Understanding Economics: Producers and Consumers

Understanding Economics: Producers and Consumers

5th Grade

15 Qs

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Understanding Economics: Producers and Consumers

Understanding Economics: Producers and Consumers

Assessment

Quiz

Social Studies

5th Grade

Practice Problem

Medium

Created by

Taylor Nelson

Used 6+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the role of a producer in an economy?

To consume goods and services

To create goods and services

To regulate prices

To provide loans

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a service?

A book

A haircut

A bicycle

A sandwich

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens to the price of a good when the demand increases but the supply remains the same?

The price decreases

The price stays the same

The price increases

The price becomes zero

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does the government typically pay for goods and services it provides?

By printing more money

By collecting taxes

By borrowing from other countries

By selling public property

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of opportunity cost?

Choosing to buy a toy instead of saving money

Buying a toy and a book at the same time

Receiving a gift from a friend

Finding money on the street

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is voluntary exchange?

Trading goods and services without any choice

Trading goods and services by force

Trading goods and services by mutual agreement

Trading goods and services with government intervention

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a need rather than a want?

A smartphone

A vacation

Food

A video game

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