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Social Studies CRCT #2 Economics
Test Description: Economics
Instructions: Answer all questions to get your test result.
1) Many things go together to produce goods and services. What do we call the skills of workers and the hours they work to make a product?
A
investment
B
market
C
labor
D
capital
2) Which is a natural resource?
A
car
B
playstation
C
donut
D
oil
3) Which natural resource would most likely help the growth of a coastal community?
A
fish
B
forest
C
rocks
D
farmland
4) A factory makes 100 cars each day. They sell quickly, and dealers have a long list of buyers. The factory owner decides to hire more workers and make a 150 cars a day. This is an example of
A
buying and bartering
B
marketing
C
supply and demand
5) The price of an item will go down when
A
The price of the labor needed to make the item increases.
B
The demand is greater than the supply of the item.
C
The supply of the item is greater than the demand for it.
D
The price of the natural resource to make the item goes up.
6) Strawberry season is in full swing. There are a lot of strawberries available right now. Which of the following would be true about strawberries right now?
A
The price of strawberries is higher than in the winter.
B
The strawberries are hard to find.
C
The strawberries are cheaper because more are available.
D
The growers are receiving less of a profit.
7) An example of interdependence is
A
People need goods and services provided by other people.
B
People grow their own food.
C
People often move to places that aren't near as crowded.
D
People make their own clothing.
8) When a dog groomer buys shampoo, this is an example of the groomer being the
A
producer
B
consumer
C
production
D
service
9) An entrepreneur is someone who
A
buys stuff
B
hires people
C
provides money for others
D
opens their own business
10) The Ford plant has 278 trucks leaving the factory each day that they have assembled. The plant and its employees are
A
celebrities
B
producers
C
entrepreneurs
D
consumers
*select an answer for all questions
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