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Economic Roles Flashcards | StudBud
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Economic Roles
Economic Roles
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Questions
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Answers
1
The quantity of products and services that consumers are willing and able to buy at a price
Supply
Demand
2
In performing economic roles, which of the following is
not
true?
The entire economy is affected.
You dont need to know the importance of making good decision
It is helpful to understand the private enterprise system
Everyone performs all three roles to some degree
3
The three roles that everyone must perform are worker, consumer, and saver
False
True
4
Demand and supply interact to determine what price is charged for a good or service
False
True
5
When prices rise after a drought, the increase in price is caused by a drop in
public goods
worker productivity
choices
supply
6
A government must make __________ as to which services it can provide.
choices
supplies
productivities
demands
7
Collective decision making means that
decisions are gathered in one place.
citizens really don't have much to do with decisions.
decisions of one person affect a lot of people.
citizens as a group influence community decisions.
8
Which of the following is
not
one of the economic roles performed in our country?
consumer
leader
worker
citizen
9
The factor that helps keep prices at a reasonable level is
competition among businesses.
profit motive.
kind-hearted people.
government regulations.
10
Success in your worker role will affect your standard of living
True
False
11
The quantity of a product or service that businesses are willing and able to provide at a price
Demand
Supply
12
Which of the following is true about your citizen role?
Keeping informed is not important.
Decisions made are individual and not collective.
Voting is not a part of it.
It helps provide goods and services needed by the community.
13
__________ is the quantity of goods that an average worker can produce an hour.
demand
public goods
worker productivity
choices
14
Which of the following is true about your worker role?
Your productivity is unimportant.
It has no relationship to your standard of living.
It is the least important of the three economic roles.
It supports your consumer role.
15
Which of the following is the best definition of supply?
what producers would like to produce
what producers are able to produce at a given price
what businesses would like consumers to buy
what consumers are willing and able to buy
16
Everyone in our economy has three roles to perform
False
True
17
Competition affects prices but does not have any other effects.
False
True
18
The quantity of a product or service that consumers are willing & able to buy at a given price
worker productivity
public goods
supply
demand
19
What is the effect of dollar votes by consumers?
All of these.
Businesses are helped in making decisions.
Businesses learn about consumer preferences.
Demand is affected.
20
A __________ good is one that is needed by a community and provided by the government.
demanded
chosen
supplied
public
21
The consumer role is performed only by individuals and businesses.
False
True
22
When you pay your taxes, you are performing your citizen role.
True
False
23
Competition helps keep prices at a reasonable level
False
True
24
Which of the following is
not
true about prices?
If prices are too high, consumers won't buy.
If prices are too low, businesses will not earn a profit.
Setting a price does not require any study by a business.
Prices are affected by both supply and demand.
25
Productivity is affected by
the number of workers in the workforce.
all of these.
technology and worker training.
the wages paid to workers.
