An incentive is
A) a reward or a penalty that encourages or discourages an action.
B) when people make rational choices by comparing costs and benefits.
C) what you must give up to get something.
D) a choice is made on the margin.
E) a good or service that satisfies wants.
A
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Coal-fired steam locomotives become more efficient for railroads relative to oil-burning diesel locomotives as
A) the price of coal increases. B) the price of oil increases. C) coal-fired steam locomotives become larger. D) railroad freight rates increase.
In financial markets, when a firm issuing new securities has previously issued securities, these securities are called
A) seasoned issues. B) an initial public offering. C) secondary issues. D) investment-grade issues.
Which of the following is an example of trade policy at the national level?
a. Congress passing legislation to prevent dumping. b. The European Union adopting a common currency c. The World Trade Organization holding a round of negotiations in France. d. The General Agreement on Tariffs and Trade being made.
The U.S. government sets a minimum wage, which is a:
a. price floor. b. price ceiling. c. point of equilibrium. d. recommended level.