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WorksheetsCh. 4 - Economics Grade 4 (Pearson)
Total questions: 18
Worksheet time: 9mins
Which items are "goods"?
car salesman, nurse, teacher
car, refrigerator, bicycle
car, medicine, doctor
police officer, governor, newspaper
Which items are "services"?
car salesman, nurse, teacher
car, refrigerator, bicycle
car, medicine, doctor
police officer, governor, newspaper
The USA operates in a ________________ economy.
demand
market
command
supply
What sector of the economy includes actors?
service sector
tourism sector
entertainment sector
manufacturing sector
In a free enterprise system, what is the answer to the economic question, "how should goods and services be produced?
The should be produced by the government.
The should be produced by the largest sector.
They should be produced by the producers in the market.
The should be produced by the consumers in the market.
If supply of a product is low and demand high the price will probably ______________.
fall
stay the same
rise
If the supply of a product is greater than the demand the price of the product will probably _____________.
fall
stay the same
rise
For a consumer, which is part of making an economic choice?
The consumer makes goods and services to sell to others.
The consumer moves to a place that has very few businesses.
The consumer purchases everything he or she needs or wants.
The consumer weighs his or her needs and wants before spending money.
Opportunity cost is ________________.
what product you didn't want to begin with
what you give up when you chose one thing over another
the most popular product on the market
the product you chose over another
Which example shows how a business can make a profit?
produce a toy for $10 and sell it for $5
produce a toy for $5 and sell it for $5
produce a toy for $5 and sell it for $15
produce a toy for $0 and sell it for $0
A successful business must create a product or service that has enough __________ to meet a high _________.
supply; price
demand; profit
profit; demand
supply; demand
One effect of increasing productivity is lower cost of a product. What is another effect?
consumers have more money to spend on other products
consumers purchase a smaller quantity of the product
demand for the product decreases
supply of the product decreases
A prediction is __________________.
a guess informed by what you already know
based on analyzing images
an educated guess based on certain clues
a guess that is usually funny or humorous
Productivity is defined as _____________________.
the cost of producing a product
an amount a company can produce with a certain amount of labor
a government service
an amount of supply of goods and services
What causes great productivity ? (choose all that apply)
specialization
division of labor
overtime
high supplies
What is the effect when a business raises its prices too high? (choose all)
lower sales
greater sales
consumers may buy from competitors with lower prices
the business may fail
Which is an example of a negative incentive?
The cost of a hotel room goes up the longer you wait to book it.
An ice cream shop opens up next to your school.
A famous movie star appears in a commercial for gym shoes.
A movie theater is offering a "buy-one-get-one-free" offer.
Which expresses the meaning of scarcity?
Working at a job like babysitting can earn you money.
The amount of something you want or need may be limited.
When you buy something, you give up the value of something else.
Businesses try to get you to buy something by putting a product on sale.
