Succeeding in the World of Work

Chapter 19: Economics and the Consumer

Interactive Practice Tests

1
What is the term for the study of how people produce, distribute, and consume goods and services?
A)logistics
B)free enterprise
C)consumption
D)economics
2
People who buy and use goods and services are called
A)capitalists
B)producers
C)consumers
D)commodities
3
What is the term for the rise in the price of goods and services that results in a decrease in the purchasing power of money?
A)globalization
B)consumer fraud
C)inflation
D)deflation
4
One factor that makes prices go up and down is
A)recession.
B)economics.
C)the gross domestic product.
D)supply and demand.
5
An example of consumer fraud is
A)taking advantage of discount stores.
B)timing purchases.
C)misleading prize notifications.
D)searching for a good consumer deal.
6
Producers and consumers
A)are not affected by inflation.
B)can be geographically far apart.
C)must do business in the same place.
D)do not need to market their products.
7
When unemployment is low,
A)a lower standard of living can result.
B)it is a sign that the economy is not doing well.
C)personal difficulties for families can be more common.
D)fewer people are looking for work.
8
The government agency that enforces rules about labeling and advertising is the
A)Consumer Product Safety Commission.
B)Food and Drug Administration.
C)Federal Trade Commission.
D)Better Business Bureau.
9
Production costs and competition
A)apply to goods but not to services.
B)are two common types of consumer fraud.
C)help make up a country's gross domestic product.
D)are factors that cause prices to go up and down.
10
An example of a producer of a service is a
A)pet-sitter.
B)T-shirt maker.
C)farmer.
D)worker in an automobile factory.
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