Unit 1: Standard 2 Flashcard Review

Unit 1: Standard 2 Flashcard Review

Assessment

Flashcard

Social Studies

12th Grade

Practice Problem

Hard

GA.9-12.SSEF2

Standards-aligned

Created by

Wayground Content

FREE Resource

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20 questions

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1.

FLASHCARD QUESTION

Front

What is the definition of marginal benefit in economics?

Back

The additional benefit received from consuming one more unit of a good

Tags

GA.9-12.SSEF2

2.

FLASHCARD QUESTION

Front

Which term describes the additional cost incurred from producing one more unit of a good?

Back

Marginal cost

Tags

GA.9-12.SSEF2

3.

FLASHCARD QUESTION

Front

What does it mean when marginal benefit equals marginal cost?

Back

The action is rational

Tags

GA.9-12.SSEF2

4.

FLASHCARD QUESTION

Front

Which of the following is an example of a positive incentive for individuals? A tax on cigarettes, A fine for littering, A scholarship for good grades, A penalty for late library books

Back

A scholarship for good grades

Tags

GA.9-12.SSEF2

5.

FLASHCARD QUESTION

Front

Who can respond to incentives in predictable ways according to economic theory?

Back

Individuals, businesses, and governments

Tags

GA.9-12.SSEF2

6.

FLASHCARD QUESTION

Front

If the marginal cost of producing a product is 5 and the marginal benefit is 7, what should a rational business do?

Back

Increase production

Tags

GA.9-12.SSEF2

7.

FLASHCARD QUESTION

Front

A government offers a tax credit for installing solar panels. What type of incentive is this?

Back

Positive incentive

Tags

GA.9-12.SSEF2

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