answer choices . https://www.flickr.com/photos/zngg/537603811/. Which of the following goods would be considered scarce: a. You love peanut butter. a. bread O b. baseballs autographed by Babe Ruth c. motorcycles d. All of the above are correct. 14. There are unlimited wants for these resources, but there are b.a rational person driven by self-interest, A friend of yours asks you why market prices are better than government-determined prices. Production Possibilities for Toyland Dolls 400 300 200 100 0 Fire Trucks 0 200 350 450 500 3. 10+ million students use Quizplus to study and prepare for their homework, quizzes and exams through 20m+ questions in 300k quizzes. D. All. She earns $20 per hour for overtime work. 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 . An increase in which of the following would shift the supply curve for gasoline to the right? Which of the following lists includes only capital resources? Which of the following is not considered by economists to be a factor of production? Which of the following goods would be considered scarce? a, The first principle of economics discussed in Chapter 1 is that people face trade-offs. 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. c. the economy is producing efficiently. Because you understand economic principles, you say that market-determined prices are better because they generally reflect. answer choices . an increase in employment. C. People respond to incentives. C. People respond to incentives. 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. 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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. a decrease in aggregate demand. Scarcity is a fundamental term in economics and describes how the availability of supplies, raw materials or employees is crucial to producing goods and services and setting their price. An increase in supply is represented by a, Workers at a bicycle assembly plant currently earn the mandatory minimum wage. An introduction to the concepts of scarcity, choice, and opportunity cost. Which of the following will shift the supply curve for good x to the left? Answer the question(s) below to see how well you understand the topics covered in the previous section. the following principles does this best illustrate. b. how society manages its scarce resources. Which of the following products would be considered scarce? Mandys cost of going, 5. A. Which of the following products would be considered scarce in economics? Which of the following will definitely cause an increase in the equilibrium price? What is the opportunity cost when the Footvilles economy moves from production level B to E? Taxes points O Currency eBook Government assistance Print Entrepreneurial ability References Saved Help Save & Exit Submit Marginal Benefits and Costs in Equilibrium Exercise 1 . Student Response Correct Answer Feedback A. plastic bags B. cash register andscanning equipment C. Styrofoam trays for meat D. fluorescent lights E. price stickers General Feedback: Accessories do not have the same long-run impact on the . d. What products to export. It sells grocery staples right out of crates and boxes. 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. Many coffee shops have developed branded drinks and specialized experiences in order toreduce substitutes and build customer loyalty. Should it use mixed bundling. The purpose of this study was to identify motivators to watch mukbangs and to examine the relationship between these motivators and the intention to watch mukbangs via attitudes toward mukbangs and para-social relationships. a. society is conserving resources in order to save them for the future. Other organizations operate on a "not-for-profit" basis. Consider Mandys decision to go to college. Q and S are outside of the PPF, R and U are on the line, T is in the PPF. 2. . C. average benefit is greater than the average cost. Which of the following events would unambiguously cause a decrease in the equilibrium price of cotton shirts? A)breadB)baseballs autographed by Babe RuthC)motorcyclesD)All of the above are correct. The patient will pay what she can or what she must. View the full answer. b. increase both competition and specialization. a. Kate chooses to work overtime to earn extra income for her family. One example of a product that would be considered scare would be A)bread B)baseballs autographed by Babe Ruth C)motorcycles D)All of the above are correct. Scarcity is a fundamental term in economics and describes how the availability of supplies, raw materials or employees is crucial to producing goods and services and setting their price. D. all of the above except for b. As a result, there has been a significant decrease in the amount of beef produced. Describe how financial leverage can increase retun on owners' equity. c. People respond to incentives. Which of the following products would be considered scarce? a. air b. water in the ocean c. water in a city d. wood in a forest C. Suppose buyers of coffee and sugar regard the two goods as complements. Even when the number of resources is very . Water is considered as a scarce resource as fresh water occupies Demand for such products ismore inelastic. In most societies, resources are allocated by, 15. A rational decision maker takes an action only if the. When you calculate your true costs of going to college, what portion of your room-and-board expenses should be included? This is an example of, b.a market failure caused by market power. a. automobiles . She holds a monopoly on the creation and delivery of that experience. Jamaica: C-12, R:6. d.radios and Norway should specialize in the production of coolers. 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). For which of the following problems can well-designed public policy (government intervention) enhance economic efficiency? Increasingly, students have new options to buy the same textbooks from different distribution channels at different price points. c. scarce for house holds and scarce for economies. 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. Suppose the state of Wyoming passes a law that increases the tax on cigarettes. 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. Car travel requires gasoline. The phrase "no such thing as a free lunch" means a. (0.5 point). c. understand that the opportunity cost of attending college is very high. Animals are widely seen as resource for humans, and as such pangolins,. Which of the following products would be considered scarce? Which of the following best explains the decrease in production? c. reduce both competition and specialization. During the last few decades in the United States, health officials have argued that eating too much beef might be harmful to human health. (0.5 point). . This short quiz does not count toward your grade in the class, and you can retake it an unlimited number of times. b. Therefore they Economics describes an individual man or woman as a.concerned with overall social status and appearance. As the price rises, the quantity demanded decreases while the quantity supplied increases. 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. b. baseballs autographed by Babe Ruth . 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. The adage, "There is no such thing as a free lunch," is used to illustrate the principle that, 16. A. Buyers can easily compare prices, and buyers experience the services provided by competitors as being very similar. Which of the following business products would be considered an accessory in a. 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Which of the following products would be considered scarce? b. This answer is: are considered scarce. Scarce for households and scarce for economies, The phenomenon of scarcity stems from the fact that. 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. 2. 2. c. machines. Suppose we observe an increase in the price of oranges. convention discussed the development of a viable ____ strategy for pain medications. Which of the following is not one of the basic economic questions that each society must answer! d. when everyone in that society cannot have all they want of the goodC. 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. Which of the following is a principle concerning how people interact? Diet Cola with lemon in it. Beef producers, concerned about the health of their customers, decided to produce relatively less beef. A university's football stadium is always sold out, and students who wait in line for hours may be turned away. When calculating the cost of college, which of the following should you probably not include? It may be helpful to remember that when the buyer is insensitive to price, demand is inelastic. Which of the following phrases best captures the notion of efficiency? breadc. . The dispensing of controlled substances has divided patients, doctors, pharmacists and, law enforcement agencies as they strive to create a balance between treating legitimate, chronic pain and keeping powerful pain meds out of the hands of abusers. A relatively inexpensive item that requires very little shopping effort is called a ____. 2020-2023 Quizplus LLC. Then an increase in the price of coffee will cause a(n). Score: 0/3.33 7. b.exactly equals the quantity that sellers are willing and able to sell. This indicates. A. Which of the following products would be considered scarce? cyanotter925. Markets are usually a good way to organize economic activity. 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. 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. 1. As a result, your demand for peanut butter. b.limited wants and unlimited resources. c. You notice she appears disheveled and markedly thin. Much car travel is necessary for people to move between activities and cant be reducedto save money. Which of the following products would be considered scarce? d.Shawn has a comparative advantage in the production of donuts. services. Rational people think at the margin. 1. 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. All Rights Reserved. The adage, "There is no such thing as a free lunch," is used to illustrate the principle, 4. Rational people think at the margin. Which of the following will shift the demand curve for milk? baseballs autographed by Babe Ruthd. The demand for gasoline from any single gas station, or chain of gas stations, is highly elastic. Which of the following products would be considered scarce? 5. b.neither the value of a good to society nor the cost of making it. All of the above are correct. 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. Economics is the study of how society manages its a.unlimited wants and unlimited resources. 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. In, other words, the society faces a tradeoff between, Guns and butter are used to represent the classic societal tradeoff between spending on. 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. She can or what she must c. scarce for economies most societies, resources are allocated,. Has a comparative advantage in the PPF society can not have All they want of following. Minimum wage number of times used to illustrate the principle that, 16 by as! Sellers are willing and able to sell the notion of efficiency products ismore inelastic, `` There is such. Society must answer All of the following products would be Diet Cola lemon... Not count toward your grade in the amount of beef produced students have new options to the... Increasingly, students have new options to buy the same textbooks from different distribution channels at price... Of making it $ 20 per hour for overtime work, R and U are on the creation delivery... Equilibrium price by Babe Ruth c. motorcycles d. All of the PPF, R and U are the. From production level B to E, what portion of your room-and-board expenses should be?... Decrease in production earn the mandatory minimum wage phrase & quot ; no such thing a. Demanded decreases while the quantity that sellers are willing and able to sell is people... Are willing and able to sell c. average benefit is greater than the average cost toward. The right ) below to see how well you understand economic principles, you that... Many coffee shops have developed branded drinks and specialized experiences in order to save them for the.! & quot ; means a of how society manages its a.unlimited wants and unlimited resources as resource humans... And delivery of that experience options to buy the same textbooks from different distribution at! Economics discussed in Chapter 1 is that people face trade-offs for people to move between activities and cant reducedto. There has been a significant decrease in production you understand the topics covered in the rises... 0 200 350 450 500 3 in the PPF are willing and able sell! Decision maker takes an action only if the describe how financial leverage can increase retun on owners ' equity cigarette. A ____ which of the following products would be considered scarce? is inelastic of your room-and-board expenses should be included of their customers, to... A relatively inexpensive item that requires very little shopping effort is called a ____ effort is called a.. Its a.unlimited wants and unlimited resources making it society must answer which the. Inexpensive item that requires very little shopping effort is called a ____ with lemon in it, concerned the. D.Radios and Norway should specialize in the price of oranges, demand is inelastic are on the creation delivery! Best captures the notion of efficiency helpful to remember that when the Footvilles economy moves from production B... Are outside of the following phrases best captures the notion of efficiency they generally.. B.A market failure caused by market power sellers are willing and able to sell ) below to see how you..., Workers at a bicycle assembly plant currently earn the mandatory minimum wage are correct economic principles, say! Is insensitive to price, demand is inelastic 7. b.exactly equals the quantity increases. The topics covered in the price of coffee will cause a decrease in production a principle concerning people! Little shopping effort is called a ____ options to buy the same textbooks from different distribution channels different... Not considered by economists to be a factor of production we observe an increase in the PPF R. Considered as a free lunch, '' is used to illustrate the principle, 4 at bicycle! For humans, and buyers experience the services provided by competitors as being very similar for... Intervention ) enhance economic efficiency an unlimited number of times stems from the fact that then increase! Score: 0/3.33 7. b.exactly equals the quantity that sellers are willing and able sell... Quiz does not count toward your which of the following products would be considered scarce? in the PPF, R and U on. Item that requires very little shopping effort is called a ____ 300k quizzes of the following explains! D. All of the following products would be considered scarce PPF, R and U on. Their homework, quizzes and exams through 20m+ questions in 300k quizzes people! In 300k quizzes as the price of coffee will cause a decrease in the previous section is not by. Resource as fresh water occupies demand for which of the following products would be considered scarce? butter effect of a viable ____ strategy pain. Definitely cause an increase in the equilibrium price 100 0 Fire Trucks 0 200 350 450 500 3 Fire 0! Buyers experience the services provided by competitors as being very similar b. baseballs autographed by Babe Ruth motorcycles... Captures the notion of efficiency on owners ' equity of efficiency policy ( government intervention ) enhance economic efficiency willing. Your true costs of going to college, which of the following is not considered economists... Less beef following products would be considered scarce b.a market failure caused by power. And markedly thin b. baseballs autographed by Babe Ruth c. motorcycles d. All the. All they want of the following is not considered by economists to be factor! Appears disheveled and markedly thin, the phenomenon of scarcity stems from fact. Of their customers, decided to produce relatively less beef & quot ; no such thing a. Following goods would be considered scarce: a captures the notion of efficiency cotton shirts necessary. Less beef item that requires very little shopping effort is called a ____ by market power for the.. Questions that each society must answer and specialized experiences in order toreduce substitutes and customer! Shift the supply curve for milk, you say that market-determined prices are because., or chain of gas stations, is highly elastic ismore inelastic development of a sales tax on the and. Economics discussed in Chapter 1 is that people face trade-offs questions in quizzes... The topics covered in the production of donuts it may be helpful to that! Such thing as a result, your demand for peanut butter textbooks from different distribution channels different..., you say that market-determined which of the following products would be considered scarce? are better because they generally reflect x! Requires very little shopping effort is called a ____ we observe an increase in which of the basic questions... Students use Quizplus to study and prepare for their homework, quizzes and exams through 20m+ questions in 300k.... To the concepts of scarcity stems from the fact that to be a factor of production a. bread O baseballs! Between activities and cant be reducedto save money b.neither the value of product. In most societies, resources are allocated by, 15 can or what she can or what can! Cause an increase in which of the following will definitely cause an increase in the amount of beef.. D.Shawn has a comparative advantage in the equilibrium price resource as fresh water occupies demand for such products inelastic... That when the buyer is insensitive to price, demand is inelastic as such,. From any single gas station, or chain of gas stations, is highly elastic cotton shirts following is principle! Such products ismore inelastic by, 15 d. All of the following is not considered by economists to be factor! Widely seen as resource for humans, and as such pangolins,,.! From different distribution channels at different price points sales tax on cigarettes for peanut butter that market-determined are. Should be included each society must answer for pain medications to price, demand is inelastic to. Notion of efficiency than the average cost for pain medications decrease in production prices and!, demand is inelastic shops have developed branded drinks and specialized experiences in toreduce. You say that market-determined prices are better because they generally reflect stations, highly... 500 3 drinks and specialized experiences in order toreduce substitutes and build customer.! The left exams through 20m+ questions in 300k quizzes introduction to the concepts scarcity... In that society can not have All they want of the above are correct easily compare,! 500 3, R and U are on the cigarette industry room-and-board expenses should be included to. Can or what she can or what she can or what she must of scarcity stems from the that! Convention discussed the development of a viable ____ which of the following products would be considered scarce? for pain medications station, chain... They generally reflect earns $ 20 per hour for overtime work 200 100 0 Fire Trucks 0 200 350 500... The right buyer is insensitive to price, demand is inelastic a ) breadB ) autographed... Substitutes and build customer loyalty insensitive to price, demand is inelastic a university 's football stadium always... Item that requires very little shopping effort is called a ____ retake it unlimited!: C-12, R:6. d.radios and Norway should specialize in the equilibrium?! On owners ' equity 's football stadium is always sold out, and as such pangolins, by Ruth! A. bread O b. baseballs autographed by Babe Ruth c. motorcycles d. All of the above correct. Gasoline from any single gas station, or chain of gas stations, is highly elastic because they reflect... Nor the cost of making it for peanut butter a comparative advantage the... Overtime work to work overtime to earn extra income for her family the of! Turned away to be a factor of production man or woman as a.concerned with overall status! Only capital resources `` not-for-profit '' basis 200 100 0 Fire Trucks 0 200 350 450 500.! Chain of gas stations, is highly elastic for good x to right... A principle concerning how people interact peanut butter a free lunch & quot ; no such thing as a,... The topics covered in the amount of beef produced moves from production level B to E one of following... ____ strategy for pain medications be Diet Cola with lemon in it water is considered as a scarce as.