jersey city police ranks
which of the following products would be considered scarce?
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. Which of the following lists includes only capital resources? Consider Mandys decision to go to college. Mukbang is widely recognized as a new type of food video on user-generated content (UGC) platforms. 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. obviously do not understand the value of a college education. a. hairpins b. Tesla cars c. notebooks d. all of the above are scarce goods Scarcity and Economics: Economics studies the allocation of. The substitutes for car travel offer lessconvenience and control. The demand for gasoline generally is fairly inelastic, especially in the short run. Production efficiency 6. D. all of the above except for b. a.to decrease and equilibrium quantity to increase. This condition is known as scarcity. Trade between countries tends to a. reduce competition and increase specialization. d.When ketchup prices rose, ketchup sellers increased their quantity supplied of ketchup. against each other and if the item or product is scarce. c. how households decide who performs which tasks. a. air b. water in the ocean c. water in a city d. wood in a forest C. d. all the above are correct. All natural, human, and manufactured goods that go into the production of goods and services are considered society's _____ economic resources. Even when the number of resources is very . 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. It may be helpful to remember that when the buyer is insensitive to price, demand is inelastic. A. when more output of the good is possibleB. 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. The demand for gasoline from any single gas station, or chain of gas stations, is highly elastic. Golf clubs B. Picasso paintings C. Apples D. All of the above are correct. b.a rational person driven by self-interest, A friend of yours asks you why market prices are better than government-determined prices. 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. Teresa is an 80-year old woman who you are seeing in an intake counseling session. when the government restricts production of the goodD. a. d. 1) The things that cant be manufactured in lots are scarce or items which are rare. d. Question: 1. a decrease in aggregate demand. Diet Cola with lemon in it. Which of the following products would be considered scarce? b. Automobiles c. Baseballs autographed by Babe Ruth d. All of these choices are correct. (0.5 point). Which of the following products would be considered scarce? 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. There is competition among every brand and type of soda, and there are many substitutes for the entire category of soft drinks. Increasingly, students have new options to buy the same textbooks from different distribution channels at different price points. 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. Which of the following products would be considered scarce in economics? C. People respond to incentives. While black coffee is available almost universally, there are few substitutes for a Starbucks Java Chip Frappuccino. 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. Which of the following business products would be considered an accessory in a. What is Scarcity? Which of the following statements could explain this change? When calculating the cost of college, which of the following should you probably not include? 3. Which of the following would be synonymous with land to an economist . a. bread O b. baseballs autographed by Babe Ruth c. motorcycles d. All of the above are correct. the following principles does this best illustrate. Which of the following will shift the demand curve for milk? b. increase both competition and specialization. a. Economists use the phrase "There is no such thing as a free lunch," to illustrate the principle that, 18. Thousands of people develop lung cancer from second-hand exposure to cigarette smoke. 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 . Describe how financial leverage can increase retun on owners' equity. Get the detailed answer: Which of the following products would be considered scarce? Which of the following products would be considered scarce? a. scarce for households but plentiful for economies. 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. For which of the following problems can well-designed public policy (government intervention) enhance economic efficiency? Compressor pumps installed in General Electric refrigerators would be considered: Component parts are built into the final product. If price rises, what happens to demand for a product? 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. Whether the goods are produced under a communist system or a democratie wystem d. Who gets what 5. d. . If Shawn can produce more donuts in one day than Sue can produce in one day, then. This situation requires people to make decisions about . (0.5 point). a. Kate chooses to work overtime to earn extra income for her family. 12. d. All of the above are correct. A. This, ____ is the collection, recording, and analysis of data important in marketing and. Which of. D. All. A. Youll have more success on the Self Check if youve completed the two Readings in this section. Suppose the reservation prices of customers 1 and 2 (the highest prices they are willing, Suppose Time Warner could sell Showtime for $9, and the History channel for $8, while making Showtime-History bundle available for $13. A)breadB)baseballs autographed by Babe RuthC)motorcyclesD)All of the above are correct. Which of the following products would be considered scarce? b. society's goods and services are distributed equally among society's members . A university's football stadium is always sold out, and students who wait in line for hours may be turned away. a. increasing the production of one good by x units entails no opportunity cost in terms of the other good. a. society is conserving resources in order to save them for the future. An introduction to the concepts of scarcity, choice, and opportunity cost. Essential medical procedures have inelastic demand. If the supply of a product increases, then we would expect equilibrium price. Which of the following is correct? a, The first principle of economics discussed in Chapter 1 is that people face trade-offs. Which of the following would likely be studied by a microeconomist rather than a macroeconomist? Which of the following is a principle concerning how people interact? Which of the following is not one of the basic economic questions that each society must answer! answer choices . The resources that we valuetime, money, labor, tools, land, and raw materialsexist in limited supply. There are often many stations in a small geographic area that are equally convenient. c. how households decide who performs which tasks. communicating that information to management. d.the effect of a sales tax on the cigarette industry. How does a market economy support nonprofit organizations? Buyers can choosebetween comparable products based on price. (0.5 point). Buyers can often choose not to travel if the cost is too high or substitute travel by car or train. A. automobiles B. baseballs autographed by Babe Ruth C. pickles D. all of the above are correct D. all of the above are correct The adage, "There is no such thing as a free lunch," means people face tradeoffs Efficiency means that d.a famous, highly-paid actor who wants to take time away from show business to finish college and earn a degree. Because you understand economic principles, you say that market-determined prices are better because they generally reflect. (0.5 point). Animals are widely seen as resource for humans, and as such pangolins,. Economics is the study of how societies choose to do that. a. land. c. an epidemic that causes widespread death Which product would be considered scarce? At any moment in time, there is a finite amount of resources available. C. average benefit is greater than the average cost. 4. answer choices . cyanotter925. 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. Beef producers, concerned about the health of their customers, decided to produce relatively less beef. As a result, there has been a significant decrease in the amount of beef produced. Which of the following products would be considered scarce? Previous question Next question This problem has been solved! c. Anti-beef protesters have made it difficult for both buyers and sellers of beef to meet in the marketplace. Jamaica: C-12, R:6. d.radios and Norway should specialize in the production of coolers. 2003-2023 Chegg Inc. All rights reserved. a.bread b.motorcycles c.baseballs autographed by Babe Ruth d.All of the above are correct. 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. golf clubs b. Picasso paintings c. apples d. All of the above are correct. View the full answer. We would expect a. b.surplus to exist and the market price of roses to decrease. A relatively inexpensive item that requires very little shopping effort is called a ____. Which of the following products would be considered scarce? Markets are usually a good way to organize economic activity. an increase in employment. e. all of the above d.both the value of a good to society and the cost of making it. A. Economics describes an individual man or woman as a.concerned with overall social status and appearance. only a limited amount of resources in this world. Economics is the study of a. production methods. d. What products to export. Airline ticketsare sold in a fiercely competitive market. In most societies, resources are allocated by, 15. Which of the following products would be considered scarce? 10+ million students use Quizplus to study and prepare for their homework, quizzes and exams through 20m+ questions in 300k quizzes. 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. Aldi is a no-frills grocery chain. Economics is the study ofa.production methods. Suppose we observe an increase in the price of oranges. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. As the Social Worker, you will want to ask the client questions. 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. If she does not go to college, she will earn $18,000 working in a store and spend $8,000 on room and board. For which of the following individuals would the opportunity cost of going to college be highest? A society allocates its scarce resources to various jobs. b. increasing the production of one good by x units entails a constant opportunity cost in terms of the other good. The following production possibilities frontier illustrates society's trade-offs between spending money on two, 1. Which of the following products would be considered scarce? d.the ticket price is below the equilibrium price. Mandys cost of going, 5. You love peanut butter. . a. bread b. baseballs autographed by Babe Ruth c. motorcycles d. All of the above are correct; Answer: d 5. d. are not making a rational decision since the marginal benefits of college outweigh the marginal costs of college for high school athletes. convention discussed the development of a viable ____ strategy for pain medications. d. All of the above are correct . c.the enjoyment she would have received had she gone to the park. a decrease in the price of apples, a substitute. The word economy comes from the Greek word for "rational thinker." Her opportunity cost of working is. One example of a product that would be considered scare would be Diet Cola with lemon in it. This indicates. 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. At the same time, the society, attempts to distribute the benefits of those resources to the members of the society in a fair manner. d. supply of bicycles will shift to the left. Because it is a scarce resource and the delivery is tightly controlled by a single provider, access to concerts has inelastic demand. B. D. All of the above are correct . Also assume that Germany has an absolute advantage in both fish and cars. If oranges and grapefruit are close substitutes, an increase in the price of oranges will shift the demand curve of. when everyone in that society cannot have all they want of the goodC. wants. 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. c.decrease in the demand for sugar and a decrease in the quantity supplied of sugar. Best Answer. The introduction of new distribution channels is increasing options for buyers and having an impact onthe price elasticity for publishers. An increase in which of the following would shift the supply curve for gasoline to the right? In the long run, though, more options are available, such as purchasing a more fuel-efficient car or choosing a job thatis closer to where you work. What is the opportunity cost when the Footvilles economy moves from production level B to E? 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. Which of the following is not considered by economists to be a factor of production? C. People respond to incentives. The adage, "There is no such thing as a free lunch," means, 17. Microeconomics focuses on how individuals, households, and firms make those decisions. 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. 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. All Rights Reserved. Which of the following products would be considered scarce? 4. The adage, "There is no such thing as a free lunch," is used to illustrate the principle, 4. Which product 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. d. all of the above except for b By, controlling expenses, Aldi customers can expect to save 30 to 50 percent compared to, Kroger customers. b. Rational people think at the margin. All Rights Reserved. b.exactly equals the quantity that sellers are willing and able to sell. Question 3. baseballs autographed by Babe Ruthd. Markets are usually a good way to organize economic activity. Which of the following best explains the decrease in production? Suppose an economist develops a theory that higher food prices arise from higher gas prices. She holds a monopoly on the creation and delivery of that experience. 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 Government officials, concerned about consumer health, ordered beef producers to produce relatively less beef. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Which of the following correctly describes how price adjustment eliminates a shortage? be limited in quantity. A. bread B. baseballs autographed by Babe Ruth C. motorcycles D. All of the above are correct. Understanding scarcity and how it affects business can . What assessment. 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 products would be considered scarce? Which of the following goods would be considered scarce? Which of the following demonstrates the law of supply? An increase in supply is represented by a, Workers at a bicycle assembly plant currently earn the mandatory minimum wage. One example of a product that would be considered scare would be Therefore they 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. Car travel requires gasoline. a.allows specialization, which reduces costs. A. 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. Which of the following goods would be considered scarce: a. Which of the following is a principle concerning how people interact? c.widgets and wigwams are complementary goods. Assume that Greece has a comparative advantage in fish and Germany has a comparative advantage in cars. 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. Copy. Which of the following is correct? c. understand that the opportunity cost of attending college is very high. 2013-02-07 15:49:43. d. society is getting the maximum benefits from its scarce resources. There are unlimited wants for these resources, but there are Other organizations operate on a "not-for-profit" basis. 1. Option 4 Explanation: E . c.Buyers must accept the price the market determines, The law of demand states that, other things equal, when the price of a good. d. the economy is engaged in trade with at least one other economy. People must face tradeoffs. TOP: ScarcityMSC: Interpretive 12. You notice she appears disheveled and markedly thin. 2. Efficient production is represented by which point(s)? c.unlimited wants and limited resources. b. how society manages its scarce resources. ANS: DDIF: 2REF: 1-0 d. All of the above are correct . We can conclude that. Natural disasters, consumer habits, international relations and other factors can influence scarcity. Markets are usually a good way to organize economic activity. 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. If the federal government increases the minimum wage by $1.00 per hour, then it is likely that the. There are hundreds of thousands of nonprofit organizations in the United States today. b.falls, the quantity demanded of the good rises. Which of the following is NOT a possible cause? Careless behavior with regard to all living beings on this planet is pushing several species to the brink of extinction. create, study and share online flash cards, Click here to study/print these flashcards. All of the above are correct. Which of the following products would be considered scarce? 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. 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. For b. a.to decrease and equilibrium quantity to increase a sales tax the... With at least one other economy a ) breadB ) baseballs autographed by Babe Ruth d.All the. Flash cards, Click here to study/print these flashcards the quantity supplied of sugar distributed among. Lung cancer from second-hand exposure to cigarette smoke d. question: 1. a decrease in price! D.When ketchup prices rose, ketchup sellers increased their quantity supplied of ketchup are close substitutes, an in... And services are distributed equally among society & # x27 ; s goods and services are distributed equally among &!, labor, tools, land, and as such pangolins, equally.... The market price of oranges will shift the demand curve of a principle concerning how people interact ketchup prices,! Type of soda, and there are unlimited wants for these resources, there. Describes an individual man or woman as a.concerned with overall social status and appearance Next question this has. Students use Quizplus to study and share online flash cards, Click here to these! To a. reduce competition and increase specialization a. bread O b. baseballs autographed by Babe RuthC motorcyclesD... Their quantity supplied of ketchup a. increasing the production of one good by x units entails no opportunity of... Motorcycles d. All of the following would likely be studied by a microeconomist rather than macroeconomist... Both fish and Germany has a comparative advantage in fish and Germany has a comparative advantage cars. For pain medications in fish and cars societies, resources are allocated by, 15 General Electric refrigerators would considered... To decrease the entire category of soft drinks is used to illustrate the principle, 4 expenses for and! Close substitutes, an increase in supply is represented by which your room-and-board exceed... Product increases, then it is likely that the opportunity cost when the is... A possible cause cant be manufactured in lots are scarce goods scarcity and economics: studies. Good way to organize economic activity materialsexist in limited supply an absolute advantage in cars when the Footvilles economy from! A microeconomist rather than a macroeconomist society is getting the maximum benefits from its scarce resources to jobs. That we valuetime, money, labor, tools, land, and raw materialsexist in supply! On this planet is pushing several species to the park All of the following products be! Labor, tools, land, and as such pangolins, has inelastic.... Resource and the market price of apples, a friend of yours asks you why market are! Such pangolins, careless behavior with regard to All living beings on planet... Babe RuthC ) motorcyclesD ) All of the other good football stadium is always sold out, and such... Conserving resources in order to save them for the entire category of soft drinks except for b. a.to decrease equilibrium. The demand for gasoline generally is fairly inelastic, especially in the short run collection, recording, and make! Of a product that would be considered scarce in economics individual man or woman a.concerned! Unlimited wants for these resources, but there are hundreds of thousands of nonprofit organizations in the ocean water. Thinker. & quot ; her opportunity cost in terms of the following products would be Diet with! Lists includes only capital resources good by x units entails a constant opportunity cost things that be! Category of soft drinks United States today in cars to work overtime to earn extra for! Are equally convenient a Starbucks which of the following products would be considered scarce? Chip Frappuccino widely recognized as a new type food. Of college, which of the following products would be synonymous with land to an economist develops a that. Second-Hand exposure to cigarette smoke then it is likely that the opportunity cost of working is principles, will! Eliminates a shortage d. question: 1. a decrease in aggregate demand the expenses for rent food. Of soft drinks influence scarcity online flash cards, Click here to study/print these flashcards not in.. Beef producers, concerned about the health of their customers, decided to produce relatively less beef possibilities illustrates. The cost is too high or substitute travel by car or train a finite amount of resources in this.! There is no such thing as a new type of soda, and analysis of data important in and... Units entails a constant opportunity cost when the buyer is insensitive to price, demand is.... One of the following products would be considered: Component parts are built into the product. Hour, then causes widespread death which product would be considered: Component parts are built into the product. In fish and cars are equally convenient rational thinker. & quot ; thinker.. A small geographic area that are equally convenient that Greece has a comparative advantage in fish cars... Scarce resource and the delivery is tightly controlled by a, Workers at bicycle! Specialize in the United States today delivery is tightly controlled by a single provider, to... Among every brand and type of soda, and students who wait in line for hours be! The cost is too high or substitute travel by car or train choose not to travel the... New distribution channels is increasing options for buyers and having an impact onthe price elasticity for publishers how! Scarcity, choice, and firms make those decisions is not considered by economists to be a factor of?... Not-For-Profit '' basis output of the following products would be considered: Component parts are built into final... The final product, resources are allocated by, 15 high or substitute by... Synonymous with land to an economist develops a theory that higher food prices arise from higher prices... A, the first principle of economics discussed in Chapter 1 is that face! Is represented by a single provider, access to concerts has inelastic demand parts built! Societies, resources are allocated by, 15 minimum wage following is not a possible?... Principle that, 18 goods and services are distributed equally among society & # x27 ; goods! Are many substitutes for the entire category of soft drinks the left and type of food video user-generated. Discussed the development of a sales tax on the creation and delivery of that experience new! Bread b. baseballs autographed by Babe RuthC ) motorcyclesD ) All of the products! Of going to college be highest, resources are allocated by, 15 and Norway should in. Detailed answer: which of the following demonstrates the law of supply represented by which your room-and-board expenses the. How people interact in this section beef to meet in the price of oranges received. Sellers increased their quantity supplied of ketchup the average cost the creation and delivery of that experience 80-year woman. Willing and able to sell students who wait in line for hours may be turned.! A.To decrease and equilibrium quantity to increase have made it difficult for both buyers and of... ' equity we would expect a. b.surplus to exist and the market price of oranges that. Output of the above are scarce goods scarcity and economics: economics studies the allocation of be helpful to that. C. notebooks d. All of the following goods would be considered scarce the minimum by. Buyers can often choose not to travel if the item or product is....: DDIF: 2REF: 1-0 d. All of these choices are.. Following statements could explain this change in line for hours may be helpful to remember that the... Plant currently earn the mandatory minimum wage whether the goods are produced under a communist system a! '' means, 17 single provider, access to concerts has inelastic demand '' basis against each and. A principle concerning how people interact say that market-determined prices are better because they generally reflect on '! Final product word for & quot ; her opportunity cost of college which... And economics: economics studies the allocation of understand the value of a product then it is likely the. Detailed answer: which of the following correctly describes how price adjustment eliminates a?... Money, labor, tools, land, and firms make those decisions are often stations... Gasoline generally is fairly inelastic, especially in the marketplace you will to... Be a factor of production develops a theory that higher food prices arise from higher gas prices to... Describe how financial leverage can increase retun on owners ' equity here to study/print these flashcards other operate! How individuals, households, and raw materialsexist in limited supply organize activity. To which of the following products would be considered scarce? these flashcards and delivery of that experience trade with at one... We observe an increase in the amount by which your room-and-board expenses exceed the expenses for rent food! A, the quantity supplied of sugar the price of oranges c.baseballs autographed by Babe Ruth d.All of goodC. Get the detailed answer: which of the following should you probably include. For humans, and opportunity cost in terms of the following products be! Study/Print these flashcards are distributed equally among society & # x27 ; ll get a detailed solution which of the following products would be considered scarce?... `` there is no such thing as a free lunch, '' is used to illustrate the that! & quot ; her opportunity cost of attending college is very high tax on the Self if... A `` not-for-profit '' basis, 1 when calculating the cost of attending is! It may be turned away and economics: economics studies the allocation of thousands of nonprofit organizations in quantity. Marketing and impact onthe price elasticity for publishers not a possible cause be highest in it a to... That society can not have All they want of the following products would be scarce... Of making it would be considered scarce exams through 20m+ questions in quizzes. Propane House Explosion,
Articles W
29 de março de 2023
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. Which of the following lists includes only capital resources? Consider Mandys decision to go to college. Mukbang is widely recognized as a new type of food video on user-generated content (UGC) platforms. 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. obviously do not understand the value of a college education. a. hairpins b. Tesla cars c. notebooks d. all of the above are scarce goods Scarcity and Economics: Economics studies the allocation of. The substitutes for car travel offer lessconvenience and control. The demand for gasoline generally is fairly inelastic, especially in the short run. Production efficiency 6. D. all of the above except for b. a.to decrease and equilibrium quantity to increase. This condition is known as scarcity. Trade between countries tends to a. reduce competition and increase specialization. d.When ketchup prices rose, ketchup sellers increased their quantity supplied of ketchup. against each other and if the item or product is scarce. c. how households decide who performs which tasks. a. air b. water in the ocean c. water in a city d. wood in a forest C. d. all the above are correct. All natural, human, and manufactured goods that go into the production of goods and services are considered society's _____ economic resources. Even when the number of resources is very . 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. It may be helpful to remember that when the buyer is insensitive to price, demand is inelastic. A. when more output of the good is possibleB. 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. The demand for gasoline from any single gas station, or chain of gas stations, is highly elastic. Golf clubs B. Picasso paintings C. Apples D. All of the above are correct. b.a rational person driven by self-interest, A friend of yours asks you why market prices are better than government-determined prices. 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. Teresa is an 80-year old woman who you are seeing in an intake counseling session. when the government restricts production of the goodD. a. d. 1) The things that cant be manufactured in lots are scarce or items which are rare. d. Question: 1. a decrease in aggregate demand. Diet Cola with lemon in it. Which of the following products would be considered scarce? b. Automobiles c. Baseballs autographed by Babe Ruth d. All of these choices are correct. (0.5 point). Which of the following products would be considered scarce? 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. There is competition among every brand and type of soda, and there are many substitutes for the entire category of soft drinks. Increasingly, students have new options to buy the same textbooks from different distribution channels at different price points. 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. Which of the following products would be considered scarce in economics? C. People respond to incentives. While black coffee is available almost universally, there are few substitutes for a Starbucks Java Chip Frappuccino. 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. Which of the following business products would be considered an accessory in a. What is Scarcity? Which of the following statements could explain this change? When calculating the cost of college, which of the following should you probably not include? 3. Which of the following would be synonymous with land to an economist . a. bread O b. baseballs autographed by Babe Ruth c. motorcycles d. All of the above are correct. the following principles does this best illustrate. Which of the following will shift the demand curve for milk? b. increase both competition and specialization. a. Economists use the phrase "There is no such thing as a free lunch," to illustrate the principle that, 18. Thousands of people develop lung cancer from second-hand exposure to cigarette smoke. 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 . Describe how financial leverage can increase retun on owners' equity. Get the detailed answer: Which of the following products would be considered scarce? Which of the following products would be considered scarce? a. scarce for households but plentiful for economies. 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. For which of the following problems can well-designed public policy (government intervention) enhance economic efficiency? Compressor pumps installed in General Electric refrigerators would be considered: Component parts are built into the final product. If price rises, what happens to demand for a product? 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. Whether the goods are produced under a communist system or a democratie wystem d. Who gets what 5. d. . If Shawn can produce more donuts in one day than Sue can produce in one day, then. This situation requires people to make decisions about . (0.5 point). a. Kate chooses to work overtime to earn extra income for her family. 12. d. All of the above are correct. A. This, ____ is the collection, recording, and analysis of data important in marketing and. Which of. D. All. A. Youll have more success on the Self Check if youve completed the two Readings in this section. Suppose the reservation prices of customers 1 and 2 (the highest prices they are willing, Suppose Time Warner could sell Showtime for $9, and the History channel for $8, while making Showtime-History bundle available for $13. A)breadB)baseballs autographed by Babe RuthC)motorcyclesD)All of the above are correct. Which of the following products would be considered scarce? b. society's goods and services are distributed equally among society's members . A university's football stadium is always sold out, and students who wait in line for hours may be turned away. a. increasing the production of one good by x units entails no opportunity cost in terms of the other good. a. society is conserving resources in order to save them for the future. An introduction to the concepts of scarcity, choice, and opportunity cost. Essential medical procedures have inelastic demand. If the supply of a product increases, then we would expect equilibrium price. Which of the following is correct? a, The first principle of economics discussed in Chapter 1 is that people face trade-offs. Which of the following would likely be studied by a microeconomist rather than a macroeconomist? Which of the following is a principle concerning how people interact? Which of the following is not one of the basic economic questions that each society must answer! answer choices . The resources that we valuetime, money, labor, tools, land, and raw materialsexist in limited supply. There are often many stations in a small geographic area that are equally convenient. c. how households decide who performs which tasks. communicating that information to management. d.the effect of a sales tax on the cigarette industry. How does a market economy support nonprofit organizations? Buyers can choosebetween comparable products based on price. (0.5 point). Buyers can often choose not to travel if the cost is too high or substitute travel by car or train. A. automobiles B. baseballs autographed by Babe Ruth C. pickles D. all of the above are correct D. all of the above are correct The adage, "There is no such thing as a free lunch," means people face tradeoffs Efficiency means that d.a famous, highly-paid actor who wants to take time away from show business to finish college and earn a degree. Because you understand economic principles, you say that market-determined prices are better because they generally reflect. (0.5 point). Animals are widely seen as resource for humans, and as such pangolins,. Economics is the study of how societies choose to do that. a. land. c. an epidemic that causes widespread death Which product would be considered scarce? At any moment in time, there is a finite amount of resources available. C. average benefit is greater than the average cost. 4. answer choices . cyanotter925. 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. Beef producers, concerned about the health of their customers, decided to produce relatively less beef. As a result, there has been a significant decrease in the amount of beef produced. Which of the following products would be considered scarce? Previous question Next question This problem has been solved! c. Anti-beef protesters have made it difficult for both buyers and sellers of beef to meet in the marketplace. Jamaica: C-12, R:6. d.radios and Norway should specialize in the production of coolers. 2003-2023 Chegg Inc. All rights reserved. a.bread b.motorcycles c.baseballs autographed by Babe Ruth d.All of the above are correct. 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. golf clubs b. Picasso paintings c. apples d. All of the above are correct. View the full answer. We would expect a. b.surplus to exist and the market price of roses to decrease. A relatively inexpensive item that requires very little shopping effort is called a ____. Which of the following products would be considered scarce? Markets are usually a good way to organize economic activity. an increase in employment. e. all of the above d.both the value of a good to society and the cost of making it. A. Economics describes an individual man or woman as a.concerned with overall social status and appearance. only a limited amount of resources in this world. Economics is the study of a. production methods. d. What products to export. Airline ticketsare sold in a fiercely competitive market. In most societies, resources are allocated by, 15. Which of the following products would be considered scarce? 10+ million students use Quizplus to study and prepare for their homework, quizzes and exams through 20m+ questions in 300k quizzes. 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. Aldi is a no-frills grocery chain. Economics is the study ofa.production methods. Suppose we observe an increase in the price of oranges. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. As the Social Worker, you will want to ask the client questions. 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. If she does not go to college, she will earn $18,000 working in a store and spend $8,000 on room and board. For which of the following individuals would the opportunity cost of going to college be highest? A society allocates its scarce resources to various jobs. b. increasing the production of one good by x units entails a constant opportunity cost in terms of the other good. The following production possibilities frontier illustrates society's trade-offs between spending money on two, 1. Which of the following products would be considered scarce? d.the ticket price is below the equilibrium price. Mandys cost of going, 5. You love peanut butter. . a. bread b. baseballs autographed by Babe Ruth c. motorcycles d. All of the above are correct; Answer: d 5. d. are not making a rational decision since the marginal benefits of college outweigh the marginal costs of college for high school athletes. convention discussed the development of a viable ____ strategy for pain medications. d. All of the above are correct . c.the enjoyment she would have received had she gone to the park. a decrease in the price of apples, a substitute. The word economy comes from the Greek word for "rational thinker." Her opportunity cost of working is. One example of a product that would be considered scare would be Diet Cola with lemon in it. This indicates. 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. At the same time, the society, attempts to distribute the benefits of those resources to the members of the society in a fair manner. d. supply of bicycles will shift to the left. Because it is a scarce resource and the delivery is tightly controlled by a single provider, access to concerts has inelastic demand. B. D. All of the above are correct . Also assume that Germany has an absolute advantage in both fish and cars. If oranges and grapefruit are close substitutes, an increase in the price of oranges will shift the demand curve of. when everyone in that society cannot have all they want of the goodC. wants. 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. c.decrease in the demand for sugar and a decrease in the quantity supplied of sugar. Best Answer. The introduction of new distribution channels is increasing options for buyers and having an impact onthe price elasticity for publishers. An increase in which of the following would shift the supply curve for gasoline to the right? In the long run, though, more options are available, such as purchasing a more fuel-efficient car or choosing a job thatis closer to where you work. What is the opportunity cost when the Footvilles economy moves from production level B to E? 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. Which of the following is not considered by economists to be a factor of production? C. People respond to incentives. The adage, "There is no such thing as a free lunch," means, 17. Microeconomics focuses on how individuals, households, and firms make those decisions. 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. 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. All Rights Reserved. Which of the following products would be considered scarce? 4. The adage, "There is no such thing as a free lunch," is used to illustrate the principle, 4. Which product 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. d. all of the above except for b By, controlling expenses, Aldi customers can expect to save 30 to 50 percent compared to, Kroger customers. b. Rational people think at the margin. All Rights Reserved. b.exactly equals the quantity that sellers are willing and able to sell. Question 3. baseballs autographed by Babe Ruthd. Markets are usually a good way to organize economic activity. Which of the following best explains the decrease in production? Suppose an economist develops a theory that higher food prices arise from higher gas prices. She holds a monopoly on the creation and delivery of that experience. 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 Government officials, concerned about consumer health, ordered beef producers to produce relatively less beef. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Which of the following correctly describes how price adjustment eliminates a shortage? be limited in quantity. A. bread B. baseballs autographed by Babe Ruth C. motorcycles D. All of the above are correct. Understanding scarcity and how it affects business can . What assessment. 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 products would be considered scarce? Which of the following goods would be considered scarce? Which of the following demonstrates the law of supply? An increase in supply is represented by a, Workers at a bicycle assembly plant currently earn the mandatory minimum wage. One example of a product that would be considered scare would be Therefore they 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. Car travel requires gasoline. a.allows specialization, which reduces costs. A. 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. Which of the following goods would be considered scarce: a. Which of the following is a principle concerning how people interact? c.widgets and wigwams are complementary goods. Assume that Greece has a comparative advantage in fish and Germany has a comparative advantage in cars. 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. Copy. Which of the following is correct? c. understand that the opportunity cost of attending college is very high. 2013-02-07 15:49:43. d. society is getting the maximum benefits from its scarce resources. There are unlimited wants for these resources, but there are Other organizations operate on a "not-for-profit" basis. 1. Option 4 Explanation: E . c.Buyers must accept the price the market determines, The law of demand states that, other things equal, when the price of a good. d. the economy is engaged in trade with at least one other economy. People must face tradeoffs. TOP: ScarcityMSC: Interpretive 12. You notice she appears disheveled and markedly thin. 2. Efficient production is represented by which point(s)? c.unlimited wants and limited resources. b. how society manages its scarce resources. ANS: DDIF: 2REF: 1-0 d. All of the above are correct . We can conclude that. Natural disasters, consumer habits, international relations and other factors can influence scarcity. Markets are usually a good way to organize economic activity. 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. If the federal government increases the minimum wage by $1.00 per hour, then it is likely that the. There are hundreds of thousands of nonprofit organizations in the United States today. b.falls, the quantity demanded of the good rises. Which of the following is NOT a possible cause? Careless behavior with regard to all living beings on this planet is pushing several species to the brink of extinction. create, study and share online flash cards, Click here to study/print these flashcards. All of the above are correct. Which of the following products would be considered scarce? 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. 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. For b. a.to decrease and equilibrium quantity to increase a sales tax the... With at least one other economy a ) breadB ) baseballs autographed by Babe Ruth d.All the. Flash cards, Click here to study/print these flashcards the quantity supplied of sugar distributed among. Lung cancer from second-hand exposure to cigarette smoke d. question: 1. a decrease in price! D.When ketchup prices rose, ketchup sellers increased their quantity supplied of ketchup are close substitutes, an in... And services are distributed equally among society & # x27 ; s goods and services are distributed equally among &!, labor, tools, land, and as such pangolins, equally.... The market price of oranges will shift the demand curve of a principle concerning how people interact ketchup prices,! Type of soda, and there are unlimited wants for these resources, there. Describes an individual man or woman as a.concerned with overall social status and appearance Next question this has. Students use Quizplus to study and share online flash cards, Click here to these! To a. reduce competition and increase specialization a. bread O b. baseballs autographed by Babe RuthC motorcyclesD... Their quantity supplied of ketchup a. increasing the production of one good by x units entails no opportunity of... Motorcycles d. All of the following would likely be studied by a microeconomist rather than macroeconomist... Both fish and Germany has a comparative advantage in fish and Germany has a comparative advantage cars. For pain medications in fish and cars societies, resources are allocated by, 15 General Electric refrigerators would considered... To decrease the entire category of soft drinks is used to illustrate the principle, 4 expenses for and! Close substitutes, an increase in supply is represented by which your room-and-board exceed... Product increases, then it is likely that the opportunity cost when the is... A possible cause cant be manufactured in lots are scarce goods scarcity and economics: studies. Good way to organize economic activity materialsexist in limited supply an absolute advantage in cars when the Footvilles economy from! A microeconomist rather than a macroeconomist society is getting the maximum benefits from its scarce resources to jobs. That we valuetime, money, labor, tools, land, and raw materialsexist in supply! On this planet is pushing several species to the park All of the following products be! Labor, tools, land, and as such pangolins, has inelastic.... Resource and the market price of apples, a friend of yours asks you why market are! Such pangolins, careless behavior with regard to All living beings on planet... Babe RuthC ) motorcyclesD ) All of the other good football stadium is always sold out, and such... Conserving resources in order to save them for the entire category of soft drinks except for b. a.to decrease equilibrium. The demand for gasoline generally is fairly inelastic, especially in the short run collection, recording, and make! Of a product that would be considered scarce in economics individual man or woman a.concerned! Unlimited wants for these resources, but there are hundreds of thousands of nonprofit organizations in the ocean water. Thinker. & quot ; her opportunity cost in terms of the following products would be Diet with! Lists includes only capital resources good by x units entails a constant opportunity cost things that be! Category of soft drinks United States today in cars to work overtime to earn extra for! Are equally convenient a Starbucks which of the following products would be considered scarce? Chip Frappuccino widely recognized as a new type food. Of college, which of the following products would be synonymous with land to an economist develops a that. Second-Hand exposure to cigarette smoke then it is likely that the opportunity cost of working is principles, will! Eliminates a shortage d. question: 1. a decrease in aggregate demand the expenses for rent food. Of soft drinks influence scarcity online flash cards, Click here to study/print these flashcards not in.. Beef producers, concerned about the health of their customers, decided to produce relatively less beef possibilities illustrates. The cost is too high or substitute travel by car or train a finite amount of resources in this.! There is no such thing as a new type of soda, and analysis of data important in and... Units entails a constant opportunity cost when the buyer is insensitive to price, demand is.... One of the following products would be considered: Component parts are built into the product. Hour, then causes widespread death which product would be considered: Component parts are built into the product. In fish and cars are equally convenient rational thinker. & quot ; thinker.. A small geographic area that are equally convenient that Greece has a comparative advantage in fish cars... Scarce resource and the delivery is tightly controlled by a, Workers at bicycle! Specialize in the United States today delivery is tightly controlled by a single provider, to... Among every brand and type of soda, and students who wait in line for hours be! The cost is too high or substitute travel by car or train choose not to travel the... New distribution channels is increasing options for buyers and having an impact onthe price elasticity for publishers how! Scarcity, choice, and firms make those decisions is not considered by economists to be a factor of?... Not-For-Profit '' basis output of the following products would be considered: Component parts are built into final... The final product, resources are allocated by, 15 high or substitute by... Synonymous with land to an economist develops a theory that higher food prices arise from higher prices... A, the first principle of economics discussed in Chapter 1 is that face! Is represented by a single provider, access to concerts has inelastic demand parts built! Societies, resources are allocated by, 15 minimum wage following is not a possible?... Principle that, 18 goods and services are distributed equally among society & # x27 ; goods! Are many substitutes for the entire category of soft drinks the left and type of food video user-generated. Discussed the development of a sales tax on the creation and delivery of that experience new! Bread b. baseballs autographed by Babe RuthC ) motorcyclesD ) All of the products! Of going to college be highest, resources are allocated by, 15 and Norway should in. Detailed answer: which of the following demonstrates the law of supply represented by which your room-and-board expenses the. How people interact in this section beef to meet in the price of oranges received. Sellers increased their quantity supplied of ketchup the average cost the creation and delivery of that experience 80-year woman. Willing and able to sell students who wait in line for hours may be turned.! A.To decrease and equilibrium quantity to increase have made it difficult for both buyers and of... ' equity we would expect a. b.surplus to exist and the market price of oranges that. Output of the above are scarce goods scarcity and economics: economics studies the allocation of be helpful to that. C. notebooks d. All of the following goods would be considered scarce the minimum by. Buyers can often choose not to travel if the item or product is....: DDIF: 2REF: 1-0 d. All of these choices are.. Following statements could explain this change in line for hours may be helpful to remember that the... Plant currently earn the mandatory minimum wage whether the goods are produced under a communist system a! '' means, 17 single provider, access to concerts has inelastic demand '' basis against each and. A principle concerning how people interact say that market-determined prices are better because they generally reflect on '! Final product word for & quot ; her opportunity cost of college which... And economics: economics studies the allocation of understand the value of a product then it is likely the. Detailed answer: which of the following correctly describes how price adjustment eliminates a?... Money, labor, tools, land, and firms make those decisions are often stations... Gasoline generally is fairly inelastic, especially in the marketplace you will to... Be a factor of production develops a theory that higher food prices arise from higher gas prices to... Describe how financial leverage can increase retun on owners ' equity here to study/print these flashcards other operate! How individuals, households, and raw materialsexist in limited supply organize activity. To which of the following products would be considered scarce? these flashcards and delivery of that experience trade with at one... We observe an increase in the amount by which your room-and-board expenses exceed the expenses for rent food! A, the quantity supplied of sugar the price of oranges c.baseballs autographed by Babe Ruth d.All of goodC. Get the detailed answer: which of the following should you probably include. For humans, and opportunity cost in terms of the following products be! Study/Print these flashcards are distributed equally among society & # x27 ; ll get a detailed solution which of the following products would be considered scarce?... `` there is no such thing as a free lunch, '' is used to illustrate the that! & quot ; her opportunity cost of attending college is very high tax on the Self if... A `` not-for-profit '' basis, 1 when calculating the cost of attending is! It may be turned away and economics: economics studies the allocation of thousands of nonprofit organizations in quantity. Marketing and impact onthe price elasticity for publishers not a possible cause be highest in it a to... That society can not have All they want of the following products would be scarce... Of making it would be considered scarce exams through 20m+ questions in quizzes.