Economics Question Preview (ID: 1857)

5th Grade Economics. TEACHERS: click here for quick copy question ID numbers.

Before the civil war, farmers in the south felt that they needed to move west so they could grow cotton in larger amounts. Their idea of the amount of land in the south is an example of:
a) conflict
b) scarcity
c) market
d) opportunity cost

Bobby had ten dollars and wanted to get a football and a new helmet. He saw that he didn't have enough money for both and only bought the football. The helmet is an example of:
a) scarcity
b) production
c) bartering
d) opportunity cost

During the Industrial Revolution many factories were taking the place of handmade goods. These cottage industries were going out of business because their _______ wasn't as fast.
a) production
b) consumption
c) scarcity
d) sales

The invention of the steam engine and its application in steam boats increased the ability to _______ goods faster and to more places.
a) consume
b) produce
c) barter
d) distibute

At times of war many nations are forced to use all of their resources for military supplies. This scarcity of resources makes everyday living difficult for most:
a) distributers
b) producers
c) consumers
d) soldiers

One example of a service industry is:
a) nursing
b) shoe maker
c) farmer
d) construction worker

All of the following are examples of natural resources except for:
a) minerals
b) paper
c) oil
d) wood

Most coffee consumed in the U.S. is produced in South America becuase it can be grown easier and better. This is an example of the United States' ____________ on South America
a) ruling
b) conflict
c) interdependence
d) compromise

The national government collects taxes in order to:
a) build cars
b) build prisons
c) give pay raises to a boss
d) lower prices at the store

One service a bank does not provide is:
a) lending money
b) saving money
c) charging interest
d) collecting taxes

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