Basic Economics
Passage
•
Social Studies
•
5th Grade
•
Practice Problem
•
Medium
Standards-aligned
Katie Smith
Used 2+ times
FREE Resource
5 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the core idea in economics that refers to the limited availability of resources?
Scarcity
Abundance
Inflation
Wealth
Tags
Analyzing
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When the supply of a product is high and the demand is low, what happens to the price?
The price goes down
The price goes up
The price remains the same
The price fluctuates
Tags
Applying
3.
FILL IN THE BLANKS QUESTION
30 sec • 1 pt
Economics is primarily concerned with how people make choices when they don't have (a) resources.
Tags
Analyzing
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the demand for a product is high but the supply is low, what is the likely effect on the price?
The price goes up
The price goes down
The price remains stable
The price is unaffected
Tags
Applying
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What should people be thoughtful about due to the scarcity of resources like oil?
How to use resources wisely
How to increase resources
How to ignore scarcity
How to waste resources
Tags
Evaluating
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