General Business Chapter 3 Question Preview (ID: 32893)
Economic Roles.
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Everyone in our economy has three economic roles to perform.
a) True
b) False
c)
d)
The three roles that everyone must perform are worker, consumer, and saver.
a) True
b) False
c)
d)
The consumer role, making decisions about what to buy, is performed only by individuals and businesses.
a) True
b) False
c)
d)
Demand means the quantity of products and services that consumers are willing and able to buy at a particular price.
a) True
b) False
c)
d)
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
c)
d)
Demand and supply interact to determine what price is charged for a good or service.
a) True
b) False
c)
d)
Competition helps keep prices at a reasonable level.
a) True
b) False
c)
d)
Competition affects prices but does not have any other effects.
a) True
b) False
c)
d)
Success in your role as a worker will affect your standard of living.
a) True
b) False
c)
d)
When you pay your taxes, you are performing your citizen role.
a) True
b) False
c)
d)
Which of the following is NOT one of the economic roles performed in our economy?
a) worker
b) citizen
c) leader
d) consumer
In performing economic roles, which of the following is NOT true?
a) You don’t need to know the importance of making good decisions.
b) The entire economy is affected.
c) It is helpful to understand the private enterprise system.
d) It is helpful to understand the private enterprise system.
What is the effect of dollar votes by consumers?
a) Demand is affected
b) Businesses learn about consumer preferences.
c) Businesses are helped in making decisions.
d) All of the Above
Which of the following is the best definition of supply?
a) what consumers are willing and able to buy
b) what producers would like to produce
c) what producers are able to produce at a given price
d) what business would like consumers to buy
Which of the following is NOT true about prices?
a) If prices are too high, consumers won’t buy
b) If prices are too low, businesses will not earn a profit
c) Prices are affected by both supply and demand
d) Setting a price does not require any study by a business
The factor that helps to keep prices at a reasonable level is
a) kind-hearted people
b) competition among businesses
c) government regulations
d) profit motive
Which of the following is true about your worker role?
a) It is the least important of the three economic roles
b) It supports your consumer role
c) Your productivity is unimportant
d) It has no relationship to your standard of living.
Productivity is affected by
a) technology and worker training
b) the number of workers in the work force
c) the wages paid to workers
d) all of the above
Which of the following is true about your citizen role?
a) Voting is not part of it
b) Keeping informed is not important
c) Decisions made are individual and not collective
d) It helps provide goods and services needed by the community
Collective decision making means that
a) decisions are gathered in one place
b) citizens as a group influence community decisions
c) decisions of one person affect a lot of people
d) citizens really don’t have much to do with decisions.
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