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Economic Roles Flashcards | StudBud
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Economic Roles
Economic Roles
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StudBud Administration
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Economic roles
Flashcards
10 cards
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Practice quiz
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Host live
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Questions
10
Answers
1
Competition tends to keep prices high.
<p>False</p>
True
2
Public goods are provided by businesses.
True
False
citizen
3
The quantity of a good an average worker produces in one hour.
<p>service</p>
Supply
Labor productivity
Demand
4
The quantity of a product that consumers are willing and able to buy at a particular price.
Public goods
Demand
Supply
5
Do both demand for and supply of a product affect price?
False
True
6
A product made with a scarce natural resource would
<p>Decrease</p>
<p>Stay the same</p>
<p>Increase</p>
7
A measure of how well people in a country live.
Money
<p>Savings accounts</p>
Standard of living
8
In the private enterprise system, profits encourage hard work.
Ture
False
9
When the supply of an item is high, the price
Goes down
Stays the same
Goes up
10
If demand is high, will prices usually go up
True
<p>False</p>
