Economics Quiz for Grade 5

What is an economy?

• Only the way people spend money

• The way people make and spend money

• Only the way businesses make money

• The way animals survive in nature

Which is an example of microeconomics?

• The total jobs in a country

• Why someone buys one toy instead of another

• The amount of goods shipped to other countries

• How many people are unemployed

In a good economy, we usually see:

• Many business closures

• High unemployment

• Many well-paying jobs

• Rising prices on everything

What does macroeconomics study?

• Individual shopping choices

• Small business decisions

• Single product prices

• The entire country's economy

When prices go up and people can't afford things, this is a sign of:

• A strong economy

• A weak economy

• Good business practices

• Successful trade

Who makes decisions in microeconomics?

• Individual people and businesses

• Only the government

• Only large corporations

• The entire world

What is one way to tell if an economy is doing well?

• Many stores are closing

• Prices are very high

• Businesses are making money

• No one has jobs

What does supply and demand help determine?

• The weather

• Product prices

• Country borders

• School schedules

A macroeconomic topic would be:

• Why you bought new shoes

• How much allowance you get

• The price of one sandwich

• The country's unemployment rate

Which shows a healthy economy?

• Fewer jobs available

• Business growth

• Closed stores

• Lower wages