Suppose the state of Wyoming passes a law that increases the tax on cigarettes. 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. Which of the following events would unambiguously cause a decrease in the equilibrium price of cotton shirts? Markets are usually a good way to organize economic activity. By, controlling expenses, Aldi customers can expect to save 30 to 50 percent compared to, Kroger customers. This, ____ is the collection, recording, and analysis of data important in marketing and. One example of a product that would be considered scare would be Diet Cola with lemon in it. QUESTION 6 Which of the following products would be considered scarce? We can conclude that. Much car travel is necessary for people to move between activities and cant be reducedto save money. 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 Markets are usually a good way to organize economic activity. This indicates. Which of the following is an example of something economists study? 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. Experts are tested by Chegg as specialists in their subject area. B. Golf clubs B. Picasso paintings C. Apples D. All of the above are correct. Soft drinks and many other nonessential items have highly elastic demand. a.to decrease and equilibrium quantity to increase. Which of the following is a principle concerning how people interact? Economists use the phrase "There is no such thing as a free lunch," to illustrate the principle that, 18. If price rises, what happens to demand for a product? a. even people on welfare have to pay for food. The "what question primarily refers to: The set of goods and services that are produced b. See Answer d. All of the above are correct. c. reduce both competition and specialization. Thousands of people develop lung cancer from second-hand exposure to cigarette smoke. a. Kate chooses to work overtime to earn extra income for her family. c. A. Option 4 Explanation: 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 . Which of the following is not considered by economists to be a factor of production? A university's football stadium is always sold out, and students who wait in line for hours may be turned away. 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. 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. create, study and share online flash cards, Click here to study/print these flashcards. Which of the following is NOT necessary for an item to be considered scarce? Which of the following best explains the decrease in production? When calculating the cost of college, which of the following should you probably not include? There are unlimited wants for these resources, but there are Which of the following is the correct way to describe equilibrium in a market? when everyone in that society cannot have all they want of the goodC. a. bread b. baseballs autographed by Babe Ruth c. motorcycles d. All of the above are correct; Answer: d 5. Suppose an economist develops a theory that higher food prices arise from higher gas prices. Gold, c. Time, d. All of the above are scarce goods. C. People respond to incentives. At any moment in time, there is a finite amount of resources available. b.a rational person driven by self-interest, A friend of yours asks you why market prices are better than government-determined prices. There are often many stations in a small geographic area that are equally convenient. answer choices . b. usually do so because they cannot get into college. The patient will pay what she can or what she must. 6. Her opportunity cost of working is. This situation requires people to make decisions about . d. all of the above except for b View the full answer. Get the detailed answer: Which of the following products would be considered scarce? Teresa is an 80-year old woman who you are seeing in an intake counseling session. 1. 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. This answer is: 2013-02-07 15:49:43. Picasso paintingsc.applesd. only 3% of total water found on earth. 2. A recent. 4. Which of the following products would be considered scarce? D. marginal benefit is greater than both the average cost and the marginal cost. oil . Economics is the study of a. production methods. Animals are widely seen as resource for humans, and as such pangolins,. 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. Assume that Greece has a comparative advantage in fish and Germany has a comparative advantage in cars. Diet Cola with lemon in it. a. Pickles b. Most businesses use scarce resources to produce goods and services in hopes of earning a profit for their owners. Suppose roses are currently selling for $40 per dozen, but the equilibrium price of roses is $30 per dozen. only a limited amount of resources in this world. a decrease in aggregate demand. c. scarce for house holds and scarce for economies. This short quiz does not count toward your grade in the class, and you can retake it an unlimited number of times. d. all costs are included in the price of the product. False. breadc. b. baseballs autographed by Babe Ruth . 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. Aldi is a no-frills grocery chain. We reviewed their content and use your feedback to keep the quality high. Question: 1. a. motorcyclesb. 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. Many coffee shops have developed branded drinks and specialized experiences in order toreduce substitutes and build customer loyalty. d. 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. As a result, there has been a significant decrease in the amount of beef produced. 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. One example of a product that would be considered scare would be Diet Cola with lemon in it. Which of the following would be synonymous with land to an economist . D. all of the above except for b. Which of the following would likely be studied by a microeconomist rather than a macroeconomist? Economic resources are scarce. People must face tradeoffs. c. the economy is producing efficiently. Which of the following goods would be considered scarce: a. be limited in quantity. Which of the following products would be considered scarce? Apple and Golf clubs are no rare as they can be man. a. increasing the production of one good by x units entails no opportunity cost in terms of the other good. 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. Increasingly, students have new options to buy the same textbooks from different distribution channels at different price points. b. plentiful for households but scare for economies. 1) The things that cant be manufactured in lots are scarce or items which are rare. a. bread O b. baseballs autographed by Babe Ruth c. motorcycles d. All of the above are correct. Buyers can choosebetween comparable products based on price. Which of the following demonstrates the law of supply? Essential medical procedures have inelastic demand. Demand for such products ismore inelastic. d. all the above are correct. d. What products to export. A. Last month, the economy produced 10 robots and 200 gallons of ice cream. b.exactly equals the quantity that sellers are willing and able to sell. Automobiles c. Baseballs autographed by Babe Ruth d. All of these choices are correct. B. marginal benefit is greater than the marginal cost. 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. If the federal government increases the minimum wage by $1.00 per hour, then it is likely that the. 12. Rational people think at the margin. 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. 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. 2. 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. . Refer to Table 1, what is the opportunity cost to Toyland of increasing the production of dolls from 200 to 300? You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Which of. Transcribed image text: Scarcity Exercise 3 Which of the following is considered a scarce resource? b. how society manages its scarce resources. Best Answer. c. pickles . Airline ticketsare sold in a fiercely competitive market. . 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. In most societies, resources are allocated by, 15. The introduction of new distribution channels is increasing options for buyers and having an impact onthe price elasticity for publishers. One example of a product that would be considered scare would be b. Suppose we observe an increase in the price of oranges. a. the number of hours needed to earn money t o buy the item. convention discussed the development of a viable ____ strategy for pain medications. a. This is an example of, b.a market failure caused by market power. There are hundreds of thousands of nonprofit organizations in the United States today. . Understanding scarcity and how it affects business can . d. plentiful for households and plentiful for economies. against each other and if the item or product is scarce. She earns $20 per hour for overtime work. All Rights Reserved. Which of the following is a principle concerning how people interact? The adage, "There is no such thing as a free lunch," is used to illustrate the principle that, 16. If she does not go to college, she will earn $18,000 working in a store and spend $8,000 on room and board. ANS: DDIF: 2REF: 1-0 d. All of the above are correct . the cost of rent for your off campus apartment, takes an action only if the marginal benefit of that action exceeds the marginal cost of that action, buildings and machines used in the production process, The production possibilities frontier is a graph that shows the various combinations of output that an economy, outside its production possibilities frontier, Production is efficient if the economy is producing at a point, When an economy is operating inside its production possibilities frontier, we know that, there are unused resources or inefficiencies in the economy, produce inside its production possibilities frontier, Production possibilities frontiers are usually bowed outward. Trade between countries tends to a. reduce competition and increase specialization. (0.5 point). The adage, "There is no such thing as a free lunch," means, 17. It sells grocery staples right out of crates and boxes. If price rises, what happens to quantity demanded for a product? 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. Also assume that Germany has an absolute advantage in both fish and cars. 1. Efficient production is represented by which point(s)? Efficiency means that: Definition. Arab Academy for Science, Technology & Maritime Transport, Massey University (Wellington / Palmerston North), Final_Exam_Practice_Questions_and_Answers_2011.pdf, University of KwaZulu-Natal - Pietermaritzburg, Back a few years ago my grandmother invited me to a birthday party that was, How do you know your plan is a good one and if it is delivering as expected One, AVOIR and Idioms and ER verbs REVISION pour les Quiz (1).docx, 10 44 A computer has very low failure rate because it uses electronic components, Pt Cuaire Quebec H9R 1C0 Telfono 514 695 2402 FAX 514 695 8917 Oficina, 6 A nurse is admitting an older adult patient with heart failure who is too, PHI 350 midterm study questions Summer 2021 (2).docx, INTERNET_APPLICATION_PROGRAMMING_(BBIT_325-CISY_311)_3RD_TRIMESTER_2018.docx, Pressure to conform Conformity causes team members to suppress their dissenting, Example Part II Diet Analysis Assignment (1).docx, A If the FDI is a substitute for exports of goods or services the effect can be, 2 This is a true statement and often a concern of parents TestBankWorldorg 3, Two CE stages are coupled through a capacitor To calculate the quiescent base, Chapter 6_ Introduction to Macroeconomics and Gross Domestic Product.pdf, june_2022_cape_pure_matnematics_u2_p032.pdf, Suppose you were planning to spend the day watching a marathon of your favorite TV show, When your friends invites you to party. 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 . b.limited wants and unlimited resources. Accessories do not have the same long-run impact on the firm as installations. (0.5 point). Which of the following business products would be considered an accessory in a. d. A. The resources that we valuetime, money, labor, tools, land, and raw materialsexist in limited supply. This condition is known as scarcity. a. air b. water in the ocean c. water in a city d. wood in a forest C. Which of the following products would be considered scarce? Which of the following will shift the supply curve for good x to the left? Therefore they (0.5 point). b. increasing unemployment We would expect a. b.surplus to exist and the market price of roses to decrease. All Rights Reserved. The demand for gasoline generally is fairly inelastic, especially in the short run. 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. a. obviously do not understand the value of a college education. Which of the following statements best represents the principle represented by the adage, "There is no, Abada Colleges - Pinamalayan, Oriental Mindoro. Production efficiency 6. Because you understand economic principles, you say that market-determined prices are better because they generally reflect. Expert Answer. 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. A. bread B. baseballs autographed by Babe Ruth C. motorcycles D. All of the above are correct. As a, result, smokers who live in Wyoming start purchasing their cigarettes in surrounding states. If she goes to college, she will spend. 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 . 2. TOP: ScarcityMSC: Interpretive 12. She holds a monopoly on the creation and delivery of that experience. Which of the following products would be considered scarce? Course Hero is not sponsored or endorsed by any college or university. Then an increase in the price of coffee will cause a(n). Youll have more success on the Self Check if youve completed the two Readings in this section. (0.5 point). b. people. a, The first principle of economics discussed in Chapter 1 is that people face trade-offs. Rational people think at the margin. Course Hero is not sponsored or endorsed by any college or university. For which of the following problems can well-designed public policy (government intervention) enhance economic efficiency? 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. There are simply never enough resources to meet all our needs and desires. As the price rises, the quantity demanded decreases while the quantity supplied increases. Natural disasters, consumer habits, international relations and other factors can influence scarcity. The word economy comes from the Greek word for "rational thinker." c.unlimited wants and limited resources. In this case, we know doctors visits are. As a result, your demand for peanut butter. D. All. Which of the following products would be considered scarce? b. increase both competition and specialization. Rational people think at the margin. A. c.decrease in the demand for sugar and a decrease in the quantity supplied of sugar. How does a market economy support nonprofit organizations? 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. b. 2. Suppose an economy only produces two goods, robots and ice cream. Which of the following products would be considered scarce? 200 fire trucks B. an increase in employment. Only Taylor Swift can offera Taylor Swift concert. 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. D. All of the above are correct . Using this vignette and an assessment form.
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