Unit 1: CFA 2 (Standard 2) Review

Quiz
•
Social Studies
•
12th Grade
•
Easy
Standards-aligned
Cory McCracken
Used 13+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the definition of marginal benefit in economics?
The total benefit received from consuming all units of a good
The additional benefit received from consuming one more unit of a good
The total cost of producing a good
The additional cost of producing one more unit of a good
Tags
GA.9-12.SSEF2
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which term describes the additional cost incurred from producing one more unit of a good?
Total cost
Marginal cost
Fixed cost
Sunk cost
Tags
GA.9-12.SSEF2
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does it mean when marginal benefit equals marginal cost?
The action should not be taken
The action is irrational
The action is rational
The action is impossible
Tags
GA.9-12.SSEF2
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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
Tags
GA.9-12.SSEF2
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who can respond to incentives in predictable ways according to economic theory?
Only individuals
Only businesses
Only governments
Individuals, businesses, and governments
Tags
GA.9-12.SSEF2
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the marginal cost of producing a product is 5 and the marginal benefit is 7, what should a rational business do?
Stop production
Increase production
Decrease production
Ignore the costs and benefits
Tags
GA.9-12.SSEF2
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A government offers a tax credit for installing solar panels. What type of incentive is this?
Negative incentive
Positive incentive
No incentive
Marginal incentive
Tags
GA.9-12.SSEF2
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