Economics Unit Review

Which list shows only needs?

• nail polish, television, sweater

• sweater, water, apple

• shoes, shirt, necklace

• water, shirt, nail polish

When you go to the store and buy a bag of potato chips, you are a:

• Producer

• consumer

• natural resource

• human resource

Which is an example of bartering?

• Tim gave his cookie to Rita. Rita gave Tim an apple in exchange.

• Lisa washed Mrs. Daniel's car. Mrs. Daniel paid Lisa $5.

• Becky's mother wrote a check for groceries at the grocery store.

• Mary gave Susan a present for her birthday.

Which item is not a service?

• haircut

• piano lessons

• car wash

• a pack of gum

In July, a store is running low on sunscreen. What is the supply and demand for sunscreen?

• high demand and high supply

• high demand and low supply

• low demand and low supply

• low demand and high supply

In November, what will probably happen to the price of Halloween costumes?

• The price will go up.

• the price will go down

• the price will stay the same

How does advertising affect the demand for a product?

• Advertising makes demand go up.

• Advertising makes demand go down

• Advertising doesn't change the demand for a product

What happens when you borrow money from a bank?

• The bank pays you interest

• you pay the bank interest

• you make a deposit in the bank

• the bank has to pay someone else interest

Tea leaves do not make a good form of money because tea leaves are not

• portable

• divisible

• durable

Giant rocks do not make a good form of money because large rocks are not:

• portable

• divisible

• durable