Economics Equity Quiz

What is the definition of equity in economics?

• A) A distribution that is just and fair

• B) A distribution that is equal for everyone

• C) A distribution that is based on seniority

• D) A distribution that ignores differences in workload

What does equity sometimes mean in economics?

• A) Equality

• B) Inequality

• C) Seniority

• D) Randomness

What does equity suggest about rewards in relation to workload and effort?

• A) Rewards should be proportionate with differences in workload and effort

• B) Rewards should be equal regardless of workload and effort

• C) Rewards should be based on seniority

• D) Rewards should be random

Which of the following is a reason for social/economic inequities according to the provided material?

• People have the same physical and mental abilities

• People differ in the degree of education and training that they receive

• All individuals are unwilling to work longer and harder

• The assumption of risk and responsibility is never rewarded

What is an example of an occupation where the assumption of risk and responsibility is usually rewarded?

• Office clerks

• Oil riggers

• Teachers

• Retail workers

Which of the following statements is true about social/economic inequities?

• All individuals have the same willingness to work

• People have different physical and mental abilities

• Education and training do not affect social/economic status

• Risk and responsibility are never rewarded

Which of the following is an example of how luck and health can influence income?

• High income families vs. low income families

• Winning the lottery

• Market power of McDonald's

• Regional economic disparities

What does market power mean in terms of income?

• Higher income due to discrimination

• Higher income due to family background

• Higher income due to size and power

• Higher income due to regional disparities

Which of the following factors can lead to discrimination affecting income?

• Market power

• Family background

• Age, gender, ethnicity, and disability

• Regional economic disparities

How can regional economic disparities affect communities?

• By increasing market power

• By causing large economic repercussions

• By improving family background

• By reducing discrimination