Economics review

2. Molly has $25 to spend for the week. She is out of bread, milk, eggs, chicken, and finger nail polish, and she really wants a new pair of shoes. Which of the above items should Molly buy first to meet her needs for the week? (3.E.MI.1)

• a.bread
• b. milk
• c. eggs
• d. chicken
• f. finger nail polish

3. Which of the following is an example of producers and consumers interacting? (3.E.MI.1)

• a. Sarah and Ron grew a garden together during the summer and snacked on the vegetables.
• b. Tim and Luke went to McDonalds and bought lunch after soccer practice.
• c. Madison and Jamie worked together to make friendship bracelets for their fundraiser.
• d. Janet baked bread and sold the loaves to Tina at a bake sale.

6. True or False? Private property is owned by individuals or groups of people, and public property is owned by the government for use by everyone. (3.E.MA.1)

• a. True
• b. False

4. True or false? Producers determine the prices of goods and services based off the supply and demand for the product. (3.E.MI.1)

• a. True
• b. False

5. Which of the following is NOT an example of a high demand and low supply relationship? (3.E.MI.2)

• a. A store is running low on Valentine's Day cards during the month of February.
• b.The newest book in a very popular series has just been released, and your bookstore only receives a few copies.
• c. In the month of December, sunscreen goes on sale for 50% off the price it sells for in July.
• d. During the holiday season the most popular toy increases in price because many kids want it.

10. What are the benefits of a trade? (3.E.ST.1)

• a. People can trade things they have too much of for things they don't have enough of.
• b. People can meet their needs by trading items for other goods/services.
• c. People can gain money to spend on other things by trading away their goods/services.
• d. all of the above.

1. John ran some errands on Monday. He went to the grocery store for bread and milk and got his car washed at the car wash. John made two purchases. Classify his purchases as goods or services. (3.E.MI.1)

• a. The bread and milk are goods, while the car wash is a service.

• b. The bread and milk are services, while the car wash is a good.

• c. The bread and milk are goods, and the car wash is a good.

• d. The bread and milk are services, and the car wash is a service.

8. Which of the following is an example of economic interdependence? Choose all that apply. (3.E.ST.1)

• a. specialization in work to then share with others
• b. giving money away to others
• c. production of items or growing crops in a certain area to share with others
• d. following directions to make things better for others

9. Which of the following is an example of specialization? (3.E.ST.1)

• a. Kentucky, Indiana, and Ohio work together to keep the Ohio River clean.
• b. Florida specializes in growing oranges because of their warm and humid weather.
• c. Alaska specializes in growing bananas because of their warm, tropical environment.
• d. Tom and Sue created their own small business where they made toys, puzzles, and games together.

7. Why does the cost of things change over time? (3.E.MA.2)

• a. Supply and demand for goods/services changes.
• b. Newer versions of goods/services are released.
• c. Money loses value over time.
• d. all of the above