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Fifth Grade (Grade 5) Economics Questions

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Grade 5 :: Economics by AmySakowitz
Items brought into a country are called
  1. exports
  2. goods
  3. imports
  4. services
Grade 5 :: Economics by AmySakowitz
The amount of money left over after all production costs are paid is called
  1. extra
  2. surplus
  3. profit
  4. in the black
Grade 5 :: Economics by AmySakowitz
Scarcity is
  1. a time when a consumer is afraid to spend money
  2. a time when there is a surplus of goods
  3. a time when there is not enough of something to go around
  4. a time when there is not enough money in the bank
Grade 5 :: Economics by AmySakowitz
The type of system the United States uses for buying and selling is called a
  1. free system
  2. consumer driven system
  3. market system
  4. democratic system
Grade 5 :: Economics by AmySakowitz
Someone who takes risks to open a business is called a(n)
  1. entrepreneur
  2. risk-taker
  3. owner
  4. fool
Grade 5 :: Economics by AmySakowitz
Moving the goods from a warehouse to a store to sell to consumers is called
  1. production
  2. distribution
  3. consumption
  4. natural resource
Grade 5 :: Economics by Ureesha
Every time we buy something, we pay sales tax.
  1. True
  2. False
Grade 5 :: Economics by allikato
The definition of economics is:
  1. a part of social studies that looks at the way government works
  2. a part of social studies that looks at how we meet our wants and needs
  3. a part of social studies that looks at how people make important decisions
Grade 5 :: Economics by janewhite
Objects or things, such as a bike, shirt, or watch are considered
  1. services
  2. income
  3. goods
  4. needs
Grade 5 :: Economics by janewhite
Ashley bought a new dress (goods) and got her hair cut (service). She is a
  1. consumer
  2. budget
  3. mother
  4. expense
Grade 5 :: Economics
When you spend your money to buy a piece of candy, you are acting as a
  1. producer
  2. importer
  3. consumer
  4. exporter
Grade 5 :: Economics by allikato
Give an example of two goods
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