Economics

Economics

5th Grade

22 Qs

quiz-placeholder

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Economics

Economics

Assessment

Quiz

Social Studies

5th Grade

Practice Problem

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Created by

Kimber Bandy

Used 29+ times

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22 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economics is.....

when people pay a good price for a good or service.

the study of the human body and its functions.

the science that studies how people decide to use the resources they have to satisfy their needs and wants.

the study of how people sell items that they make.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a ______________ economic system, the government owns resources and controls production, prices, and wages

traditional

market

command

mixed

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a consumer?

a person who takes things

a person who purchases goods and services for personal use

a person who takes good away

the economic factors affecting the price, demand, and availability of a commodity

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a producer?

a person who gives goods away

things people would like to have

the exchanged of goods and services without the use of money

a person, company, or country that makes grows, or supplies goods for sale

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a free market economy?

An economy based on supply and demand with little or no government control

The international exchange of goods

An economy in which decisions are made by the government

An economy that is communist

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the supply of a good is higher than the demand, what happens to the price?

stays the same

price increases

price decreases

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Basic things humans need to survive

want

import

need

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