Economics quiz 1

• What is an example of an incentive a business uses to get more customers?

• RAISING the prices of items

• LOWERING prices

• Less options

What are factors of productivity. (Select ALL that apply.)

• Education

• Training

• The amount of capital per worker

If someone has more expenses than income, then they have incurred ____.

What is the condition of being without a job.

• Unemployment

• Having 2 jobs

• Having 3 jobs

If a price goes down, the quantity demanded will (a)   .

• increase
• decrease
• remain the same
• fluctuate

If someone has more income than expenses, they have a _______, or money left over.

• What are three ways unemployment can occur?

  • (Select the THREE correct answers)

• Jobs are outsourced

• Technology advances

• Laid Off

• None of the above

_____ is the price of labor in the economy.

• demand

• supply

• Wages

• debt

This occurs when the general price level of goods and services in an economy decreases

• Supply

• Deflation

• demand

• PlayStation

Why would the government give money to people that are unemployed? (Select the two correct answers).

• All of the above

• To help them sustain themselves and their families while they look for a job

• To help stabilize the economy during recessions by redistributing income to households in need

• None of these are correct