Answers2102320-Economics HONORS - Edgenuity TeacherElasticity and Incentives

Elasticity and Incentives Answers

34 verified answers26 views
21
Free Preview

The graph shows the price of a good compared to the quantity supplied.This graph demonstrates how

Question illustration
A
the amount produced slightly changes with the price.
B
the amount produced greatly changes with the price.
C
the amount consumed slightly changes with the price.
D
the amount consumed greatly changes with the price.
22
Free Preview

In economics, if a good is inelastic,

A
consumers have lost an interest in purchasing it.
B
producers have lost an interest in manufacturing it.
C
its supply or demand is too sensitive to price changes.
D
its supply or demand is not sensitive to price changes.
23

A pair of stylish sneakers could be considered a because it is not a necessity.

Answer not available
24

Which is an example of a product that is considered a need?

A
breakfast food
B
music player
C
sports equipment
D
video game
25

The lowest amount a manufacturer can pay factory workers is an example of

A
an incentive.
B
a price floor.
C
a price ceiling.
D
an elastic service.
26

In the market, actions known as incentives affect

A
producers only.
B
consumers only.
C
consumers or producers.
D
neither consumers nor producers.
27

What is the difference between a price floor and a price ceiling?

A
A price floor is the minimum price allowed for a good. A price ceiling is the maximum price allowed for a good.
B
A price floor is the maximum price allowed for a good. A price ceiling is the minimum price allowed for a good.
C
A price ceiling below the equilibrium price has no effect.
D
A price floor above the equilibrium price has no effect.
28

Which statement best describes incentives?

A
Incentives are mostly positive.
B
Incentives are mostly negative.
C
Incentives can be positive or negative.
D
Incentives are neither positive nor negative.
29

Which statement best explains how elasticity and incentives work together?

A
An elastic good, such as a game, is more likely to respond to incentives.
B
An inelastic good, such as a game, is more likely to respond to incentives.
C
An elastic good, such as a game, is less likely to respond to incentives.
D
An inelastic good, such as a game, is less likely to respond to incentives.
30

On this graph, what does the green arrow represent?

Question illustration
A
an ineffective price floor set above equilibrium causing a surplus.
B
an effective price floor set below equilibrium causing a shortage.
C
an ineffective price ceiling set above equilibrium causing a surplus.
D
an effective price ceiling set below equilibrium causing a shortage.
31

The graph shows the price of a good compared to the quantity supplied.This graph demonstrates how

Question illustration
A
the amount produced slightly changes with the price.
B
the amount produced greatly changes with the price.
C
the amount consumed slightly changes with the price.
D
the amount consumed greatly changes with the price.
32

Which is an example of a negative incentive for producers?

A
a chance to make more money
B
a special sale at a department store
C
a coupon clipped from a newspaper
D
a sharp increase in production costs
33

Which is an example of a positive incentive for consumers?

A
a sales tax imposed by a state
B
a steady rise in profits over a year
C
a coupon clipped from a newspaper
D
an increase in price for a popular product
34

Price controls on goods can be set by

A
consumers.
B
economists.
C
governments.
D
producers.
35

Goods that are considered to be needs tend to be

A
elastic when the price changes.
B
inelastic when the price changes.
C
elastic when the supply changes.
D
inelastic when the supply changes.

Did you find these answers helpful?

More from this Course

Quiz
20 verified answers

Market Structures and Competition

Quiz
19 verified answers

2.4 Profit

Quiz
19 verified answers

1.7 Comparative and Absolute Advantage