Economics Quizzes Unit 1 Quiz 2 2024 PRACTICE

Name the type of Incentive: If Samuel is late to school 5 times he will receive Saturday Work Detail

• Negative

• Both

• Positive

• Neither

Identify the type of Incentive: You receive a bonus for achieving your sales target

• Neither

• Both

• Negative

• Positive

Identify the type of Incentive: You complete your chores because your parents promise you an extra hour of video game time.

• Neither

• Negative

• Positive

• Both

Is the following scenario a positive or negative incentive? The government decides to provide a tax rebate for electric vehicle purchases.

• Neither

• Both

• Positive

• Negative

Michael is deciding whether to buy a new laptop. He weights out the pros and cons, he will make a Rational decision if he chooses a car where the....

• marginal benefits is greater than the marginal costs

• marginal benefits is greater than or equal to marginal cost

• Whenever your choice is greater than your opportunity cost

• When you see the value of the next best alternative

When I first try a new dish, it's delicious. The second time it's still good, but by the fifth time I can't stand it. What economic principle does this illustrate?

• Diminishing Marginal Utility

• Diminishing Total Utility

• Law of increasing opportunity cost

• Decreasing demand

There are 8 teachers in a school, each specializing in a different subject. What does this represent?

• Division of Labor

• Entrepreneurship

• Incentives

• Productivity

Why does Indonesia produce more textiles than the United States, even though the United States has the capability to produce more?

• Indonesia can produce them at a lower opportunity cost

• United States workers prefer other industries

• Because the textile industry is not profitable in the United States

• Because Indonesia lacks the technology for other industries