Economics

Economics

4th Grade

48 Qs

quiz-placeholder

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Assessment

Quiz

Social Studies

4th Grade

Easy

Created by

Bianca Jones

Used 9+ times

FREE Resource

48 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why do people have to make choices about how they spend money?

Because money is unlimited

Because wants are limited

Because money and resources are limited

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is it important to understand opportunity cost when making decisions?

It helps you avoid saving

It helps you know what you give up when choosing something else

It tells you which stores have sales

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does scarcity affect decision-making in families?

It allows everyone to get what they want

It forces families to pick what’s most important

It leads to more free goods

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What might happen if a store advertises a product as 'limited time only'?

It increases the incentive for consumers to buy it

It decreases interest in the product

It causes people to save more money

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How can advertising change a consumer’s choice?

It makes all products more expensive

It informs or persuades people to buy something

It teaches people how to start a business

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a child chooses to buy a toy instead of saving for a bike, what is the opportunity cost?

The toy

The money

The bike

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why might a business choose to offer 'buy one, get one free'?

To increase taxes

To lower demand

To give consumers an incentive to buy more

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