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The Economy of Michigan Review
The Economy of Michigan Review
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Third-grade social studies test review on the economy of Michigan.
Flashcards
28 cards
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Practice quiz
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Questions
28
Answers
1
What are
capital resources
?
Materials
Machines and equipment
Workers
2
When there is not enough of something so people have to make choices it is called:
Opportunity cost
Scaricty
Limited resources
Unlimited wants
3
What resources does it take to make a product?
Capital resources, human resources, and natural resources
Natural and human resources
Capital resources and human resources
Just capital resources
4
Public goods and services provided by the government of Michigan are...
The internet, video games, and cable television.
Your house.
State highways, state parks, and bridges.
Food and clothing.
5
Michigan is known for making these products:
Office Furniture
Cars and car parts
Medicine
Breakfast cereal
6
All three of these are
natural resources
:
Water, soil, trees
Doctors, teachers, mechanics
Factories, tools, computers
Trees, truck drivers, paper
7
Why are tourists important to Michigan's economy?
They are friendly.
Interdependence
They eat a lot of cherries while they are here.
They spend billions of dollars while they are visiting.
8
How does the government of Michigan pay for public goods and services?
Fines, fees, and taxes paid by Michigan residents.
The national government gives them money.
Federal funding.
They take it out of their bank account.
9
Truck drivers, doctors, and teachers are examples of...
Human resources
Capital resources
Natural resources
Economics
10
When people are dependent on other people to get the things they do not produce it is called...
Scarcity
Opportunity Cost
Interdependence
Specialization
11
The
human resource
used to make these fries is:
The worker who made the fries.
The box the fries came in.
The potatoes.
The salt.
12
True
or
False
: When people specialize they become more interdependent.
False
True
13
You go to McDonald's and order french fries. The
capital resource
used to make this good is:
The cashier.
The potatoes.
The salt.
The deep fryer.
14
Which kind of jobs do many people think will be a bigger part of Michigan's future?
Automation, high technology, and life science.
Fur trading, copper mining, and logging.
Making cars, farming, and fishing.
Construction, education, and human services.
15
Why do we import products?
We import products because we export products.
Not all products that we need are available in Michigan.
Michigan entrepreneurship.
We do not import products.
16
The study of how people use limited resources to produce goods & services that people want/need
Entrpreneurship
Economics
Economy
Environment
17
The Sleeping Bear Dunes, Mackinac Island, & Frankenmuth are all places that attract Michigan...
Having fun
Swimming
Tourism
Interdependence
18
Henry Ford is an example of a Michigan ...
Natural resource
Economy
Entrepreneur
Capital resource
19
When individuals, regions, and countries produce certain kinds of goods or services.
Specialization
Trade
Scarcity
Interdependence
20
These are economic activities in Michigan:
Mining
Agriculture
Manufacturing
Tourism
21
A product or natural resource from Michigan that is sold in another country is a(n)...
Interdependence
Capital resource
Export
Import
22
What do we call the many people who come from other states to spend their vacations here?
People
Tourists
Workers
Friends
23
These are foods
grown
in Michigan:
Cheetos
Apples
Blueberries
Tart cherries
24
Why are bananas an import?
They are not an import
They are grown in other counties and sent to Michigan
They are an export
We send them to other countries
25
Why are businesses located where they are?
It is pretty there.
The business needs natural resources found there.
There is not a reason why.
The consumers for the product live far away.
26
Consumers cannot have everything they want. What they give up when they make a choice is...
A scarcity
An economic problem
A demand
An opportunity cost
27
We send more exports to this country than any other.
Kenya
Canada
England
Mexico
28
The
natural resource
used to make the fries is:
The restaurant.
The potatoes.
The cashier.
The box it came in.
