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Michigan Economy

Total questions: 100

Worksheet time: 51mins

Name
Class
Date
1.

Limited resources and unlimited wants create:

a)

trade

b)

scarcity

c)

goods

d)

money

2.

Which statement is false?

a)

Michigan trades with many different states and many different countries.

b)

Michigan only trades with one or two states.

3.

To provide for its services to provide for it's people, Michigan government collects:

(select all that apply)

a)

goods

b)

taxes

c)

fees

d)

fines

4.

Select the services that the Michigan government provides:

(select all that apply)

a)

Detroit Tigers team

b)

State Police

c)

Target

d)

state parks

5.

In order to have a strong future, Michigan needs to:

a)

stop farming and use the farm land for other things.

b)

just focus on making cars and nothing else.

c)

make good use of the natural resources it has.

6.

Because people specialize they have to:

a)

trade to get what they do not make.

b)

give goods away.

c)

borrow money to buy goods.

7.

Which is true about farming in Michigan?

a)

Michigan only grows soybeans, corn, and apples.

b)

Michigan is cold and there is not much farming.

c)

Most of the farming is done in the upper peninsula.

d)

Farming is an important economic activity of Michigan.

8.

Mrs. Diekman went to Target to buy one item for herself. She wanted a new shirt and new shoes. She decided to purchase the shoes. What was Mrs. Diekman's opportunity cost?

a)

shirt

b)

shoes

9.

Where do you find the most manufacturing in Michigan?

a)

The Upper Peninsula

b)

Flushing

c)

Big cities

d)

in the center of the state.

10.

Check all the capital resources:

a)

trees

b)

trucks

c)

workers

d)

factories

11.

Check all of the human resources:

a)

workers

b)

water

c)

factory

d)

truck drivers

12.

Check all the natural resources

a)

factory workers

b)

trucks

c)

water

d)

minerals

13.

Economy is the study of:

a)

places.

b)

Michigan goods and services.

c)

how people use resources to make goods and services.

d)

trading and specializing.

14.

not enough of something so people have to make choices

a)

opportunity cost

b)

tourist

c)

scarcity

d)

agriculture

15.

There are only certain amounts of these

a)

unlimited wants

b)

limited resources

c)

manufacturing

d)

tourism

16.

there is no end to the number of things people need and want

a)

unlimited wants

b)

manufacturing

c)

tourist

d)

economic activities

17.

When you make a choice, this is the second thing you wanted most

a)

tourism

b)

economic activities

c)

tourist

d)

opportunity cost

18.

different ways people use resources and produce goods & services

a)

tourism

b)

agriculture

c)

research & development

d)

economic activities

19.

the making of goods in a factory

a)

agriculture

b)

tourism

c)

manufacturing

d)

research and development

20.

another word for farming

a)

agriculture

b)

tourism

c)

manufacturing

d)

research and development

21.

and economic activity where tourists visit an area and spend money

a)

agriculture

b)

tourism

c)

research and development

d)

manufacturing

22.

a person who goes sight- seeing and spends money in a place away from where they live.

a)

scarcity

b)

unlimited wants

c)

tourist

d)

tourism

23.

an economic activity where people produce ideas that lead to new or improved goods and services

a)

manufacturing

b)

agriculture

c)

tourism

d)

research and development

24.

Economics is the study of

a)

how people earn, spend, and save money.

b)

how products are grown or manufactured and sold.

c)

how people make choices about their money.

d)

all of the above.

25.

An example of a human resource is:

a)

Rich soil for farming

b)

A worker in a bank

c)

Lumber used for furniture

d)

Machinery used in a factory

26.

An example of a natural resource is:

a)

An engineer at a car company

b)

A tractor used for farming

c)

Lumber used for furniture

d)

Machinery used in a factory

27.

An example of a captial resource is:

a)

An engineer at a car company

b)

Sand used for making glass

c)

Lumber used for furniture

d)

Machinery used in a factory

28.

Scarcity means

a)

there is too much of a product.

b)

not enough of a product.

c)

trading a product.

d)

buying a product.

29.

Put a check mark next to the products produced in Michigan. (There are 3).

a)

Apples

b)

Oranges

c)

Cereal

d)

Cars

30.

Since Michigan cannot produce everything we like to have, we depend on other places to IMPORT their products to Michigan. What does import mean?

a)

When a product comes from another place.

b)

When a product is made in the USA

c)

It means saving your money.

d)

When we ship out products made in Michigan.

31.

Since Michigan cannot produce everything we like to have, we depend on other places to IMPORT their products to Michigan. This is called:

a)

Shopping

b)

Farming

c)

Manufacturing

d)

Interdependence

32.

Michigan collects money for it's economy with fees, fines, and taxes. Which example below is a tax?

a)

Paying for a ticket because you broke a law.

b)

Paying to enter a state park.

c)

Paying extra for the things you buy.

33.

Michigan collects money for it's economy with fees, fines, and taxes. Which example below is a fine?

a)

Paying for a ticket because you broke a law.

b)

Paying to enter a state park.

c)

Paying extra for the things you buy.

34.

EXTRA CREDIT QUESTION:

Michigan collects money for it's economy with fees, fines, and taxes. Which example below is a fee?

a)

Paying for a ticket because you broke a law.

b)

Paying to enter a state park.

c)

Paying extra for the things you buy.

35.

In the 1800's, the fur trade slowed down. What was Michigan's next big business?

a)

making cars

b)

farming

c)

fishing

d)

building highways

36.

Which of these are part of our economy?

a)

businesses and what they make and sell

1.

yes

b)

men and women workers and what they earn

2.

no

c)

consumers and what they buy

3.

yes

37.

Two metals mined in the Upper Peninsula are?

a)

Copper and Iron

b)

Steel and Copper

38.

What are two capital resources to start a mine?

a)

shovel and pick

b)

ladder and spade

c)

hammer and nails

39.

All copper mines are closed in Michigan because it is too ​ (a)   to mine.

Choose from the below words
expensive
cheap
fun
40.

One negative consequence of logging in Michigan was....

a)

Trees were free

b)

It was an easy job

c)

The loggers did not plant new trees

d)

The rivers flooded

41.

Lake _​ (a)   is higher than Lake ​ (b)   . That is why the ​ (c)   were built. They help ships move cargo between those lakes.

Choose from the below words
Superior
Huron
Soo Locks
42.

The company that built the Soo Locks was given much land for its work. This land was called ______.

a)

free land

b)

an incentive

c)

grass land

d)

a profit

43.

What is the main reason an entrepreneur would build a plank road?

a)

To drive on

b)

For people to walk on

c)

To make money

44.

People along the Underground Railroad wanted to help escaped slaves because....

a)

They felt slavery was right

b)

They felt slavery was wrong

45.

The Civil War happen _____ Michigan became a state.

a)

before

b)

after

46.

Most Michigan cities were started along ______ and _____because the water p0wer was used for gristmills and sawmills.

a)

oceans and seas

b)

rivers and oceans

c)

rivers and lakes

47.

What new product idea started in Battle Creek Michigan between 1890 and 1910?

a)

oil

b)

granola

c)

cereal

d)

corn

48.

What was Henry Ford's big idea about the kind of car he should make?

a)

Expensive cars the only the rich could afford

b)

To make cars that looked like wagons

c)

To make cars that were simple and affordable

49.

Which is true about labor unions?

a)

Workers started unions. This was in the 1930's. Those were hard times. Workers wanted better working conditions and higher pay.

b)

Most unions were started in the 1800's. They were started to help workers meet new friends. They had picnics and dances.

c)

Companies started unions. Unions helped teach workers how to do their jobs better.

50.

Which of the following is a human resource?

a)

A baby

b)

Trees

c)

Hammer and Nails

d)

A cashier at the store

51.

Which word means when there is not enough of a good or service for everyone?

a)

Economics

b)

Scarcity

c)

Opportunity Cost

d)

Unlucky

52.

Which term means a choice that you give up when you choose something else?

a)

Opportunity Cost

b)

Manufacturing

c)

Capital Resource

d)

Economy

53.

The study of how people use limited resources to make goods and services that people need and want is:

a)

Manufacturing

b)

Export

c)

Renewable Energy

d)

Economics

54.

Workers who are used in the production of goods and services are:

a)

Human Resources

b)

Natural Resources

c)

Capital Resources

d)

Limited Resources

55.

Goods that are used to produce other goods and services are:

a)

Human Resources

b)

Natural Resources

c)

Capital Resources

d)

Limited Resources

56.

Something that is found in nature that can be used by people is:

a)

Human Resources

b)

Natural Resources

c)

Limited Resources

d)

Capital Resources

57.

What is the process of making goods called?

a)

Agriculture

b)

Energy

c)

Manufacturing

d)

Economy

58.

When people go on vacation to a specific area and spend money, we call this:

a)

Tourism

b)

Summer Vacation

c)

Economics

d)

Agriculture

59.

What is an opportunity cost?

a)

A tax

b)

When a business gives you a discount

c)

What you pay to enter a park

d)

What you give up when you make a different choice

60.

What does agriculture mean?

a)

Learning about other cultures

b)

Farming

c)

Making Goods

d)

Studying the economy

61.

Choose all of the fossil fuels

a)

Wind

b)

Coal

c)

Natural Gas

d)

Sun

e)

Oil

62.

Choose all of the renewable energy sources

a)

Coal

b)

Sun

c)

Oil

d)

Water

e)

Wind

63.

Economy is trading ____________ for goods and/or services

a)

Bananas

b)

time

c)

kids

d)

money

64.

Two things are exchanged for money in our states economy. Those two things are goods and _____________.

a)

bads

b)

services

c)

potato chips

d)

Lake Huron

65.

The farmers in Michigan grow/raise many important foods. Which of these is not one that our state is known for?

a)

pineapple

b)

dairy

c)

corn

d)

blueberries

66.

Michigan's Economy is mainly made of three things. ________, tourism and the automotive industry.

a)

Soccer

b)

painting

c)

Agriculture

d)

Mermaid watching

67.
When the supply of a product or service goes up and the demand stays the same the Price will typically do what? 
a)
rise
b)
fall
c)
stay the same
d)
Consumer
68.
The desire or willingness a consumer has to purchase a good or a service is called?
a)
shortage
b)
supply
c)
price
d)
demand
69.
The amount of goods or services available is called?
a)
supply
b)
demand
c)
producer
d)
consumer
70.
When there is a shortage the price will usually? 
a)
rise
b)
fall
c)
remain the same
d)
equilibrium
71.
Farmers in California have had wonderful weather. They have produced the largest crop of watermelons in years. What will happen to the price of watermelons?
a)
The price will go up.
b)
The price will go down.
72.
Cold weather in Florida has damaged this year’s orange crop. Farmers have only half of the usual amount of oranges to sell. What will happen to the price of oranges?
a)
The price will go up.
b)
The price will go down.
73.
Amazon Prime is selling Smencils.  There are only a few packs left and they are very popular.  What will happen to the price?
a)
The price will go up.
b)
The price will go down.
74.
Tools we use to make products
a)
capital resources
b)
human resources
c)
natural resources
d)
entrepreneurs
75.
How much people want something
a)
supply
b)
demand
76.
Individuals who come up with a new idea for a good or service, then they make it a reality
a)
resource
b)
human resources
c)
consumer
d)
entrepreneur
77.
The place where goods and services are exchanged
a)
barter
b)
currency
c)
market
d)
resource
78.
How much of something is available
a)
supply
b)
demand
79.

A drought has made this year's tomato harvest smaller than usual. What will probably happen to the overall supply of tomato sauce?

a)

The supply will probably go up

b)

The supply will probably go down

80.

Weather forecasters predict this summer will be much hotter than usual. What will probably happen to the demand for air conditioners?

a)

The demand will probably go up

b)

The demand will probably go down

81.
In general, if the price of a good or service goes down, what happens to the demand for that good or service?
a)
demand goes up
b)
demand goes down
c)
demand stays the same
d)
none of the above
82.
In general, if the price of a good or service goes up, what happens to the demand for that good or service?
a)
demand goes up
b)
demand goes down
c)
demand stays the same
d)
none of the above
83.

A Market Economy is based on?

a)

Goods and Services

b)

Goods and Products

c)

Supply and Demand

d)

Service

84.

Business owners will raise prices if?

a)

Item isn't selling

b)

There is a large supply of the item and

c)

There is a low supply of the item and the product is selling quickly.

d)

The amount of the supply is high.

85.

An Entrepreneur

a)

owns his/her own company

b)

is a teacher

c)

works at Chick Fil A

d)

is a NASCAR driver

86.

Which of the following is a capital resource?

a)

sewing machine

b)

money

c)

scissors

d)

All of the above

87.

Needs are required to live.

a)

true

b)

false

88.

Bartering is a form of trading goods for goods.

a)

trade

b)

false

89.

Competition is a benefit of a consumer- driven economy.

a)

true

b)

false

90.

People are free to make their own choices about how they earn and spend money.

a)

Capitalism

b)

Socialism

c)

Communism

91.

The way a country handles it money

a)

culture

b)

economy

c)

principles

92.

When there is very little of something

a)

scarce

b)

monopoly

c)

standard of living

93.

Planning how money will be spent

a)

economy

b)

standard of living

c)

budget

94.

Who should you pay with your first fruits?

a)

myself

b)

bills

c)

God/tithe

95.

anything that you must have in order to live

a)

need

b)

want

96.

is air a need or want?

a)

need

b)

want

97.

an item that you would love to own, but could live with out

a)

need

b)

want

98.

Newer, larger house

a)

need

b)

want

99.

food

a)

need

b)

want

100.

air

a)

need

b)

want

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