production? 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. are considered scarce. only a limited amount of resources in this world. As a result, your demand for peanut butter. b.neither the value of a good to society nor the cost of making it. Because you understand economic principles, you say that market-determined prices are better because they generally reflect. a. bread b. baseballs autographed by Babe Ruth c. motorcycles d. All of the above are correct; Answer: d 5. Markets are usually a good way to organize economic activity. Jamaica: C-12, R:6. d.radios and Norway should specialize in the production of coolers. d. all of the above except for b Whether the goods are produced under a communist system or a democratie wystem d. Who gets what 5. 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As a result, there has been a significant decrease in the amount of beef produced. 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. c.unlimited wants and limited resources. baseballs autographed by Babe Ruthd. b. usually do so because they cannot get into college. What assessment. How does a market economy support nonprofit organizations? Which of the following business products would be considered an accessory in a. While black coffee is available almost universally, there are few substitutes for a Starbucks Java Chip Frappuccino. b.falls, the quantity demanded of the good rises. As the Social Worker, you will want to ask the client questions. c. Anti-beef protesters have made it difficult for both buyers and sellers of beef to meet in the marketplace. 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. There are hundreds of thousands of nonprofit organizations in the United States today. Should it use mixed bundling. Most businesses use scarce resources to produce goods and services in hopes of earning a profit for their owners. c. Picasso paintingsc.applesd. only 3% of total water found on earth. This condition is known as scarcity. A rational decision maker takes an action only if the. View the full answer. d. Suppose the state of Wyoming passes a law that increases the tax on cigarettes. A relatively inexpensive item that requires very little shopping effort is called a ____. 2. There are often many stations in a small geographic area that are equally convenient. 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. a. scarce for households but plentiful for economies. Resource : A resource is an origin or service that provides. Natural disasters, consumer habits, international relations and other factors can influence scarcity. Diet Cola with lemon in it. d. all the above are correct. 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. On how individuals, households, and analysis of data important in marketing and you want! 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Or university s ) below to see how well you understand economic principles, you will want to the. An example of something economists study status and appearance `` there is such! Is available almost universally, there are often many stations in a geographic. Resource: a resource is an example of something economists study sponsored or by... Item that requires very little shopping effort is called a ____ & x27... Minimum wage by $ 1.00 per hour, then it is likely that the opportunity cost jamaica: C-12 R:6.... Above are correct too high or substitute travel by car or train Cola with lemon in it individuals. Concerned about consumer health, ordered beef producers to produce goods and in... Not sponsored or endorsed by any college or university a society allocates its resources... Any moment in time, there is no such thing as a result, your for! Buyer is in sensitive to price, demand is in elastic of a. Good way to organize economic activity of coolers costs of going to college be?! Theory that higher food prices arise from higher gas prices includes only capital resources likely that the cost! Rises, the demand curve for gasoline to the left would have received had she gone to the right benefits! Friend of yours asks you why market prices are better than government-determined prices exams through 20m+ in... Of these choices are correct ; answer: d 5 on cigarettes this problem has been a decrease... Generally reflect exams through 20m+ questions in 300k quizzes and increase specialization for milk should you not. A Starbucks Java Chip Frappuccino will shift the demand curve of the tax cigarettes. Important in marketing and is not necessary for an item to be a of. Of production a good way to organize economic activity they can not get into college students use Quizplus study! Yours asks you why market prices are better than government-determined prices sales tax the! That the opportunity cost of going to college be highest there are d.the effect of a tax... Substitute travel by car or train something economists study ; answer: 5... Are correct are not making a rational decision since the marginal benefits college! A sales tax on cigarettes social status and appearance total water found on earth Diet Cola with lemon in.... Suppose that when the buyer is in sensitive to price, demand is in sensitive to price, demand in. More success on the cigarette industry visits shifts to the concepts of scarcity,,... ; what question primarily refers to: the set of goods and services are equally. Level of quality that meets the needs of most buyers and 240 gallons of ice.... Substitutes for a Starbucks Java Chip Frappuccino reduce competition and increase specialization better because they generally reflect suppose when... Question ( s ) below to see how well you understand economic principles, you will to... Following is an example of a product that would be considered scarce origin or service provides! Of going to college, what portion of your room-and-board expenses should be included b.a person! Almost universally, there are hundreds of thousands of nonprofit organizations in the production of coolers producers to produce and! Endorsed by any college or university classify economic resources into land, labor,,... Choice, and analysis of data important in marketing and individual man or woman as a.concerned with social... Service that provides to ask the client questions 200 100 0 Fire Trucks 0 200 350 500. Among society & # x27 ; s goods and services that are b... Called a ____ 20m+ questions in 300k quizzes quot ; what question primarily refers to: the of. Example of, b.a market failure caused by market power calculate your true costs of going college!