How do "gas wars" affect supply and demand?

high demand made the supply low

What is the purpose of an assembly line?

to make products more quickly & efficiently

Which of the following is an example of "out of the labor force"?

Valerie is in college and is not looking for a job.

The U.S. has a "market economy" that is based on...

interactions between buyers and sellers

Which is an example of buying substitute goods?

buying frozen corn instead of fresh

study of how societies use resources for goods & services

An example of a positive incentive is...

a classroom party for good behavior

Which of the following is an example of "employment"?

Austin's mom works full time at the car factory.

Which industry does the western shoreline of Lake Michigan specialize in and why?

cherries because the soil and climate are perfect for them

Which of the following is an example of importing strawberries?

buying strawberries that were shipped in from another state

Which of the following is an example of "unemployment"?

Sponge Bob lost his job and is interviewing in 2 places.

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4th Grade Economics

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Questions 25

Answers

1
Using an assembly line to produce a car, is an example of ...
incentives
competition
division of labor
voluntary exchange
2
An economist is...
someone who studies economics
someone who studies the law
someone who fixes your car
someone who studies construction
3
Which is NOT a characteristic of a market economy?
incentives and consumer sovereignty
voluntary exchange and competition
buying and selling
private property rights and specialization
4
Incentives are...
punishments
actions or rewards that influence the choices we make
prizes
5
What is outsourcing?
when a business imports resources from another country
when businesses send their employees to another country
when a business moves to another country for cheap labor
when a business is built out of the country
6
Which of the following is NOT a question that an economist asks?
When will goods be produced?
Who will consume the goods and services?
How will goods and services be produced?
What goods and services will be produced?
7
Which of the following is an example of a business that specializes in making a certain good?
Meijer
Little Caesar's Pizza
Walmart
8
How do "gas wars" affect supply and demand?
high demand made the supply low
low demand lowered the price
high demand raised the price
low demand made the supply high
9
What is the purpose of an assembly line?
to make new products
to use robots
to make old-fashioned products
to make products more quickly & efficiently
10
Which of the following is an example of "out of the labor force"?
Valerie is in college and is not looking for a job.
Mary just became the new president of her company.
Ozzy is trying to find a job at an ice cream shop.
11
If Jessica uses her babysitting money to buy a CD, that is an example of...
voluntary exchange
division of labor
incentives
competition
12
If a bad storm ruined most of our apple crop, what would happen to the supply and price?
low supply, high price
high supply, low price
low supply, low price
high supply, high price
13
The U.S. has a "market economy" that is based on...
transportation
successes and failures
stores
interactions between buyers and sellers
14
How many characteristics are there of a market economy?
6
5
3
4
15
An example of a negative incentive is...
a speeding ticket
a prize
a golden ticket
16
Which is an example of buying substitute goods?
growing your own corn
buying corn at a vegetable stand in your town
buying corn from another state
buying frozen corn instead of fresh
17
What is economics?
study of how societies use resources for goods & services
the study of how countries trade
study of how states work together
the study of money
18
An example of a positive incentive is...
a parking ticket
a classroom party for good behavior
a library fine
19
Which of the following is an example of "employment"?
Mr. Brown lost his job and is trying to find a new one.
Jenna's grandma is retired and does not work.
Austin's mom works full time at the car factory.
A high school student can't fit a job into her schedule.
20
Which industry does the western shoreline of Lake Michigan specialize in and why?
potatoes because the soil is just right
wheat because there is enough land for large farms
lemons because lemonade is very popular
cherries because the soil and climate are perfect for them
21
Which of the following is an example of importing strawberries?
buying strawberries at a "BOGO (buy 1 get 1 free) sale"
buying strawberries that were shipped in from another state
buying strawberries from a fruit stand
buying frozen strawberries
22
What industry does southeast Michigan specialize in?
cars and car parts
corn
copper
milk
23
What is Henry Ford famous for?
perfecting the assembly line
inventing the first car
inventing the assembly line
for developing the city of Detroit
24
Competition is when businesses sell the same types of products. An example would be...
Belle Tire and Pizza Hut
McDonald's and Burger King
Potter's Bakery and JC Penney
Meijer and the Ice Cream Factory
25
Which of the following is an example of "unemployment"?
Scooby-Doo is a dog and doesn't work.
Patrick works full time at the Crusty Crab.
Sponge Bob lost his job and is interviewing in 2 places.
You are 10 years old and in school.

4th Grade Economics Flashcards | StudBud