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Economics K. Ryan

Total questions: 25

Worksheet time: 13mins

Name
Class
Date
1.
Your Aunt Sally invented and produced a new type of suitcase.  The productive resource described is
a)
natural
b)
human
c)
entrepreneurial
d)
capital
2.
This is a picture of a farmer riding on his cotton picker. Which of the following is an example of a natural resource?
a)
cotton
b)
the farmer
c)
the gas in the cotton picker
d)
a football
3.
What is a human resource?
a)
things found in nature
b)
machines used to make products
c)

the people and their labor and skills used to produce a good

d)
a business
4.
Which of these from the picture is a capital resource?
a)
the man
b)
the hammer
c)
the shirt
d)
the hat
5.
The state collects sales tax when we buy something in Georgia.  These taxes help pay for many things including the computers in
a)
the mall
b)
schools in Texas
c)
your house
d)
your school
6.
Which of the following are built by the government with tax money?
a)
the sun
b)
roads
c)
Best Kept Secret
d)
Wal-Mart
7.

Tax money collected by citizens provides protection for all Americans by our military and is a

a)
service provided by the local government
b)
good provided by our local government
c)
service provided by our national government
d)
good provided by the mayor of Jesup
8.
Why would people in the USA buy fruit grown in other parts of the world?
a)
The fruit may grow very well in the United States.
b)
The consumers may have too many choices already.
c)
Wal-Mart has too much fruit and doesn't need more.
d)
The fruit may not grow well in the United States.
9.
Which of the following is most likely built by the government with tax money?
a)
grocery stores
b)
barber shops
c)
roads
d)
your toys
10.
What is an example of interdependence?
a)
Consumers in GA buying apples from Washington
b)
Iowa farmers planting corn
c)
producers in Vermont advertising products
d)
consumers in New York refusing to buy goods
11.
Which would happen as a result of people only being able to buy locally produced good?
a)
less consumers would make a higher profit
b)
less choices for consumers at a higher price
c)
more choices for consumers at a lower price
12.
Which of the following would most likely make the price of an item go down?
a)
the price of the natural resources needed to make the item increases
b)
the supply of the item is greater than the demand for it
c)
the demand for the item is greater than the supply of the item
13.

I am visiting Germany. I go to buy a soda and bag of chips in Germany. They won't accept my $10. Why?

a)

Germany uses a different type of currency than the United States

b)
they want to make their money very shiny
c)
no one can agree on what money is the best
d)
it is against the law to use money from one country to another
14.

Mary saved up $10. She wants to buy a new toy that also costs $10. She also wants to buy make-up that costs $10. What are 2 things she will give up if she buys the toy?

a)

her money and the make-up

b)

the make-up and all the money saved

c)

her money and the toy

d)

the toy and the make-up

15.

Mary saved up $10. She wants to buy a new toy that also costs $10. She also wants to buy make-up that costs $10. If Mary wants to buy the toy and make-up, what does she need to do?

a)

keep spending all her money

b)

Break the new toy

c)

Ask her parents to buy her everything

d)

save up her money and buy the make-up later

16.
  Economic Interdependence
Producers <-------------> _____________
 
In economic interdependence, which of the following is the correct term to go on the line to complete the chart?
a)
opportunity cost
b)
scarcity
c)
income
d)
consumers
17.
In economic interdependence, how do the consumers affect the producers?
a)
they cause the producer to create a larger supply of a product to meet a larger demand
b)
a large demand may encourage the producer to try selling their product in other countries
c)
if there is a low demand for the producer's products, the goods may be put on sale or the producer will not be able to stay in business
d)
all of the above
18.

A person who starts their own business to provide jobs.

a)

Entrepreneur

b)

Capital Resource

c)

Human Resource

d)

Natural Resource

19.

Which kind of resource is this?

doctor

a)

natural

b)

capital

c)

human

20.

Which kind of resource is this?

hammer

a)

natural

b)

capital

c)

human

21.

Which kind of resource is this?

chef

a)

natural

b)

capital

c)

human

22.

Which kind of resource is this?

ax

a)

natural

b)

capital

c)

human

23.

Which kind of resource is this?

water

a)

natural

b)

capital

c)

human

24.

Local governments collect taxes that help pay for

a)

crayons

b)

firefighters

c)

The President

d)

New Air Jordans

25.

How are we able to buy fresh pineapple from Hawaii in the winter time?

a)

We are unable to buy fresh fruit in the winter

b)

Farmers only plant fresh fruit in the winter

c)

Stores buy fruit from other places and sell it here in stores

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