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Worksheets5th Grade Economics Review GSE
Total questions: 10
Worksheet time: 5mins
An agreed upon trade in which both parties benefit is a
scarcity
specialization
voluntary exchange
opportunity cost
Why did Texas cattle ranchers choose to participate in cattle trails during the turn of the century?
increase quality of beef (better beef)
new ways to cook beef
better ways to perserve (keep) beef longer
increased beef prices in the East
Barbara works at a mall near her house for a shop that sells clothes. She works 40 hours a week and is paid by the hour. Barbara is earning income by
making money from an investment
selling her labor to a private business
selling her possessions (stuff) to other people
collecting money from the government
Households are made up of
people
factories
animals
products
Which sector of the economy offers money services?
households
banks
government
private businesses
The government makes laws and collects
food
goods
services
taxes
The government uses tax money to provide private goods and services.
true
false
Private businesses offer goods and services in hopes of making a profit.
true
false
Banks do not have to obey laws.
True
False
These people risk money and time to start a business that offers a good or service.
economists
bankers
entrepreneurs
consumers
