Quizizz--Economics (Module 3--Element 1.9)--Creating Value Not J

According to Adam Smith, what is the primary motivation for the production of goods and services?

• Benevolence of producers

• Government regulations

• Regard for their own interest

• Consumer demand

What was the main objective of the Agricultural Adjustment Act (AAA) passed in 1933?

• Increase agricultural production

• Reduce supply to prevent price drops

• Promote international trade

• Encourage technological innovation

What was one of the actions taken under the AAA to reduce agricultural supply?

• Importing more crops

• Paying farmers to plant more

• Plowing under portions of crops

• Increasing livestock production

What happened to the Agricultural Adjustment Act in 1936?

• It was expanded

• It was declared unconstitutional

• It was renewed

• It was ignored by farmers

What was the main goal of the 2009 "Cash for Clunkers" program?

• To increase the production of new cars

• To promote prosperity by destroying productive assets

• To reduce the price of used cars

• To provide free cars to low-income families

How much were car dealers paid to destroy older cars under the "Cash for Clunkers" program?

• $1,000 to $2,000

• $2,500 to $3,000

• $3,500 to $4,500

• $5,000 to $6,000

What was the total amount of subsidies provided by taxpayers for new car purchases in the "Cash for Clunkers" program?

• $1 billion

• $2 billion

• $3 billion

• $4 billion

Approximately how many used cars were destroyed under the "Cash for Clunkers" program?

• 500,000

• 600,000

• 700,000

• 800,000

What is the main argument against destroying automobiles every year?

• It would increase the scarcity of products.

• It would generate new-car sales.

• It would improve the general populace's well-being.

• It would reduce the consumption value of goods.

What is one effect of government subsidies on ethanol production?

• Decrease in food prices.

• Increase in the cost of obtaining energy.

• Reduction in environmental impact.

• Lower gasoline prices.