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Economics Review

Authored by Alicia Cook

Social Studies

5th Grade

Used 252+ times

Economics Review
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15 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

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 QUESTION

45 sec • 1 pt

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 QUESTION

45 sec • 1 pt

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 QUESTION

45 sec • 1 pt

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 QUESTION

1 min • 1 pt

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 QUESTION

30 sec • 1 pt

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 QUESTION

30 sec • 1 pt

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

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