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5th grade Economics

Total questions: 15

Worksheet time: 8mins

Name
Class
Date
1.

The newest video has come out and each store only gets a few of them in stock.

a)

High demand and low supply

b)

Low demand and high supply

c)

Low demand and low supply

d)

High demand and low supply

2.

St. Patrick's Day is over, but the store has a lot of party supplies left over.

a)

High demand and low supply

b)

High demand and high supply

c)

Low demand and high supply

d)

Low demand and low supply

3.

Indiana hasn't had any rain and it has effected important crops.

a)

Price on produce will decrease

b)

Price on produce will increase

c)

It will not have any effect on the price of produce

4.

Stores have a surplus of wrapping paper after Christmas.

a)

Price on wrapping paper will increase

b)

Price on wrapping paper will stay the same

c)

Price on wrapping paper will decrease

5.

When supplies are scarce, the prices

a)

do not change

b)

go up

c)

go down

6.

We have this type of economy in the United States

a)

Market Economy

b)

Dual Economy

c)

Profit Economy

d)

Market Profit

7.

Someone who supplies goods and services

a)

Manufacturer

b)

Truck driver

c)

Market Economy

d)

Producer

8.

An example of a consumable good is

a)

a bookcase

b)

a pencil

c)

a desk

d)

a computer

9.

An example of a durable good would be

a)

a jumbo pack of toilet paper

b)

a pack of markers

c)

a filing cabinet

d)

a case of pop

10.

When you go to the store, you are a

a)

producer

b)

consumer

c)

manufacturer

d)

manager

11.

Walmart and Meijer both have sales this week on different items. This is an example of

a)

Consumers

b)

Scarce products

c)

Profit

d)

Competition

12.

You have a business and have sold $500 worth of things. You paid all of your suppliers, and workers. The money left over is a

a)

shortage

b)

surplus

c)

market economy

d)

profit

13.

During the pandemic, all of the stores were out of toilet paper and hand sanitizer. This is called a

a)

surplus

b)

shortage

c)

demand

d)

supply

14.

Everything on the shelves at the grocery store is called a

a)

surplus

b)

demand

c)

want

d)

supply

15.

Your teacher says that you have to have 2 pencils everyday. When you go to the store you see the new pencils that cost more than the others. You buy them because you have the money. This is an example of a

a)

need

b)

want

c)

durable good

d)

service