3rd Grade Unit 5 Review

which of the following people serve as a producer?

• the artist

• the truck driver

• the teacher

• the sales person

which statement describes the role of the teacher? 

• producer

• importer

• exporter

• consumer

how does the farmer contribute to the economy of Louisiana?

• He is a producer and producers provide the goods that consumers spend their money on.

• He is a consumer because he purchased items at the market and his money builds up the economy.

• He imports fruits and vegetables that sells at the market.

• He exports fruits and vegetables to sell in other counties.

Which of the following statements best describes how Ms. Smith is contributing to her economy?

• She is selling goods to citizens in her community

• She is an entrepreneur who provides a service for citizens in her community

• She is acting as a consumer that saves money in a bank

• she is working for a business that pays her a good salary

The farmer will be the only one selling sweet potatoes this year. How will that impact the price of the sweet potatoes?

• a greater demand for sweet potatoes will cause the price to decrease

• a shortage of sweet potatoes will cause the price to decrease

• a smaller supply of sweet potatoes will cause the price to increase

• a surplus of sweet potatoes will cause the price to increase

What is the most likely reason Ms. Smith decided to raise her price?

• There has been an overproduction of cleaning supplies in the area

• Her services are in high demand there is a shortage of cleaning services in her area

• People are moving out of the area and there are less houses to clean

• There are several cleaning businesses in the area that are giving her competition

Which of the following scenarios shows an example of scarcity?

• After the book fair, the library still had 45 unsold books

• After the baseball game, the concession stand still had 50 packages of unsold chips.

• The rain was plentiful, so the gardener had a large supply of flowers to sell in her shop.

• The farmer's crops were destroyed and could only sell 1/4 of his crops at market.

Which statement best completes the chart by showing an advantage of saving money in a bank?

• You can access your money at any time if needed quickly

• You may want to spend it quickly and not wait until a late time

• You can earn extra money through interest paid

• You will lose a small amount for a service fee

which of the following would best explain why Tom chose the fresh shrimp?  

• Tom valued the price of fresh shrimp over the price of the frozen shrimp

• Tom valued the quality of the fresh shrimp over the price of the frozen shrimp

• Tom valued the quality of the frozen shrimp over the price of the fresh shrimp

• Tom valued the price of frozen shrimp over the price of the fresh shrimp

If Tom kept shopping and saw crawfish to buy, he had a decision to make. Since Tom has a limited amount of money, he decides to buy the crawfish instead of the shrimp. 

Which of these best describes the situation?  

• the crawfish is the item cost

• the crawfish is the opportunity cost

• the shrimp is the opportunity benefit

• the shrimp is the opportunity cost