8. Why is the price of summer fruit usually lower in the summer than in the winter?

c) The supply of summer fruit is higher in the summer than in the winter.

a) The supply of summer fruit is elastic.

b) The demand for summer fruit is inelastic.

d) The demand for summer fruit is higher in the summer than in the winter.

9. The United States–Mexico–Canada Agreement (USMCA) demonstrates which economic principle?

c) the law of supply and demand

d) the market value of goods and services

10. In economics, what is a market?

d) an area where people go to buy, sell, and trade goods

a) a display of goods and services for sale

b) the total amount of a product offered to consumers

c) the price consumers are willing to pay for something

11. Which of the following is a characteristic of all markets?

c) the use of barter for exchange

d) a physical space for transactions

12. What is currency?

a) a system of money government creates as a means of exchange

b) money that people pay to support the workings of government

c) the public works system that includes roads, bridges, and rail

d) laws passed by the government to regulate the marketplace

13. Which of the following was a major reason for European colonization?

d) Colonies were created to enrich their home countries.

a) Colonies were created to replace mercantilism with competition.

b) Colonies were created to promote economic interdependence.

c) Colonies were created in order to support international trade.

14. Why did many British colonists object to the Navigation Acts?

b) The Acts required colonists to conduct all trade on British or colonial ships.

a) The Acts forced colonists to pay Native Americans for the use of natural resources.

c) The Acts required colonial businesses to compete against each other.

d) The Acts forced free-market economic principles on the colonies.

15. What was one change brought about by the Industrial Revolution?

b) Cities and factories grew rapidly.

a) The use of railroads declined.

c) Fewer consumer goods were available.

d) More and more people worked on farms.

f) the way a country manages its money and resources to produce, buy, and sell goods and services

a) an amount taken off a regular price

b) an occurrence in which goods, services, or money are passed from one person to another

c) money needed to pay for a workforce, machinery, and other equipment to support the development and growth of a buisness

d) an economic system that aims to increase a country’s wealth and power by controlling trade and people

c) money needed to pay for a workforce, machinery, and other equipment to support the development and growth of a buisness

a) an amount taken off a regular price

b) an occurrence in which goods, services, or money are passed from one person to another

d) an economic system that aims to increase a country’s wealth and power by controlling trade and people

e) the amount of money that workers are paid based on their occupation and the number of hours they work each week

Define: raw materials

j) substances used in the primary production or manufacture of goods

a) an amount taken off a regular price

b) an occurrence in which goods, services, or money are passed from one person to another

c) money needed to pay for a workforce, machinery, and other equipment to support the development and growth of a buisness

d) an economic system that aims to increase a country’s wealth and power by controlling trade and people

a) an amount taken off a regular price

b) an occurrence in which goods, services, or money are passed from one person to another

c) money needed to pay for a workforce, machinery, and other equipment to support the development and growth of a buisness

d) an economic system that aims to increase a country’s wealth and power by controlling trade and people

e) the amount of money that workers are paid based on their occupation and the number of hours they work each week

h) an amount of money available for spending based on a plan for how it will be spent

a) an amount taken off a regular price

b) an occurrence in which goods, services, or money are passed from one person to another

c) money needed to pay for a workforce, machinery, and other equipment to support the development and growth of a buisness

d) an economic system that aims to increase a country’s wealth and power by controlling trade and people

e) the amount of money that workers are paid based on their occupation and the number of hours they work each week

a) an amount taken off a regular price

b) an occurrence in which goods, services, or money are passed from one person to another

c) money needed to pay for a workforce, machinery, and other equipment to support the development and growth of a buisness

d) an economic system that aims to increase a country’s wealth and power by controlling trade and people

b) an occurrence in which goods, services, or money are passed from one person to another

a) an amount taken off a regular price

c) money needed to pay for a workforce, machinery, and other equipment to support the development and growth of a buisness

d) an economic system that aims to increase a country’s wealth and power by controlling trade and people

e) the amount of money that workers are paid based on their occupation and the number of hours they work each week

g) money that people are required to pay to support the workings of the government

a) an amount taken off a regular price

b) an occurrence in which goods, services, or money are passed from one person to another

c) money needed to pay for a workforce, machinery, and other equipment to support the development and growth of a buisness

d) an economic system that aims to increase a country’s wealth and power by controlling trade and people

i) a situation in which one person, country, or company has complete control of the supply of a good or service

a) an amount taken off a regular price

b) an occurrence in which goods, services, or money are passed from one person to another

c) money needed to pay for a workforce, machinery, and other equipment to support the development and growth of a buisness

d) an economic system that aims to increase a country’s wealth and power by controlling trade and people

a) an amount taken off a regular price

b) an occurrence in which goods, services, or money are passed from one person to another

c) money needed to pay for a workforce, machinery, and other equipment to support the development and growth of a buisness

e) the amount of money that workers are paid based on their occupation and the number of hours they work each week

Understanding Economics Practice (Core Knowledge)

Authored by Madison Kraft

Financial Education

5th Grade

Used 8+ times

Understanding Economics Practice (Core Knowledge)

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25 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

1. Which of the following is a need?

a) water

b) sports car

c) diamond ring

d) birthday cake

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

2. Which of the following is a human resource?

a) a forest

b) a factory

c) a delivery truck

d) an office worker

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

3. What is the difference between goods and services?

a) Goods satisfy both needs and wants, while services satisfy only needs.

b) Goods are created by producers, while services are carried out by consumers.

c) Goods are tangible things that can be sold, while services are tasks people do for customers.

d) Goods are produced with renewable resources, while services are produced with nonrenewable resources

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

4. When does scarcity occur in an economy?

a) Scarcity occurs when wants and needs are the same.

b) Scarcity occurs when supply is much higher than demand.

c) Scarcity occurs when there is more of an item than people want or need.

d) Scarcity occurs when there are not enough resources to meet people’s wants and needs.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

5. Suppose you must choose between going to a movie that costs ten dollars and going to a carnival that costs seven dollars. You choose the movie. What is your opportunity cost?

a) the movie

b) ten dollars

c) the carnival

d) three dollars

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

6. What happens to supply and demand at the equilibrium price?

a) Supply and demand are zero.

b) Supply and demand are equal.

c) Supply decreases and demand increases.

d) Supply increases and demand decreases.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

7. Which of the following is the best example of bartering?

a) Estella bakes a cake, and Martin gives her ten dollars for it.

b) Estella bakes a cake and gives it to Martin for his birthday.

c) Estella bakes Martin a cake, and in return, Martin mows Estella’s lawn.

d) Estella bakes a cake, and Martin borrows ten dollars from his mother to pay for it.

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