Summit Economics Study Guide Objective 1 ( 1)

Summit Economics Study Guide Objective 1 ( 1)

5th Grade

17 Qs

quiz-placeholder

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Summit Economics Study Guide Objective 1 ( 1)

Summit Economics Study Guide Objective 1 ( 1)

Assessment

Quiz

Social Studies

5th Grade

Practice Problem

Medium

Created by

Minnie Zurkuhlen

Used 33+ times

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17 questions

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1.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

What is the study of economics?

the study of the stock market

the study of money

the study of politics

the study of people, money, and choices

2.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

In economics, what does demand mean?

how much people want to buy a product

how many products are available

how much people pay for a product

how many people want to buy a product

3.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

In economics, what does supply mean?

the amount of goods that customers buy

the amount of goods available for sale

the variety of products available to buy

the number of customers who want a product

4.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Before advances in transportation, how was trade limited?

by GDP

by price

by location

by low production

5.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Why is infrastructure important to the economy?

It helps workers to be paid on time.

It makes currency more portable.

It allows for easier production of goods and services.

It creates an efficient web of communications.

6.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Why is transportation important for the economy?

It helps international trade by reducing taxes

It helps trade occur faster and at greater distances.

It helps sellers meet buyers face-to-face.

It helps buyers understand the cost of products

7.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

What are some examples of infrastructure that are required for the economy to work?

national parks and wildlife

architects and engineers

cars, gasoline, and oil

roads, bridges, and power supply

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