Golf clubs B. Picasso paintings C. Apples D. All of the above are correct. 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A. Efficient production is represented by which point(s)? Economics is the study of how societies choose to do that. convention discussed the development of a viable ____ strategy for pain medications. d. only 3% of total water found on earth. Should it use mixed bundling. Which of the following lists includes only capital resources? 10+ million students use Quizplus to study and prepare for their homework, quizzes and exams through 20m+ questions in 300k quizzes. Government officials, concerned about consumer health, ordered beef producers to produce relatively less beef. 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. 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. e. all of the above As the Social Worker, you will want to ask the client questions. She came to see you to help her with sudden depression, As a response to structural unemployment due to AI (artificial intelligence), Democratic Presidential candidate Andrew Yang proposes "the Freedom Dividend," a universal income of $1000/month per, Last year Hamdi Corp. had sales of $500,000, operating costs of $450,000, and year-end assets (which is equal to its total invested capital) of $435,000. Suppose the state of Wyoming passes a law that increases the tax on cigarettes. be desirable. Even when the number of resources is very . The debt-to-total-capital ratio was 17%, the. A. Which of the following products would be considered scarce? Which of the following statements could explain this change? Which of the f ollowing products would be considered scarce? If the federal government increases the minimum wage by $1.00 per hour, then it is likely that the. Which of the following would likely be studied by a microeconomist rather than a macroeconomist? Which of the following would shift the demand curve for gasoline to the right? Which of the following best explains the decrease in production? 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 . We reviewed their content and use your feedback to keep the quality high. Because you understand economic principles, you say that market-determined prices are better because they generally reflect. This is an example of, b.a market failure caused by market power. Which of the following goods best meets the definition of scarcity? Gasoline College textbooks Coffee Airline tickets Concert tickets Soft drinks c. usually less than the dollar value of the item. 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. Transcribed image text: Scarcity Exercise 3 Which of the following is considered a scarce resource? The substitutes for car travel offer lessconvenience and control. 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). Scarcity refers to the basic economic problem, the gap between limited - that is, scarce - resources and theoretically limitless wants. In this case, we know doctors visits are. There is competition among every brand and type of soda, and there are many substitutes for the entire category of soft drinks. c.decrease in the demand for sugar and a decrease in the quantity supplied of sugar. The adage, "There is no such thing as a free lunch," is used to illustrate the principle that, 16. Scarce for households and scarce for economies, The phenomenon of scarcity stems from the fact that. We would expect a. b.surplus to exist and the market price of roses to decrease. https://www.flickr.com/photos/zngg/537603811/. D. all of the above except for b. A relatively inexpensive item that requires very little shopping effort is called a ____. This condition is known as scarcity. Which of the following products would be considered scarce? Suppose we observe an increase in the price of oranges. create, study and share online flash cards, Click here to study/print these flashcards. For which of the following individuals would the opportunity cost of going to college be highest? answer choices . 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. The demand for gasoline generally is fairly inelastic, especially in the short run. d. All of the above are correct . 4. Understanding scarcity and how it affects business can . What is Scarcity? One example of a product that would be considered scare would be Diet Cola with lemon in it. Which product would be considered scarce. 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. All Rights Reserved. 1. cyanotter925. Resource : A resource is an origin or service that provides. Course Hero is not sponsored or endorsed by any college or university. 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. B. Essential medical procedures have inelastic demand. 2. Beef producers, concerned about the health of their customers, decided to produce relatively less beef. C. People respond to incentives. C. average benefit is greater than the average cost. 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. 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. b. in most economies, wealth people consume disproportionate quantities of goods and services, c. governments restrict production of too many goods and services. You hear on the news that 50 percent of the peanut crop in the South has been wiped out by drought and that this will cause the price of peanuts to double by the end of the year. 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? Which of the following will definitely cause an increase in the equilibrium price? Economics is the study ofa.production methods. 14. 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. 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 is correct? Car travel requires gasoline. Describe how financial leverage can increase retun on owners' equity. Efficiency means that: Definition. 200 fire trucks B. Much car travel is necessary for people to move between activities and cant be reducedto save money. Which of the following business products would be considered an accessory in asupermarket? At the equilibrium price, the quantity of the good that buyers are willing and able to buy. Whether the goods are produced under a communist system or a democratie wystem d. Who gets what 5. a. hairpins b. Tesla cars c. notebooks d. all of the above are scarce goods Scarcity and Economics: Economics studies the allocation of. Buyers can choosebetween comparable products based on price. Last month, the economy produced 10 robots and 200 gallons of ice cream. Which of the following business products would be considered an accessory in a. A. when more output of the good is possibleB. Water is considered as a scarce resource as fresh water occupies According to the scientific method, which of the following is the economists next step? 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 decrease in the price of apples, a substitute. Economics describes an individual man or woman as a.concerned with overall social status and appearance. If the supply of a product increases, then we would expect equilibrium price. C. People respond to incentives. 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. Physical products that can be purchased are called _____. Which of the following is a principle concerning how people interact? Other organizations operate on a "not-for-profit" basis. In general, products that significantly affecthealth and well-being have inelastic demand. Microeconomics focuses on how individuals, households, and firms make those decisions. 10. Mukbang is widely recognized as a new type of food video on user-generated content (UGC) platforms. b. b. how society manages its scarce resources. See Answer Her opportunity cost of working is. 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. Trade between countries tends to a. reduce competition and increase specialization. Which of the following is not one of the basic economic questions that each society must answer! a.minimum waste b.equitable outcome c.equal distribution d.absolute fairness, Melody decides to spend three hours working overtime rather than going to the park with her friends. 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. Taxes points O Currency eBook Government assistance Print Entrepreneurial ability References Saved Help Save & Exit Submit Marginal Benefits and Costs in Equilibrium Exercise 1 . If oranges and grapefruit are close substitutes, an increase in the price of oranges will shift the demand curve of. Mandys cost of going, 5. Gold, c. Time, d. All of the above are scarce goods. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. a decrease in aggregate demand. a. motorcyclesb. the following principles does this best illustrate. Q and S are outside of the PPF, R and U are on the line, T is in the PPF. Which of the following correctly describes how price adjustment eliminates a shortage? Which of. a. even people on welfare have to pay for food. 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 will shift the supply curve for good x to the left? Question 3. If Shawn can produce more donuts in one day than Sue can produce in one day, then. b.falls, the quantity demanded of the good rises. Increasingly, students have new options to buy the same textbooks from different distribution channels at different price points. Suppose an economy only produces two goods, robots and ice cream. 2020-2023 Quizplus LLC. 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. b. increasing unemployment a. the number of hours needed to earn money t o buy the item. Which of the following will shift the demand curve for milk? A nonprofit organization works in a businesslike way to promote the collective interests of its members rather than to seek for financial gain its owners. Which of the following products would be considered scarce? Pick a nonprofit organization that you know of and answer the following questions about it: d) Why do you think the government doesn't require this organization to pay taxes? A. marginal benefit is less than the marginal cost. 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. As a result, your demand for peanut butter. In each of the following cases, determine whether the sample size nnn is large enough to say that the sampling distribution of p^\hat{p}p^ is a normal distribution. This indicates. Assume that Greece has a comparative advantage in fish and Germany has a comparative advantage in cars. Automobiles c. Baseballs autographed by Babe Ruth d. All of these choices are correct. scarce. 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. answer choices . 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. (0.5 point). goods. The word economy comes from the Greek word for "rational thinker." Which of the following products would be considered scarce? You notice she appears disheveled and markedly thin. b.a rational person driven by self-interest, A friend of yours asks you why market prices are better than government-determined prices. It may be helpful to remember that when the buyer is in sensitive to price, demand is in elastic. a. Kate chooses to work overtime to earn extra income for her family. d. plentiful for households and plentiful for economies. Which of the following is a principle concerning how people interact? Jamaica: C-12, R:6. d.radios and Norway should specialize in the production of coolers. Rational people think at the margin. Which of the following products would be considered scarce? D. All of the above are correct . (0.5 point). Understanding scarcity and how it affects businesses can . The adage, "There is no such thing as a free lunch," is used to illustrate the principle, 4. c.Buyers must accept the price the market determines, The law of demand states that, other things equal, when the price of a good.
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