Free Printable Economics Quiz 3rd Grade

1.

Brittany decides to have a garage sale. Her friend Briana comes over to help. They decide to make lemonade to sell because it was a hot day. Brittany took out lemons. Briana used a juicer to squeeze juice from the lemons. They had a great day. What type of productive resource are the lemons?

a)

Capital

b)

Human

c)

Natural

d)

Entrepreneur

2.

Brittany decides to have a garage sale. Her friend Briana comes over to help. They decide to make lemonade to sell because it was a hot day. Brittany took out lemons. Briana used a juicer to squeeze juice from the lemons. They had a great day. What type of productive resource is the juicer?

a)

Capital

b)

Human

c)

Natural

d)

Entrepreneur

3.

Which of these people is MOST LIKELY paid using tax money collected by a local government?

a)

Firefighter

b)

Artist

c)

Chef

d)

Manager of a store

4.

A kid has invented and produced a new type of shoe. This is an example of:

a)

Interdependence

b)

Entrepreneurship

c)

A Natural Resource

5.

What is a human resource?

a)

Things found in nature that we use to survive.

b)

Machines and other tools used to make a product.

c)

The people and their labor and skills used to produce a good.

d)

A person who starts a business to make money.

6.

This is a picture of a farmer riding on his cotton picker. Which of the following is an example of a natural resource?

a)

the cotton

b)

the farmer

c)

the tires

d)

the gas

7.

Brittany decides to have a garage sale. She wants to make a little money. Her friend Briana comes over to help. They decide to make lemonade to sell because it was a hot day. Brittany took out lemons. Briana used a juicer to squeeze juice from the lemons. She also added sugar, water and ice to the lemonade. They had a great day. What type of productive resource is Briana?

a)

Capital

b)

Human

c)

Natural

d)

Entrepreneur

8.

Brittany decides to have a garage sale. She wants to make a little money. Her friend Briana comes over to help. They decide to make lemonade to sell because it was a hot day. Brittany took out lemons. Briana used a juicer to squeeze juice from the lemons. She also added sugar, water and ice to the lemonade. They had a great day. What type of productive resource is Brittany?

a)

Capital

b)

Human

c)

Natural

d)

Entrepreneur

9.

Our state government collects sales tax each time someone buys something in Georgia. These taxes are used to pay for

a)

malls to be built

b)

schools to be built in Georgia

c)

your house to be built

d)

schools to be built in Mexico

10.

All Americans are protected by our military. This service is paid for

a)

using money we borrow from Mexico.

b)

by the mayor in each town.

c)

using tax money collected by citizens.

d)

trading goods and services with the military.

11.

Whitney lives in Georgia. She goes on vacation to visit France. She goes to a store to buy a soda and a candy bar it costs $6.00. She pays for it with a ten dollar bill. The owner will not take the ten dollar bill. Why?

a)

France uses a different currency from the United States.

b)

Visitors do not have to pay for drinks in other countries.

c)

The drink costs more than ten dollars.

12.

Economic Interdependence

Producers <-------------> _____________

In economic interdependence, which of the following is the correct term to go on the line to complete the chart?

a)

Opportunity Cost

b)

Scarcity

c)

Income

d)

Consumers

13.

Which of these from the picture is a capital resource?

a)

the man

b)

the ladder

c)

the apples

d)

the tree

14.

What is a natural resource?

a)

Things found in nature that we use to survive.

b)

Machines and other tools used to make a product.

c)

The people and their labor and skills used to produce a good.

d)

A person who starts a business to make money.

15.

What is a capital good?

a)

Things found in nature that we use to survive.

b)

Machines and other tools used to make a product.

c)

The people and their labor and skills used to produce a good.

d)

A person who starts a business to make money.

16.

What is an entrepreneur?

a)

Things found in nature that we use to survive.

b)

Machines and other tools used to make a product.

c)

The people and their labor and skills used to produce a good.

d)

A person who starts a business to make money.

17.

Which are usually built by the government with tax money?

a)

roads

b)

factories

c)

grocery stores

d)

barber shops

18.

What is an opportunity cost?

a)

the first choice you make

b)

something give up when you choose something else

c)

when a good is hard to find

Economics Quiz 3rd Grade

Total questions: 18

Worksheet time: 9mins

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