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Unit 3 - Economics

Total questions: 24

Worksheet time: 12mins

Name
Class
Date
1.

By selling products we have to other states or counties, we can buy products we need.

a)

True

b)

False

2.

You can always buy what you want, when you want it.

a)

True

b)

False

3.

When you exchange goods, you get nothing back.

a)

True

b)

False

4.

Paper currencies in the United States and Canada are called "dollars".

a)

True

b)

False

5.

Buying goods from local stores helps your community's

a)

parks

b)

economy

c)

environment

d)

libraries

6.

Money comes in

a)

shells

b)

jewelry

c)

only large amounts

d)

paper bills and coins

7.

Florida _________ with other states for products like cheese and beef.

a)

argues

b)

trades

c)

shares

d)

interacts

8.

When an ice storm destroyed the tomato crop, Shane's favorite restaurant had a low ____________ of tomatoes.

a)

demand

b)

scarcity

c)

trade

d)

supply

9.

________________ are one of Canada's most important resources.

a)

tundra

b)

water

c)

trees

d)

arable land

10.

If a store has too many stuffed animals, the store may have to _______________ because the demand is low.

a)

lower their prices

b)

increase their prices

c)

return them to the factory

d)

give them away for free

11.

Currency has ____________________ on it to help people recognize which country it is from.

a)

buildings

b)

people

c)

animals

d)

symbols

12.

A ___________ is a service worker.

a)

teacher

b)

nurse

c)

librarian

d)

all of the above

13.

What might happen if watermelons are in high demand?

a)

The prices will decrease.

b)

The prices will increase.

c)

There will be too many watermelons.

d)

The watermelons will go bad.

14.

Melissa and her mom went shopping to buy a new book. Melissa and her mom are ___________________.

a)

bookworms

b)

buyers

c)

sellers

d)

owners

15.

Cole is the owner of Bookwors, which is the bookstore where Melissa and her mother bought a book. He is a _________.

a)

bookworm

b)

buyer

c)

seller

d)

customer

16.

A country's money system is its _________________.

a)

symbol

b)

durable

c)

characteristics

d)

currency

17.

A country's money system is its _________________.

a)

symbol

b)

durable

c)

characteristics

d)

currency

18.

The U.S. dollar bill can be folded more than 4000 times before it tears. It is _________________.

a)

symbol

b)

divisible

c)

durable

d)

characteristics

19.

The golden eagle is on Mexican coins because it is a ___________________ of Mexico.

a)

symbol

b)

durable

c)

characteristics

d)

currency

20.

A ______________ purchases goods and services.

a)

seller

b)

exchange

c)

buyer

d)

goods

21.

A _______________ is a person who sells goods and services.

a)

service

b)

seller

c)

exchange

d)

buyer

22.

A _______________ is something useful that people can do for others.

a)

service

b)

seller

c)

exchange

d)

buyer

23.

__________ is the amount of goods that are available at any time.

a)

trade

b)

demand

c)

supply

d)

scarcity

24.

When things are scarce, people may ___________ with each other for the products they want or need.

a)

trade

b)

demand

c)

supply

d)

scarcity