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Economics

Authored by Jessica Grubb

Other

3rd Grade

Used 12+ times

Economics
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8 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All 18 kids in Mrs. Grubb's class want to use a new pen, but there are only 2 pens. This is an example of ---

profit

scarcity

free market

donation

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Henry Ford sold more cars at a lower price by doing what?

using cheaper materials

making smaller cars

using an assembly line

paying his employees less

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Mrs. Truong's class is having a bake sale and very few people are buying cupcakes. Which is the best way for the class to sell more cupcakes?

Raise the price

Lower the price

Make more cupcakes

Eat the extra cupcakes

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does "free enterprise system" mean?

The government places very few restrictions on business owners.

The government tells owners what they have to sell.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a free market?

Prices are determined by the government.

Prices for goods and services are determined by the open market and the consumers (buyers)

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Emily wants a new video game. When she arrives at the store, she sees a sign saying, "We're sorry, our shipment has been delayed for the next two weeks." What effect might the scarcity of the video game have on Emily?

Emily will get the game tomorrow.

Emily will get the game in a week.

Emily will have to wait for two weeks and come back to see if the game is back in stock.

Emily will have to come back in a month.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Emily wants a new video game. When she arrives at the store, she sees a sign saying, "We're sorry, our shipment has been delayed for the next two weeks." What effect might the scarcity of the video game have on the store?

The store will lower the price to sell the game faster.

The store will increase the price because of the high demand.

The store will do nothing and keep the price the same.

The store will decide to stop selling the game.

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