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- 1. Multiple Choice
Which of the following is an example of the effects of competition in the economy?
A gas station goes out of business because of a fire.
A gas station raises its prices because of an oil shortage.
A gas station lowers its prices when the price of oil goes down.
A gas station lowers its prices when a new gas station opens up next door.
- 2. Multiple Choice
Which of the following describes an entrepreneur?
A person who is hired to work in a factory.
A person who organizes, operates, and assumes the risk for a business venture.
A person who organizes loans the money to a new business just getting started.
A person who invests in businesses to make money.
- 3. Multiple Choice
Why would a person be willing to risk losing money in starting a new business?
the person makes bad financial decisions
The person does not care if he or she loses money
The business is guaranteed to make money
The person believes the business has a greater chance of succeeding than failing.
- 4. Multiple Choice
Which of the following is an example of the effects of competition in the economy?
The price of oranges goes up when Florida has a drought.
Shoppers have to pay sales tax on all items they buy
Retired people receive payments from the government.
A small hardware store closes when a large Home Depot store opens nearby.
- 5. Multiple Choice
Tom grows vegetables and sells them to the local neighbors. They have always liked Tom's vegetables, but a new grocery store opened around the corner. The store sells vegetables too, and many of Tom's neighbors shop there instead. This means that the demand of Tom's vegetables has gone down.
True
False
- 6. Multiple Choice
Identify a person who gets paid directly from tax dollars.
an older store clerk
an airplane pilot
a school principal
a newspaper writer
- 7. Multiple Choice
Why are fire departments considered a public service?
The government makes sure firefighters considered are qualified
they often include a group of local volunteers
Fire departments will help all citizens of the public
They are created and funded by the government
- 8. Multiple Choice
Which is a service produced by the public sector?
police services
hair salon services
internet services
car repair services
- 9. Multiple Choice
Which service in the community is usually produced by the private sector?
electricity
road repair
banking
education
- 10. Multiple Choice
Which of the following is a private good or service?
the parks and recreation department
a landscape architect
Lake Michigan
the agricultural extension agency
- 11. Multiple Choice
Pro-Cleaners is a company that cleans homes and businesses. This is an example of a service produced by the private sector.
True
False
- 12. Multiple Choice
Which of the following is a public good or service?
a church-affliated college
a circuit court
a dentist
a courier service
- 13. Multiple Choice
Which of the following is provided by banks?
park maintenance
transportation system
checking accounts
national defense
- 14. Multiple Choice
Jane is excited about the new baby. She just finished the nursery and her husband is buying the last few products they will need before the baby arrives. What sector of the economy so Jane and her husband belong to?
banks
Private business
Government
Households
- 15. Multiple Choice
Which sector of the US Economy provides the labor that builds, produces, and provides services?
Banks
Government
Households
Private Business
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