WorksheetsCh1 Incentives
Total questions: 12
Worksheet time: 6mins
Laissez-faire means...
natural rights
iron law of wages
let it be
tabula rasa
Who developed laissez-faire economics as a en economic philosophy?
Adam Smith
Karl Marx
John Locke
Louis XVI
Adam's Smith most influential work was
Wealth of Nations
Granting Patents
Starting the Economy
None of these
Adam's Smith is best know for publishing "An Inquiry into the Nature & Causes...". It is actually known as
None of these
The Wealth of Nation, divided into six books
Adam Smith Biography in a newspaper interview
Patent Law introduced in a magazine article
What is Adam Smith's Division of Labor?
divide the work into morning shift or afternoon shift
changing work from full time to part time
breaking down processes into specific steps so one person could develop a specialty
None of these
According to Adam Smith what was the most efficient way to produce pins? Hire one employee to do everything? or Hire three employees so each could do each part?
None of these
None of these
Adam Smith is considered the _____________ of Capitalism.
Son
Father
Child
Parent
An example of how a Business Incentive MOTIVATE Workers to do their best is
offer "employee of the month" reward
threatening them with getting fired
reduce a workers pay
None of these
What is an incentive?
encourages specific behavior and helps to motivate an individual to take specific action
a bribe to make you afraid
an offer to make a deal that causes worry if you do not act a specific way
none of these
An example of how a Business Incentive MOTIVATE Consumers to buy their product is
offer "children eat free" with paid adult at a restaurant
threatening a customer with no more merchandise
place fear into customer to buy or get a price increase
None of these
What is an example of a Government incentive to a PRODUCER?
Move your company to a third world country and pay less taxes.
Create an energy efficient building for your company and pay less taxes.
Create more jobs outside the United States and receive a tax break.
None of these
The government will encourage citizens (employees) to save for retirement by
threatening employees to pay more taxes if they do not save all of their pay check
creating commercials with tax payer money
None of these
allowing employees to create a 401K (retirement savings) account that reduces their taxes
