Unit 1 Test Economics

What is an incentive?
Click the card to flip 👆
1 / 10
Terms in this set (10)
What is an incentive?
They are rewards and punishments that motivate behaviors
Explain the incentive that increased the percentage of prisoners arriving alive when transported from England to Australia
Government only paid for prisoners who were alive on arrival
Explain why the Roman bridge has lasted 2000 years and the modern industrial bridge lasted only a year.
The Roman's made the engineer (person who built it) test the bridge and the other bridge was never tested
What changed in Jamestown in 1615 that allowed them to thrive when they were starving?
They divided up the farm land so everyone had their own patch and used it as they wished
Why does South Korea thrive while North Korea struggles and is underdeveloped?
South Korea was based on a market, rule of law and democracy
Why did it make more "economic sense" to drown chickens than to raise and sell them in the U.S during the Nixon administration?
Because it costed more money to raise the chickens rather than just drown them
What was wrong with western charities trying to end slavery through slave redemption in Sudan?
The hunters would go after slaves more to make money and some black men and women would pretend to be slaves so they and the "owner" could split the money
What happens when you pay people to do something they should not be doing? Give two examples
A. They will do it even more
B. They will lie and manipulate (EX. Black women and men would pretend to be slaves and split the money (that was given to buy them) to split between them and their "owner"
Why did many people decide to pay the fine instead of purchasing health care under the rules of the affordable healthcare act
Because the fine was still cheaper than paying for the healthcare
What motivated (incentivized) people who did not sign up the first year to sign up the second year for insurance?
They raised the fine price for not having healthcare