Economics Quiz

Economics Quiz

5th Grade

24 Qs

quiz-placeholder

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Economics Quiz

Economics Quiz

Assessment

Quiz

Social Studies

5th Grade

Hard

Created by

Christina undefined

FREE Resource

24 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does a small village where people either grow vegetables or make pottery represent?

A system where only goods are produced and consumed.

A system where only services are produced and consumed.

A system where goods or services are produced and consumed.

A system where goods and services are neither produced nor consumed.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a market economy, what role do consumers and producers play?

Consumers only consume goods and services, while producers only produce them.

Consumers and producers both produce goods and services.

Consumers buy goods and services, and producers make or offer them.

Consumers and producers have no interaction with each other.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Ever wondered why your favorite coffee shop has such a wide variety of coffee blends?

They're on a secret mission to outdo every other coffee shop on the planet.

They're dedicated to making coffee lovers like you super happy.

They're chasing the dream of big profits, one coffee cup at a time.

They just really, really need to use up all that coffee themselves.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the result of competition between smartphone manufacturers like Apple and Samsung?

Decrease in the quality of smartphones.

Increase in the prices of smartphones.

Manufacturers stop innovating and making new models.

Innovation and the development of better smartphones.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why did Apple lower the price of the iPad?

Because they wanted to increase their profits.

Because other tablets on the market were not selling well.

Because there was no competition in the tablet market.

Because other tablets were available at lower prices, creating competition.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Imagine you're analyzing a 'recession' scenario. What metaphor would you use to describe the activity of buying and selling?

The Rocket - zooming up as they increase rapidly

The Merry-Go-Round - staying steady as they remain constant

The Slow-Moving Train - chugging along as they slow down

The Bench - not moving, indicating no change mentioned regarding buying and selling

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Imagine you have $100 to spend. You decide to buy a new video game instead of saving the money for a concert next month. What is the term used to describe the benefit given up by not attending the concert?

Demand cost

Supply cost

Opportunity cost

Scarcity cost

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