AnswersTX-Economics Chamberlain P4 T1Elasticity and Incentives

Elasticity and Incentives Answers

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1
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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.
2
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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.
3

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.
4

A consumer might respond to a negative incentive by

A
purchasing more of the products.
B
buying the good at a cheap price.
C
receiving a discount.
D
decreasing use of the product to save money.
5

In the market, actions known as incentives affect

p
producers only.
c
consumers only.
c
consumers or producers.
n
neither consumers nor producers.
6

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

A
breakfast food
B
music player
C
sports equipment
D
video game
7

Price controls on goods can be set by

A
consumers.
B
economists.
C
governments.
D
producers.
8

The graph shows the price of green tea compared to the amount supplied by producers.What does this graph suggest about green tea? Choose two answers.Green tea is elastic in terms of supply.Green tea is inelastic in terms of supply.Green tea is neither elastic nor inelastic.The supply of green tea changes sharply with the price.The quantity supplied of green tea does not change sharply with the price.

Question illustration
A
Green tea is elastic in terms of supply.
B
Green tea is inelastic in terms of supply.
C
Green tea is neither elastic nor inelastic.
D
The supply of green tea changes sharply with the price.
E
The quantity supplied of green tea does not change sharply with the price.
9

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
10

best

I
Incentives are mostly positive.
I
Incentives are mostly negative.
I
Incentives can be positive or negative.
I
Incentives are neither positive nor negative.

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