WorksheetsEconomics Formative 4th Grade
Total questions: 12
Worksheet time: 6mins
How did differences in wealth affect who won the Civil War?
The South became very wealthy and paid for government favors for trading and supplies.
The North's wealth helped them to move weapons and troops easier.
The South was able to purchase troops in the North with its wealth.
The North paid for the expenses of the war and the paid the South to lose important battles with its wealth.
Why was it easier for the North's economy to grow after the Civil War?
The South was able to hire former slaves to help with farming and tending to crops.
The North was able to get former slaves to assist with some of the labor and reconstruction work.
The North didn't have much damage because little of the battles and fighting took place in the North.
How did specialization improve the standard of living in the North?
The North had many industries and factories that specialized in certain skills and goods.
The Northerners felt special because of their victory with the Civil War.
None of the above
How did the invention in the image below impact the economy?
It made transportation very slow due to the limited capacity of the boats.
People were able to travel to work and other nice, relaxing places quickly.
It allowed the people to become more independent and enabled them to make their own goods and supplies.
It allowed goods to be transported in a more efficient manner.
How did the cotton gin improve productivity?
The cotton gin helped the cotton and other crops grow quicker which enhance productivity.
The cotton gin helped farmers pick less cotton without hurting their hands from the thorns.
The cotton gin was able to remove the seeds from the cotton faster than human hands, so productivity increased.
What happens when expenditures exceed income?
There is a price incentive in the economy.
There is a budget deficit and typically a negative balance.
There is a raise in earned income.
There is a great increase of money to create a budget surplus.
How do price incentives affect people's behavior and choices?
The help people create personal budgets for spending and managing income.
They make the consumer not want to purchase goods at all.
They motivate people to make more purchases.
How does trade promote economic activity?
Trade enables countries to exchange goods.
Trade forces countries to not go to war.
It makes countries want to keep their own crops, supplies, and other goods within their own borders.
How do people earn an income?
The earn an income by helping others through volunteering.
The earn an income by borrowing funds from banks and other sources.
The earn an income by selling labor and services.
Why is a personal budget important?
It allows people to keep track of spending and savings.
It gives the government control over how people spend their funds.
It doesn't really have an effect. People don't need personal budgets.
It forces people to spend more money than they earn.
Determine the opportunity cost in the following scenario:
John wants to go to summer camp. Summer camp is being held at the same time as his team's football practices and games. He cannot do both for the summer.
The opportunity cost is participating in fun games with his friends at summer school.
The opportunity cost is the summer camp activities.
The opportunity cost doesn't exist in this scenario.
The opportunity cost is participating in his team's football practices and games.
How do buyers and sellers both benefit from voluntary exchange?
Voluntary exchange only benefits the buyer.
Voluntary exchange only benefits the seller.
Both the buyer and the seller receive in the exchange. The buyer gets a good, and the seller gets money.
None of the above
