According to the laws of supply and demand, when will companies produce more of a product?

When they can sell it for a higher price

Which of the following is a true statement about budgets?

They allow people to track how and where their money isspent

Which is the most important piece of information to consider when comparing prices?

The price per unit of the items you are comparing

Why do prices go down when consumers start saving their money?

Consumers become less willing to spend money

What factor is most likely to cause an increase in demand for a new type of automobile?

commercial where a car is endorsed by a popular celebrity

Which is the best buy: 25 cookies for $2.50, 50 cookies for $5, or 100 cookies for $10?

The price per cookie is the same in each deal

What might happen if the demand for a new type of sneaker began rising quickly?

The sneaker company would raise the price of the sneakers

What is the point of comparing prices?

To figure out how you can get the most value for your money

What is likely to happen if the price of a new pair of sneakers went up?

Demand for the sneakers would decrease

In economics, what is a service?

A task you can pay someone to do

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Economics Review 5th Grade

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Questions 18

Answers

1
Which of these is an example of a "need?"
TV
water
trip to Six Flags
video games
2
According to the laws of supply and demand, when will companies produce more of a product?
When they can sell it for a higher price
When the price people will pay for it goes down
When demand decreases
When the economy turns downward
3
Which of the following is a true statement about budgets?
keeping a budget is to spend exactly as much as you earn
Setting up a budget will allow you to earn more money
They encourage people to spend as much money as possible
They allow people to track how and where their money isspent
4
Which is the most important piece of information to consider when comparing prices?
The amount of income you have
The price per unit of the items you are comparing
The average price of the two items you are comparing
The wholesale price of the item you want to buy
5
Why do prices go down when consumers start saving their money?
Manufacturers start producing fewer products
Demand for goods begins to outpace supply
Demand for currency goes up as people begin saving
Consumers become less willing to spend money
6
What factor is most likely to cause an increase in demand for a new type of automobile?
The price of the car going up
A comedian making fun of the car on late-night TV
A rumor that the car's gas tank is prone to explosion
commercial where a car is endorsed by a popular celebrity
7
Which two things does a budget compare?
Income and expenses
Expenses and expenditures
Savings and interest
Income and investments
8
What is the minimum number of items you need to make a price comparison?A. One
1
3
2
9
Which is the best buy: 25 cookies for $2.50, 50 cookies for $5, or 100 cookies for $10?
The $5 package
The price per cookie is the same in each deal
The $2.50 package
The $10 package
10
Which of these is an example of a "want?"
video games
heat
water
food
11
When there is a shortage of a product or good that many people want the price may....
go up
stay the same
go down
12
What might happen if the demand for a new type of sneaker began rising quickly?
The manufacturer would begin making fewer sneakers
The sneaker company would raise the price of the sneakers
People would refuse to pay more money for the sneakers
The sneaker company would lower the price of the sneakers
13
What is the point of comparing prices?
To figure out how much of a certain item you need
To figure out how you can get the most value for your money
To figure out how much money you need to spend
To figure out why some items are expensive and others cheap
14
Which of these is neither a good nor a service?
A meal at a restaurant
A gallon of gasoline
A $20 bill
A piano lesson
15
What is likely to happen if the price of a new pair of sneakers went up?
Merchants would begin offering sales on the sneakers
It would be impossible to find a pair in stores
Demand for the sneakers would decrease
Demand for the sneakers would increase
16
In economics, what is a service?
A physical object you can buy
A task you can pay someone to do
A store that sells only one kind of product
17
Which of these is the best deal?
15 plastic cups for $3
10 plastic cups for $2
5 plastic cups for $1.50
6 plastic cups for $1
18
Which condition would lead to the highest prices?
High supply, low demand
Low supply, low demand
High supply, high demand
Low supply, high demand

Economics Review 5th Grade Flashcards | StudBud