Unit 1: CFA 2 (Standard 2) Review

Unit 1: CFA 2 (Standard 2) Review

12th Grade

20 Qs

quiz-placeholder

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Unit 1: CFA 2 (Standard 2) Review

Unit 1: CFA 2 (Standard 2) Review

Assessment

Quiz

Social Studies

12th Grade

Easy

GA.9-12.SSEF2

Standards-aligned

Created by

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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