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Worksheets

Social Studies Economics Review

Total questions: 23

Worksheet time: 2hrs 11mins

Name
Class
Date
1.

Suppose freezing temperatures destroyed many orange trees in Florida.

What would most likely happen to the supply of orange juice?

a)

The stores won't sell oranges anymore.

b)

Supply will increase and the prince will increase

c)

Supply and price remain the same

d)

Supply will decrease and the price will increase

2.

A_____are things that people make or grow and then sell are called

a)
goods
b)

services

3.

Kylah made a chart to record her income and expenses.

What is her income?

a)

$55

b)

$48

c)

$103

d)

$30

4.

How much were her expenses?

a)

$103

b)

$55

c)

$48

d)

$13

5.

Kylah earned $55 and spent $48 in her budget.

Is her budget balanced?

a)

No, she spent more money than she earned.

b)

Yes, she earned more money than she spent.

6.

Suppose strawberries are in short supply because the cold weather shortened the growing season.

As a result, strawberry ice cream would most like have a _____than other ice cream flavors at your grocery store.

a)

lower price

b)

more ice cream

c)

higher price

7.

A pet store buys dog food and cat food from a maker of cat food. The pet store is a______ of pet food.

a)
consumer
b)

producer

c)

scarcity

d)

opportunity cost

8.

A_____are things that people make or grow and then sell are called

a)

services

b)

goods

9.

What type of economic system do consumers and private business control their supply and demand of goods and services?

a)

Dictator

b)

Kings and Queen

c)

Free Enterprise System

10.

You clean your neighbor's garage and in exchange your neighbor cuts your lawn. This is an example of-

a)

being a good neighbor

b)

trade

c)

barter

d)

import

11.

Most people who want to buy a house do not have enough money saved to pay for it all at once.

How do most people buy a house?

a)

donate money

b)

spend more money

c)

earn more money

d)

get a loan

12.

What could cause the supply of gasoline to go down?

a)

people are staying home

b)

more people are traveling

c)

regular traffic patterns

d)

traffic on the way to the mall

13.

A_______is a plan that shows your income, expenses, donations, and saving. What is this called?

a)

earn

b)

budget

c)

donate

d)

savings

14.

Who was Henry Ford?

a)

Ford Motor Company and the assembly line

b)

Microsoft

c)

Wal-Mart and Sam's Club

d)

Famous Amos Cookies

15.

Who was Bill Gates?

a)

Microsoft Products

b)

Ford Motor Company

c)

Hershey

d)

Mary Kay

Beauty Products

16.

Who was Sam Walton?

a)

Wal-Mart and Sam's Club

b)

Hershey

c)

Famous Amos Cookies

d)

Ford Motor Company

17.

Who was Wallace "Wally" Amos?

a)

Hershey

b)

Famous Amos Cookies

c)

Mary Kay Beauty Products

d)

Microsoft Products

18.

Who was Mary Kay Ash?

a)

Hershey

b)

Mary Kay Beauty Products

c)

Red Cross

d)

Ford Motor Company

19.

When people work they recieve an

a)

savings

b)

income

c)

expenses

d)

donation

20.

Income we don't spend right away is called

a)

savings

b)

spending

c)

income

21.

The United States does not have everything it needs. U.S. trades good with other countries. When we get goods from other places, we call this

a)

services

b)

goods

c)

export

d)

import

22.

_____make or grow goods.

a)

Producers

b)

Consumers

23.

______purchase good and services from producers.

a)

producers

b)

consumers