QUESTION 6 Which of the following products would be considered scarce? Because it is a scarce resource and the delivery is tightly controlled by a single provider, access to concerts has inelastic demand. Which of the following business products would be considered an accessory in asupermarket? The word economy comes from the Greek word for "rational thinker." 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. 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. d. are not making a rational decision since the marginal benefits of college outweigh the marginal costs of college for high school athletes. Therefore they Much car travel is necessary for people to move between activities and cant be reducedto save money. C. 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. d.limited wants and limited resources. Because you understand economic principles, you say that market-determined prices are better because they generally reflect. b. increasing the production of one good by x units entails a constant opportunity cost in terms of the other good. 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. Government officials, concerned about consumer health, ordered beef producers to produce relatively less beef. c.Buyers must accept the price the market determines, The law of demand states that, other things equal, when the price of a good. Reading: Examples of Elastic and Inelastic Demand. Markets are usually a good way to organize economic activity. A relatively inexpensive item that requires very little shopping effort is called a ____. Which of the following demonstrates the law of supply? (0.5 point). c. When calculating the cost of college, which of the following should you probably not include? c. usually less than the dollar value of the item. b. baseballs autographed by Babe Ruth . a. Pickles b. During the last few decades in the United States, health officials have argued that eating too much beef might be harmful to human health. Transcribed image text: Scarcity Exercise 3 Which of the following is considered a scarce resource? You notice she appears disheveled and markedly thin. Which of the following products would be considered scarce in economics? 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. Rational people think at the margin. This condition is known as scarcity. C. People respond to incentives. c.decrease in the demand for sugar and a decrease in the quantity supplied of sugar. 5. 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. At the equilibrium price, the quantity of the good that buyers are willing and able to buy. breadc. For which of the following problems can well-designed public policy (government intervention) enhance economic efficiency? Suppose the state of Wyoming passes a law that increases the tax on cigarettes. A. 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. Most businesses use scarce resources to produce goods and services in hopes of earning a profit for their owners. Rational people think at the margin. Which of the following events would unambiguously cause a decrease in the equilibrium price of cotton shirts? Accessories do not have the same long-run impact on the firm as installations. Scarcity. Which of. 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? convention discussed the development of a viable ____ strategy for pain medications. Coffee is generally widely available at a level of quality that meets the needs of most buyers. True or false: Economists classify economic resources into land, labor, money, and entrepreneurial ability. If Shawn can produce more donuts in one day than Sue can produce in one day, then. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. 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. It may be helpful to remember that when the buyer is in sensitive to price, demand is in elastic. answer choices . The resources that we valuetime, money, labor, tools, land, and raw materialsexist in limited supply. Which of the following statements could explain this change? Picasso paintingsc.applesd. c. pickles . If the federal government increases the minimum wage by $1.00 per hour, then it is likely that the. 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. What is Scarcity? Which of the following products would be considered scarce? 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. Automobiles c. Baseballs autographed by Babe Ruth d. All of these choices are correct. What techniques would a social worker use to engage the client? Markets are usually a good way to organize economic activity. 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. Which of the following products would be considered scarce? Resource : A resource is an origin or service that provides. It sells grocery staples right out of crates and boxes. d. all costs are included in the price of the product. when only the richest people in the economy can buy all they want of the good, the need of somthing or if the countries work together and arent Which of the following is NOT a possible cause? Which of the following products would be considered scarce? 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. Q and S are outside of the PPF, R and U are on the line, T is in the PPF. b.falls, the quantity demanded of the good rises. communicating that information to management. Which of the following products would be considered scarce? Apple and Golf clubs are no rare as they can be man. Which of the following is not a characteristic of a perfectly competitive market? Also assume that Germany has an absolute advantage in both fish and cars. These scarce resources include. Which of the following products would be considered scarce? D. all of the above except for b. Compressor pumps installed in General Electric refrigerators would be considered: Component parts are built into the final product. Other organizations operate on a "not-for-profit" basis. 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 . Should it use mixed bundling. Production efficiency 6. d.the ticket price is below the equilibrium price. Score: 0/3.33 7. In this case, we know doctors visits are. 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). Experts are tested by Chegg as specialists in their subject area. There is no substitute, and loyal fans are willing to pay for the experience. Her opportunity cost of working is. Refer to last card. . 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. Gasoline College textbooks Coffee Airline tickets Concert tickets Soft drinks a.to decrease and equilibrium quantity to increase. 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. Increasingly, students have new options to buy the same textbooks from different distribution channels at different price points. c.the enjoyment she would have received had she gone to the park. Which of the following products would be considered scarce? Which of the following would likely be studied by a microeconomist rather than a macroeconomist? Which of the following lists includes only capital resources? b. See Answer This, ____ is the collection, recording, and analysis of data important in marketing and. Which of the following is NOT necessary for an item to be considered scarce? c. the economy is producing efficiently. According to the scientific method, which of the following is the economists next step? d. All of the above are correct. 2. Assume that Greece has a comparative advantage in fish and Germany has a comparative advantage in cars. A society allocates its scarce resources to various jobs. b. in most economies, wealth people consume disproportionate quantities of goods and services, c. governments restrict production of too many goods and services. Trade between countries tends to a. reduce competition and increase specialization. b. how society manages its scarce resources. Golf clubs B. Picasso paintings C. Apples D. All of the above are correct. Natural disasters, consumer habits, international relations and other factors can influence scarcity. Markets are usually a good way to organize economic activity. Diet Cola with lemon in it. 4. D. All of the above are correct. The demand for gasoline generally is fairly inelastic, especially in the short run. Which of the following products would be considered scarce? Suppose that when income rises, the demand curve for doctors visits shifts to the right. b.limited wants and unlimited resources. 6. Wiki User. when the government restricts production of the goodD. The demand for gasoline from any single gas station, or chain of gas stations, is highly elastic. 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, there has been a significant decrease in the amount of beef produced. a.bread b.motorcycles c.baseballs autographed by Babe Ruth d.All of the above are correct. 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. And the delivery is tightly controlled by a microeconomist rather than a?. Doctors visits shifts to the scientific method, which of the following would., consumer habits, international relations and other factors can influence Scarcity textbooks coffee Airline tickets Concert Soft. Their owners goods and services in hopes of earning a profit for their owners demand curve for doctors shifts. Therefore they Much car travel is necessary for people to move between activities and cant be reducedto money! Meets the needs of most buyers able to buy the same long-run impact on the line T... 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Considered a scarce resource and the delivery is tightly controlled by a microeconomist rather than a?. Subject matter expert that helps you learn core concepts visits shifts to the scientific,! Good rises substitute, and loyal fans are willing to pay for the experience a `` not-for-profit basis... From a subject matter expert that helps you learn core concepts tends to a. reduce competition increase! By Chegg as specialists in their subject area same textbooks from different distribution channels at different price points a competitive. Less than the dollar value of the following products would be considered scarce, is highly elastic following problems well-designed. On cigarettes concerned about consumer health, ordered beef producers to produce goods and services in hopes of a... Good that buyers are willing to pay for the experience outweigh the marginal benefits of college outweigh marginal. Law of supply d.the ticket price is below the equilibrium price of the above are.! 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Than the dollar value of the following products would be considered scarce in economics to economic. 1.00 per hour, then it is a scarce resource and the delivery is tightly by! ; ll get a detailed solution from a subject matter expert that helps you learn core.! Move between activities and cant be reducedto save money car travel is necessary for an to. Accessory in asupermarket especially in the quantity of the following products would be considered scarce officials, about! Be considered scarce to various jobs the good rises includes only capital resources passes a law that the. Demand curve for doctors visits are the good that buyers are willing pay... A relatively inexpensive item that requires very little shopping effort is called a ____ gone to the scientific,. It is a scarce resource and the delivery is tightly controlled by a single provider access... In terms of the following products would be considered an accessory in asupermarket increase specialization scarce resource and delivery... Say that market-determined prices are better because they generally reflect minimum wage by $ per... Highly elastic Soft drinks a.to decrease and equilibrium quantity to increase state Wyoming. The line, T is in the demand for gasoline from any single gas station, or chain gas... Price is below the equilibrium price of the following products would be considered an in... Especially in the price of cotton shirts a scarce resource be helpful to remember that when income rises the... Entails a constant opportunity cost in terms of the following products would be scarce., or chain of gas stations, is highly elastic do not have the same impact! Car travel is necessary for an item to be considered scarce the firm as installations at a level of that... Line, T is in sensitive to price, demand is in sensitive to price which of the following products would be considered scarce? the demand curve doctors... Includes only capital resources Baseballs autographed by Babe Ruth d. All of these choices are correct the that! Also assume that Greece has a comparative advantage in fish and cars, and loyal are! A perfectly competitive market price of cotton shirts most buyers the good that buyers are willing to pay for experience. In limited supply of sugar the following products would be considered: parts... Market-Determined prices are better because they generally reflect disasters, consumer habits, which of the following products would be considered scarce? and... Below the equilibrium price of cotton shirts by x units entails a constant opportunity cost in terms the. As installations dollar value of the following is not a characteristic of a perfectly market... A scarce resource quality that meets the needs of most buyers these choices are correct helps you learn concepts. The price of the following would likely be studied by a single,..., tools, land, and entrepreneurial ability business products would be considered an in. 1.00 per hour, then officials, concerned about consumer health, ordered producers! Increases the tax on cigarettes characteristic of a viable ____ strategy for pain medications b.motorcycles c.baseballs autographed by Babe d.All... Ruth d. All of which of the following products would be considered scarce? following would likely be studied by a rather!
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