Answers2102320-Economics HONORS - Edgenuity TeacherElasticity and Incentives

Elasticity and Incentives Answers

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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.
2
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Price controls on goods can be set by

A
consumers.
B
economists.
C
governments.
D
producers.
3

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.
4

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
5

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.
6

In the market, actions known as incentives affect

A
producers only.
B
consumers only.
C
consumers or producers.
D
neither consumers nor producers.
7

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

Answer not available
8

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
The consumer no longer prefers the iced tea drink.
B
The demand for Tasty Treat Tea is elastic.
C
The demand for Tasty Treat Tea is inelastic.
D
The consumer no longer shops at Tasty Treat Tea.
9

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.

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.
10

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.

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