Which of the following is true about Michigan and trade?

Michigan trades with many different states and countries.

What is true about farming in Michigan?

Farming is an important economic activity of Michigan.

Which of the following would probably help Michigan most in the future?

Building wind turbines for wind farms

In order to have a strong future what does Michigan have to do?

Michigan has to make good use of natural resources.

What causes scarcity?

Resources are limited but people's wants are unlimited.

Why does the state of Michigan collect fees, fines and taxes?

Because it has to have a way to pay services.

Which of the following is true?

Michigan manufactures many different kinds of goods.

Because people specialize they have to

trade to get what they do not make

What does specialization mean?

People, regions and countries make certain kinds of goods.

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Michigan Economics Third Grade

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Questions 18

Answers

1
Which of the following is true about Michigan and trade?
Michigan trades with many different states and countries.
Michigan only trades with one or two states.
Michigan has stopped trading with other places.
Michigan only trades with China
2
Which of the following is a public service provided by the government of Michigan?
Walmart
the Detroit Tigers baseball team
Michigan National Bank
the State Police
3
What is true about farming in Michigan?
All of the farming is done in the Upper Peninsula.
Michigan is so cold there is not much farming.
Farming is an important economic activity of Michigan.
Michigan only grows celery, corn and apples.
4
Where do you find the most manufacturing in Michigan?
near big cities
where there is not much snow
n the center of the state
in the Upper Peninsula
5
When we study about how people use resources to make goods and services, what are we studying?
history
geography
economics
government
6
Herby could have pizza or a salad. He decided to have pizza. What was Herby’s opportunity cost?
salad
nothing
pizza
hot dog
7
Which of the following would probably help Michigan most in the future?
Building wind turbines for wind farms
Selling Great Lakes water to people who need it
Building very large cars with big gas engines.
Finding a way to get oranges to grow in Michigan
8
In order to have a strong future what does Michigan have to do?
Michigan has to just make cars.
Michigan has to stop trying to find new things to make.
Michigan has to stop farming.
Michigan has to make good use of natural resources.
9
What causes scarcity?
Resources are limited but people's wants are unlimited.
People are greedy.
There is not enough work for everybody to do.
People don't want to work hard.
10
Because of scarcity people can't have everything they want. Because of this people have to
learn to be selfish
make all their own goods
make choices
save all their money
11
Why does the state of Michigan collect fees, fines and taxes?
Because the other states won’t give Michigan any money.
Because it has to have a way to pay services.
Because the people who run the state want to get rich.
Because the citizens of Michigan do a lot of bad things.
12
Which of the following is the newest thing to be found in Michigan?
iron mines
wind farms
car factories
apple orchards
13
Which of the following is an example of a natural resource?
a factory
a worker
water
a swamp
14
Which of the following is true?
Michigan only farms.
Michigan manufactures only cars and car parts.
Michigan manufactures mainly furniture and computers.
Michigan manufactures many different kinds of goods.
15
Which of the following is an example of a capital resource?
water
a factory
a swamp
a worker
16
Which of the following is an example of a human resource?
a factory
a worker
water
a swamp
17
Because people specialize they have to
borrow money to buy goods.
give up all the goods they do not make.
trade to get what they do not make
give goods away.
18
What does specialization mean?
People, regions and countries make goods but no services.
People, regions and countries make certain kinds of goods.
People, regions and countries make too many goods.
People, regions and countries only make special goods.

Michigan Economics Third Grade Flashcards | StudBud