Social Studies CRCT #2 Economics: Question Preview (ID: 18786)

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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) labor
c) capital
d) market

Which is a natural resource?
a) donut
b) car
c) oil
d) playstation

Which natural resource would most likely help the growth of a coastal community?
a) rocks
b) farmland
c) forest
d) fish

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) supply and demand
c) marketing

The price of an item will go down when
a) The price of the natural resource to make the item goes up.
b) The supply of the item is greater than the demand for it.
c) The price of the labor needed to make the item increases.
d) The demand is greater than the supply of the item.

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.

An example of interdependence is
a) People need goods and services provided by other people.
b) People make their own clothing.
c) People often move to places that aren't near as crowded.
d) People grow their own food.

When a dog groomer buys shampoo, this is an example of the groomer being the
a) producer
b) production
c) service
d) consumer

An entrepreneur is someone who
a) buys stuff
b) opens their own business
c) hires people
d) provides money for others

The Ford plant has 278 trucks leaving the factory each day that they have assembled. The plant and its employees are
a) producers
b) consumers
c) entrepreneurs
d) celebrities

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