Which problem would most likely result if banks did not exist?
A.
People would no longer be able to save money.
B.
Money would not move through the economy very well.
C.
Spending money would become much more difficult.
D.
Buyers and sellers would no longer use money in markets.
Which statement best explains the relationship between economic wants and needs?
A.
People do not need to fulfill either their needs or their wants to survive.
B.
People must fulfill their wants to survive, but they do not need to fulfill their needs to survive.
C.
People must fulfill their needs to survive, but they do not need to fulfill their wants to survive.
D.
People must fulfill both their needs and their wants to survive.
Which statement describes how governments deal with scarcity?
A.
choosing to fill needs rather than wants
B.
choosing options that best match supply with demand
C.
choosing options that employ the largest number of people
D.
choosing options with the greatest benefits to the people
Which situation is more likely to occur in a command economy than a market economy?
A.
A factory lays off unneeded workers.
B.
A farm sells fruit by the side of the road.
C.
A union negotiates a better pay rate with employers.
D.
A failing railroad receives assistance from around the country.
Which of these states a basic economic question?
A.
What job is the best?
B.
How much should this good cost?
C.
What goods should be produced?
D.
Why should people learn about economics?
Which of these is an example of a non-monetary incentive?
A.
earning payment for walking a neighbor's dog
B.
being named on the school honor roll
C.
getting $10.00 as a prize for finishing first
D.
winning a scholarship to attend a summer camp
What is a tariff?
A.
a tax on exports
B.
a tax on imports
C.
a bonus to producers
D.
a rebate for consumers
How are producers different from consumers?
A.
Producers want to buy products from consumers.
B.
Producers want low demand for goods.
C.
Producers want high costs of resources.
D.
Producers want a high quantity of sales.
Which is true of relative prices?
A.
They are prices set by buyers and sellers.
B.
They describe prices in relation to each other.
C.
They tell where the supply of a good meets its demand.
D.
They help avoid shortages and surpluses.
I'll get you guys the answers in a few minutes, I came a year late but I got dis!
Q1 Answer. Limited resources prevent producers from making unlimited products.
Q2 Answer. when sellers want to make more money
Q3 Answer. strong property rights
Q4 Answer. Money would not move through the economy very well.
Q5 Answer. People must fulfill their needs to survive, but they do not need to fulfill their wants to survive.
Q6 Answer. choosing options with the greatest benefits to the people
Q7 Answer. A failing railroad receives assistance from around the country.
Q8 Answer. What goods should be produced?
Q9 Answer. being named on the school honor roll
Q10 Answer. a tax on imports
Q11 Answer. Producers want a high quantity of sales.
Q12 Answer. They describe prices in relation to each other.
--------These are the answers for the ECONOMICS BASICS UNIT REVIEW in CONNEXUS for 6 GRADE