Economists Are Particularly Adept at Understanding That People Respond to

question 18

Multiple Choice

Economists are particularly adept at understanding that people respond to

• A)laws.
• B)incentives.
• C)punishments more than rewards.
• D)rewards more than punishments.

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Definitions:

Profits

The financial gains obtained when the revenues generated from a business activity exceed the expenses, costs, and taxes involved in sustaining the activity.

Control

The power to influence or direct people's behavior or the course of events.

Part-Time Workers

Employees who work fewer hours than a full-time schedule, typically by choice or due to the nature of the job, often resulting in reduced benefits and pay.

Voluntary Part-Timers

Individuals who choose to work part-time hours instead of a full-time schedule for personal reasons, such as flexibility or personal fulfillment.