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General Business Chapter 3
Test Description: Economic Roles
Instructions: Answer all questions to get your test result.
1) Everyone in our economy has three economic roles to perform.
A
True
B
False
2) The three roles that everyone must perform are worker, consumer, and saver.
A
True
B
False
3) The consumer role, making decisions about what to buy, is performed only by individuals and businesses.
A
True
B
False
4) Demand means the quantity of products and services that consumers are willing and able to buy at a particular price.
A
True
B
False
5) Supply means the quantity of a product or service that businesses are willing and able to provide at a particular price.
A
True
B
False
6) Demand and supply interact to determine what price is charged for a good or service.
A
False
B
True
7) Competition helps keep prices at a reasonable level.
A
True
B
False
8) Competition affects prices but does not have any other effects.
A
True
B
False
9) Success in your role as a worker will affect your standard of living.
A
True
B
False
10) When you pay your taxes, you are performing your citizen role.
A
True
B
False
11) Which of the following is NOT one of the economic roles performed in our economy?
A
worker
B
leader
C
consumer
D
citizen
12) In performing economic roles, which of the following is NOT true?
A
The entire economy is affected.
B
It is helpful to understand the private enterprise system.
C
It is helpful to understand the private enterprise system.
D
You don’t need to know the importance of making good decisions.
13) What is the effect of dollar votes by consumers?
A
Demand is affected
B
Businesses are helped in making decisions.
C
All of the Above
D
Businesses learn about consumer preferences.
14) Which of the following is the best definition of supply?
A
what producers are able to produce at a given price
B
what consumers are willing and able to buy
C
what producers would like to produce
D
what business would like consumers to buy
15) Which of the following is NOT true about prices?
A
Setting a price does not require any study by a business
B
Prices are affected by both supply and demand
C
If prices are too high, consumers won’t buy
D
If prices are too low, businesses will not earn a profit
16) The factor that helps to keep prices at a reasonable level is
A
competition among businesses
B
profit motive
C
government regulations
D
kind-hearted people
17) Which of the following is true about your worker role?
A
It has no relationship to your standard of living.
B
It supports your consumer role
C
It is the least important of the three economic roles
D
Your productivity is unimportant
18) Productivity is affected by
A
all of the above
B
the number of workers in the work force
C
the wages paid to workers
D
technology and worker training
19) Which of the following is true about your citizen role?
A
Voting is not part of it
B
Keeping informed is not important
C
It helps provide goods and services needed by the community
D
Decisions made are individual and not collective
20) Collective decision making means that
A
citizens as a group influence community decisions
B
decisions of one person affect a lot of people
C
decisions are gathered in one place
D
citizens really don’t have much to do with decisions.
*select an answer for all questions
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