Economics for Fifth Graders: Interactive Learning Quizzes

Question 1

How does technology affect the way goods are made?

Accepted Answer

Technology makes production faster and cheaper.

Answer

Technology only makes production more expensive.

Answer

Technology has no effect on production.

Question 2

What's the main difference between a need and a want in economics?

Accepted Answer

Needs are things you need to survive, while wants are things you just desire.

Answer

Wants are harder to get than needs.

Answer

Needs are always more expensive than wants.

Answer

There's no real difference between needs and wants.

Question 3

In a market economy, what happens to the price of a product when there is more of it available than people want to buy?

Accepted Answer

The price of the product will go down.

Answer

The price of the product will go up.

Answer

The amount of the product made will go down.

Question 4

Which of these factors does NOT directly affect how much of a product is available?

Accepted Answer

Changes in what consumers want

Answer

Improvements in how products are made

Answer

Variations in the cost of materials needed to make the product

Answer

Natural events like earthquakes or floods

Question 5

Which of these does NOT influence supply and demand?

Accepted Answer

Earthquakes

Answer

Price

Answer

Government rules

Answer

Technology

Question 6

Which of these factors does NOT affect how much people want to buy of a product?

Accepted Answer

The weather

Answer

Price

Answer

Income

Answer

How easy it is to get

Question 7

What does scarcity mean?

Accepted Answer

There are not enough resources to meet everyone's needs.

Answer

We have more resources than we need.

Answer

We can make as much of everything as we want.

Answer

We don't have any resources at all.

Question 8

Which scenario demonstrates scarcity?

Accepted Answer

Limited land available for building

Answer

Unlimited access to fresh water

Answer

Excess agricultural produce

Question 9

What is scarcity?

Accepted Answer

Resources are not enough to satisfy all our wants

Answer

Having more resources than we need

Answer

We have unlimited resources

Question 10

Which of these is a resource that can be used to make products or provide services?

Accepted Answer

A tool used in a factory

Answer

A person who buys something

Answer

A rule for businesses

Answer

A piece of music

Question 11

Which of these factors does NOT influence the supply of a product?

Accepted Answer

Consumer demand

Answer

Number of producers

Answer

Cost of production

Answer

Government regulations

Question 12

What factor can cause the supply curve to shift to the right?

Accepted Answer

More businesses selling the product

Answer

Less demand for the product

Answer

Higher production costs

Answer

Lower prices for the product

Question 13

Which factor does NOT influence how much of a product or service businesses can and want to produce (supply)?

Accepted Answer

The number of people who want to buy the product or service

Answer

The price of the product or service

Answer

The cost of making the product or service

Answer

Government rules

Question 14

What is the law of supply and demand?

Accepted Answer

It explains how prices are set based on how much people want something and how easy it is to make.

Answer

It is a government rule that tells businesses how much they can charge.

Answer

It tells companies how much of something to make.

Question 15

In economics, what does the term 'scarcity' mean?

Accepted Answer

A situation where people's wants are endless, but the resources to fulfill those wants are limited.

Answer

A situation where resources are abundant and can easily meet all of people's wants.

Answer

A situation where people's wants are limited, but the resources to fulfill those wants are unlimited.

Answer

A situation where there is no relationship between people's wants and the resources available to meet them.

Question 16

Which of the following does NOT influence the supply of a product?

Accepted Answer

The demand for the product

Answer

The cost of producing the product

Answer

Government regulations

Answer

Availability of raw materials

Question 17

When demand for a product increases but the supply remains constant, what is most likely to occur?

Accepted Answer

The price will increase.

Answer

The price will decrease.

Answer

The price will remain unchanged.

Question 18

In a market economy, what happens when consumers want more of a product?

Accepted Answer

Companies make more of the product

Answer

Companies make less of the product

Answer

Companies don't change how much they make

Answer

The price of the product goes down

Question 19

When the demand for something increases, what usually happens to its price?

Accepted Answer

It usually increases.

Answer

It usually decreases.

Answer

It usually stays the same.

Answer

It becomes unpredictable.

Question 20

Which of the following is an example of a natural resource that can be replaced naturally?

Accepted Answer

Water

Answer

Oil

Answer

Coal

Answer

Metals

Question 21

What factor does NOT affect the supply of goods?

Accepted Answer

Consumer demand

Answer

Cost of production

Answer

Technology

Answer

Government regulations

Question 22

When the quantity of goods supplied is higher than the quantity demanded, what occurs?

Accepted Answer

Surplus

Answer

Shortage

Answer

Equilibrium

Answer

Deficit

Question 23

Which of these is a type of financial institution that helps manage money?

Accepted Answer

Bank

Answer

Insurance company

Answer

Grocery store

Answer

School

Question 24

Which action is an example of consumption?

Accepted Answer

Buying a new toy

Answer

Saving money in a bank

Answer

Investing in stocks

Answer

Paying taxes

Question 25

What is the key difference between a producer and a consumer?

Accepted Answer

Producers make goods, while consumers use goods

Answer

Consumers make goods, while producers use goods

Answer

Producers and consumers are the same

Answer

There is no difference

Question 26

What term refers to the total value of goods and services produced in a country in a given period?

Accepted Answer

Gross Domestic Product (GDP)

Answer

Gross National Income (GNI)

Answer

National Income

Answer

Personal Income

Question 27

Which characteristic is unique to a market economy?

Accepted Answer

Private ownership of businesses

Answer

Government control of prices

Answer

Central planning

Answer

Lack of competition

Question 28

What is the difference between a need and a want?

Accepted Answer

Needs are things you must have to survive, wants are not

Answer

Wants are things you must have to survive, needs are not

Answer

There is no difference between needs and wants

Answer

Wants are luxuries, needs are necessities

Question 29

Which of the following is a renewable resource?

Accepted Answer

Trees

Answer

Gasoline

Answer

Gold

Answer

Coal

Question 30

What is the difference between a producer and a consumer?

Accepted Answer

Producers make things, consumers use things

Answer

Consumers make things, producers use things

Answer

Producers and consumers are the same thing

Answer

There is no difference between producers and consumers

Question 31

When more people want something than there is available, what usually happens?

Accepted Answer

The price goes up.

Answer

The price goes down.

Answer

The item becomes free.

Answer

Nothing happens.

Question 32

Who buys things from stores or online?

Accepted Answer

Consumers

Answer

Producers

Answer

Investors

Answer

Politicians

Question 33

What happens when the cost of living goes up faster than people's incomes?

Accepted Answer

Inflation

Answer

Deflation

Answer

Recession

Answer

Boom

Question 34

In a market economy, how are most decisions made?

Accepted Answer

By businesses and consumers.

Answer

By the government.

Answer

By tradition.

Answer

Randomly.

Question 35

Which factor does NOT affect how much of a product is supplied?

Accepted Answer

Popularity of the product

Answer

Number of producers

Answer

Cost of production

Answer

Government regulations

Question 36

What usually happens when the demand for a product increases?

Accepted Answer

The price of the product goes up.

Answer

The price of the product goes down.

Answer

The supply of the product goes up.

Answer

The supply of the product goes down.

Question 37

Which of the following is an example of a capital resource used in production?

Accepted Answer

Factory

Answer

Raw materials

Answer

Money

Answer

Labor

Question 38

What is the main purpose of a financial institution?

Accepted Answer

To lend money.

Answer

To collect taxes.

Answer

To build houses.

Answer

To regulate the economy.

Question 39

Which of these is a good way to save money?

Accepted Answer

Put it in a savings account.

Answer

Keep it under your bed.

Answer

Invest it in the stock market.

Answer

Spend it on candy.

Question 40

What is the difference between a need and a want?

Accepted Answer

Needs are essential for survival, while wants are not.

Answer

Wants are essential for survival, while needs are not.

Answer

Needs and wants are the same thing.

Answer

There is no difference between needs and wants.

Question 41

Which of the following is used to measure changes in the cost of living?

Accepted Answer

Consumer Price Index

Answer

Dow Jones Industrial Average

Answer

Gross Domestic Product

Answer

Unemployment rate

Question 42

When there are more products available for sale than people want to buy, what will happen to the price of the product?

Accepted Answer

The price will decrease.

Answer

The price will increase.

Answer

The price will not change.

Question 43

A new machine is invented that makes it easier and faster to make bicycles. How will this likely affect the number of bicycles available?

Accepted Answer

More bicycles will be available.

Answer

Fewer bicycles will be available.

Answer

The number of bicycles available will stay the same.

Question 44

When people want more of a product and there is still the same amount of that product available, what usually happens to the price?

Accepted Answer

The price goes up

Answer

The price goes down

Answer

The price stays the same

Answer

It depends on the product

Question 45

Which of these is NOT a type of financial institution?

Accepted Answer

School

Answer

Bank

Answer

Credit union

Answer

Insurance company

Question 46

In a market economy, who decides how much something costs?

Accepted Answer

People and businesses

Answer

The government

Answer

Nobody

Answer

It depends on the product

Question 47

When there are more products available than people want to buy, what will most likely happen to the price?

Accepted Answer

The price will go down.

Answer

The price will go up.

Answer

The price will stay the same.

Question 48

Which of the following factors does NOT affect the supply of a product?

Accepted Answer

Popularity of the product

Answer

Cost of raw materials

Answer

Number of workers available

Answer

Technology used in production

Question 49

What is the typical effect of increased demand on the price of a product?

Accepted Answer

Price may rise.

Answer

Price may fall.

Answer

Price will remain unchanged.

Answer

Not enough information provided

Question 50

Which of the following is considered a financial institution?

Accepted Answer

Bank

Answer

Automobile factory

Answer

Grocery store

Answer

School

Question 51

What is the primary purpose of creating a budget?

Accepted Answer

To track income and expenses

Answer

To save money for future purchases

Answer

To ensure that all your money is spent

Answer

To manage debt

Question 52

What is the main role of producers in an economy?

Accepted Answer

To produce goods and services

Answer

To create jobs

Answer

To collect taxes

Answer

To invest in new businesses

Question 53

Which of the following is NOT a type of economic activity?

Accepted Answer

Going to school

Answer

Producing goods

Answer

Buying goods and services

Answer

Transporting goods

Question 54

What is the key difference between a market economy and a command economy?

Accepted Answer

In a market economy, prices are set by supply and demand, while in a command economy, prices are set by the government.

Answer

In a command economy, prices are set by supply and demand, while in a market economy, prices are set by the government.

Answer

There is no difference between a market economy and a command economy.

Answer

In a market economy, the government makes all economic decisions, while in a command economy, businesses make all economic decisions.

Question 55

When there are more people who want a product than there is of that product, what happens?

Accepted Answer

The price goes up.

Answer

The price goes down.

Answer

The number of the product made goes up.

Answer

The number of people who want the product goes down.

Question 56

What is a bank for?

Accepted Answer

To keep money safe and give out loans.

Answer

To make laws.

Answer

To teach.

Answer

To keep people safe.

Question 57

Food and water are things that people:

Accepted Answer

Cannot live without.

Answer

Want but don't need.

Answer

Should have a lot of.

Answer

Don't really care about.

Question 58

Which of these is about one person or one business making a decision?

Accepted Answer

How many toys a factory makes each day.

Answer

How much the country earns from selling things to other countries.

Answer

How many people don't have jobs.

Answer

How much prices go up or down overall.

Question 59

What is the main reason we work to improve the economy?

Accepted Answer

To make life better for everyone.

Answer

To build a bigger army.

Answer

To protect the planet.

Answer

To make more friends.

Question 60

What is the main idea behind economics?

Accepted Answer

How people make choices about what to buy, make, and share

Answer

How money works

Answer

How businesses make profits

Answer

How governments spend money

Question 61

What typically happens if there is more of a product than people want to buy?

Accepted Answer

The price of the product goes down

Answer

The price of the product goes up

Answer

People buy more of the product

Answer

The price of the product stays the same

Question 62

What is the difference between a need and a want?

Accepted Answer

A need is something you have to have to survive, like food, while a want is something you would like to have, like a toy

Answer

A want is something you need to have to survive, like food, while a need is something you would like to have, like a toy

Answer

A need is more important than a want

Answer

A want is more important than a need

Question 63

Who is responsible for controlling the money supply in the United States?

Accepted Answer

The Federal Reserve

Answer

The President

Answer

The Congress

Answer

The Treasury Department

Question 64

Which of the following describes a budget surplus?

Accepted Answer

When the government spends less money than it takes in

Answer

When the government spends more money than it takes in

Answer

When the government takes in less money than it spends

Answer

When the government spends the same amount of money as it takes in