GED Social Studies : Individuals and Institutions

Study concepts, example questions & explanations for GED Social Studies

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Example Questions

Example Question #14 : Economic Principles

New York State wishes to encourage new businesses to come and open in many small towns in Northern New York, so it plans to offer __________ to provide cheaper land and lower taxes for start-up companies.

Possible Answers:

incentives

moralizers

edicts

justifications

abstracts

Correct answer:

incentives

Explanation:

An "incentive" is some advantage (lower taxes, cheaper land, access to resources or market, etc.) that a government can offer to a business or a type of businesses to encourage the growth and spread of business in their area.

Example Question #15 : Economic Principles

The degree or intensity of wealth and material comfort experienced by a group of people is referred to as __________.

Possible Answers:

the Butterfly Effect

the Consumer Price Index

gross national product

the Reverse-Income Effect

the standard of living

Correct answer:

the standard of living

Explanation:

The Standard of Living in a country, or region, refers to the quality of life, material wealth, and comfort experienced by the people living there. America and Europe have comparatively high standards of living, while the majority of Africa and Asia have comparatively low standard of living.

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