Multiple Choice Questions

Tasty Treat Tea is an elastic good because it is more of a want than a need.
  • Which is an example of a positive incentive for consumers?
  • The government has set a price floor on bread. Manufacturers cannot sell loaves for less than $5.00, which is a dollar above the market price. What will most likely result from this price control?
  • Tasty Treat Tea is a popular iced tea drink. When the manufacturer begins to use imported tea leaves, the price rises and consumer demand for the drink falls. This suggests that
  • Which statement best describes incentives?
a price floor.
  • On this graph, the top horizontal line represents
  • Which is an example of a product that is considered a need?
  • Which is an example of a positive incentive for consumers?
  • The lowest amount a manufacturer can pay factory workers is an example of
its supply or demand is not sensitive to price changes.
  • On this graph, the top horizontal line represents
  • In economics, if a good is inelastic,
  • Which statement best describes incentives?
  • Price controls on goods can be set by
governments
  • Which statement best describes incentives?
  • In economics, if a good is inelastic,
  • Which is an example of a product that is considered a need?
  • Price controls on goods can be set by
a price floor set above equilibrium.
  • On this graph, the top horizontal line represents
  • Which is an example of a positive incentive for consumers?
  • Which statement best describes incentives?
  • The lowest amount a manufacturer can pay factory workers is an example of
a coupon clipped from a newspaper
  • Which is an example of a product that is considered a need?
  • On this graph, the top horizontal line represents
  • Which statement best describes incentives?
  • Which is an example of a positive incentive for consumers?
Which is an example of a product that is considered a need?
  • inelastic when the price changes.
  • avoid additional charges.
  • Incentives can be positive or negative.
  • breakfast food
The government has set a price floor on bread. Manufacturers cannot sell loaves for less than $5.00, which is a dollar above the market price. What will most likely result from this price control?
  • the amount produced greatly changes with the price.
  • b and e
  • a price floor set above equilibrium
  • The quantity demanded for bread will decrease, and the quantity supplied will increase.
Which statement best describes incentives?
  • inelastic when the price changes.
  • Incentives can be positive or negative.
  • breakfast food
  • its supply or demand is not sensitive to price changes.
A consumer might respond to a negative incentive because it could be a chance to
  • breakfast food
  • avoid additional charges.
  • a price floor set above equilibrium
  • inelastic when the price changes.
The graph shows the price of green tea compared to the amount supplied by producers.What does this graph suggest about green tea? Check all that apply.
  • The quantity demanded for bread will decrease, and the quantity supplied will increase.
  • a price floor set above equilibrium
  • b and e
  • the amount produced greatly changes with the price.
The graph shows the price of a good compared to the quantity supplied.This graph demonstrates how
  • a price floor set above equilibrium
  • b and e
  • the amount produced greatly changes with the price.
  • The quantity demanded for bread will decrease, and the quantity supplied will increase.
The graph shows the price of a good compared to the quantity demanded and the quantity supplied.On this graph, what does the green arrow represent?
  • The demand for Tasty Treat Tea is elastic.
  • An elastic good, such as a game, is more likely to respond to incentives.
  • an effective price ceiling set above equilibrium causing a surplus.
  • a price floor set above equilibrium.
Which is an example of a positive incentive for consumers?
  • An elastic good, such as a game, is more likely to respond to incentives.
  • a coupon clipped from a newspaper
  • a sharp increase in production costs
  • Incentives can be positive or negative.
A reward or punishment that encourages people to behave in a certain way is called a(n)
  • avoid additional charges.
  • incentive.
  • want
  • Incentives can be positive or negative.
In the market, actions known as incentives affect
  • consumers or producers.
  • inelastic when the price changes.
  • a coupon clipped from a newspaper
  • its supply or demand is not sensitive to price changes.
In economics, if a good is inelastic,
  • inelastic when the price changes.
  • consumers or producers.
  • Incentives can be positive or negative.
  • its supply or demand is not sensitive to price changes.
Which statement best explains how elasticity and incentives work together?
  • An elastic good, such as a game, is more likely to respond to incentives.
  • a sharp increase in production costs
  • Incentives can be positive or negative.
  • inelastic when the price changes.
A pair of stylish sneakers could be considered a _______________ because it is not a necessity.
  • an effective price ceiling set above equilibrium causing a surplus.
  • avoid additional charges.
  • want
  • incentive.
Tasty Treat Tea is a popular iced tea drink. When the manufacturer begins to use imported tea leaves, the price rises by 10%, and the quantity demanded falls by 20%.The fact that quantity demanded changed by more than the price change suggests that
  • a price floor set above equilibrium.
  • inelastic when the price changes.
  • Incentives can be positive or negative.
  • The demand for Tasty Treat Tea is elastic.
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Multiple Choice Questions
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