Intro to Economics (High School)

Question 1

What is an economic incentive?

Accepted Answer

A benefit that motivates people to take a particular action

Question 2

What happens to the price of a product when demand increases and supply remains constant?

Accepted Answer

Price increases

Question 3

In a market economy, the government makes all economic decisions compared to a command economy.

Accepted Answer

False

Question 4

Which economic system combines private and public enterprises, and therefore elements of both capitalism and socialism?

Accepted Answer

Mixed Economy

Question 5

What is an example of a basic economic decision?

Accepted Answer

Planning a vacation, Budgeting for monthly expenses, Choosing what to eat for lunch, Deciding how to invest savings

Question 6

What is the study of economics primarily concerned with?

Accepted Answer

The allocation of scarce resources

Question 7

Public goods are non-excludable and non-rivalrous, so everyone can use them without reducing the availability to others.

Accepted Answer

True

Questions 7