WorksheetsEconomics Quiz - Unit Assessment (4th Grade)
Total questions: 18
Worksheet time: 36mins
If the price of an item is extremely high, how is the consumer most likely to react if he must have the item today?
a) The consumer may realize the demand is high and wait until next time to buy
b) The consumer decides to wait until they are on sale
c) The consumer buys many of the items at once
d) The consumer purchases a similar item at a lower price
Which of the following is not a service?
a) hair stylist
b) automobile mechanic
c) pet groomer
d) potato chips
Which of the following is an example of a natural resource?
a) chairs
b) water
c) teacher
d) scissors
Which of the following is an example of a capital resource?
a) assembly line
b) police officer
c) oil
d) bus
Which of the following is an example of a human resource?
a) baker
b) table
c) wind
d) money
In a market economy, consumers can do which of the following?
a) set their own income
b) spend their money in only the United States
c) shop in different places to find the best value for their money
d) shop only at one store
When more than one business sells the same good or service it is called
a) supply
b) demand
c) competition
d) resources
Which is not an example of an incentive?
a) sale
b) coupons
c) income
d) discounts
The assembly line changed the way cars were made. It allowed manufacturers to
a) increase the price of automobiles
b) hire more workers to build cars
c) allow robots to takeover the entire factory
d) decrease the amount of time it takes to build a car
Hot Cheetos are the most popular item in the school store. They always run out before everyone who wants them is able to buy them. This is an example of which of the following?
a) opportunity cost
b) competition
c) substitute goods
d) supply and demand
How does the division of labor affect productivity?
a) increases
b) decreases
c) remains the same
d) does not exist
When a business produces only a certain kind of good or service, it is called
a) supply and demand
b) specialization
c) substitute goods
d) incentives
What is the meaning of consumer?
a) someone who makes goods
b) someone who sells services
c) someone who supplies and demands
d) someone who buys goods
There are a lot of houses for sale in Dayton; what will buyers experience?
a) supply is high, so prices will be high
b) supply is high, so prices will be low
c) supply is low, so prices will be high
d) supply is low, so prices will be low
Fixing roads and building schools are examples of what?
a) public goods and services
b) public school repair
c) private goods and services
d) private businesses
A large computer company is closing and going out of business. They have locations in every state. How will this impact the national economy?
a) Demand for jobs is high and employment rates rise
b) Competition for computer companies increases
c) Employers need to pay higher salaries to keep workers
d) Many people lose their jobs and unemployment goes up
If a certain type of resource is scarce in the United States, what else will also be true?
a) increase in imports of the resource
b) increase in exports of the resource
c) lower prices for the resource
d) greater supply of the resource
How are publicly owned goods or services and privately owned goods or services different? Provide examples of each.
