What are rewards that are offered to try to get people to take certain economic actions?

Economic Concepts Quiz

Quiz
•
Social Studies
•
12th Grade
•
Medium
Morgan Tedder
Used 10+ times
FREE Resource
67 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Incentives
Penalties
Taxes
Subsidies
2.
FILL IN THE BLANK QUESTION
30 sec • 1 pt
The wants and needs of people are restricted by _______________.
3.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
A clothing company manufactures 500 anniversary editions of a shirt. Since there are so few shirts to sell, what effect will this likely have on the price of the shirt?
The price will likely increase due to limited supply.
The price will likely decrease due to limited supply.
The price will remain the same regardless of supply.
The price will fluctuate randomly.
4.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Which term refers to the government-set maximum price that can be charged for goods and services?
Price Floor
Price Ceiling
Market Price
Equilibrium Price
5.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
What is the minimum wage?
$7.25 per hour
$10.00 per hour
$15.00 per hour
$20.00 per hour
6.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
How are prices set in a competitive market?
By government regulation
By individual sellers
By supply and demand
By consumer preferences
7.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
When a business concentrates on goods or services that it can produce better than anyone, it is using:
specialization
diversification
integration
globalization
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