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Title: Economics CRCT Review


1
Economics CRCT Review
2
1. Use the chart below to answer the following
question.
Producers Producers make things. People, businesses, and governments can all be producers.
Consumers Consumers buy the things producers make. People, businesses, and governments can all be consumers.
Goods Some producers make goods. Goods are things you can hold. Hats, bikes, cheeseburgers, and cell phones are all goods. Shopping for Goods
Services Some producers provide services. Services are things you pay for but cant hold. When a doctor examines you, he or she is providing a service. When sanitation workers pick up your trash, they are providing a service.
  • According to the information in the chart, who
    are the people who buy things like hats, bikes,
    and cheeseburgers?
  • producers
  • consumers
  • goods
  • services

3
2. Use the chart below to answer the following
question.
Producers Producers make things. People, businesses, and governments can all be producers.
Consumers Consumers buy the things producers make. People, businesses, and governments can all be consumers.
Goods Some producers make goods. Goods are things you can hold. Hats, bikes, cheeseburgers, and cell phones are all goods. Shopping for Goods
Services Some producers provide services. Services are things you pay for but cant hold. When a doctor examines you, he or she is providing a service. When sanitation workers pick up your trash, they are providing a service.
  • Which of the following does NOT provide service?
  • teacher
  • sanitation worker
  • doctor
  • farmer

4
3. Resources are things that a person,
government, or business has. Resources can be
used to produce (make) things. They can also be
used to buy things. Money is a resource.
  • What are things a person, government, or business
    has?
  • a. resource
  • b. good
  • c. consumer
  • d. none of these

5
4. Land is an important resource. Land includes
the natural ground that a person or building
stands on. It also includes the buildings
themselves. The factory, as well as the land it
stands on in the picture below, is land that is
used for production.
  • Land is a resource that includes the land and the
    ________
  • themselves.
  • buildings
  • sunlight
  • production
  • all of these

6
5. Labor is the work that people do. Bagging
groceries is a form of labor. Fixing cars and
typing on a computer are labor as well. Teaching
students, answering phones, and the jobs your
parents do are all labor. It takes labor to
produce things.
  • Which of these is a form of labor?
  • a. fixing cars
  • b. baking cupcakes
  • c. teaching students
  • d. All of these are forms of labor.

7
6. Capital goods are goods that are used to
produce things. Machines in a factory are
examples of capital. Trucks that haul things to
stores, the computers used for Accelerated
Reader, and staplers used in an office are all
capital goods.
  • Goods that are used to produce things are
  • a. consumers
  • b. producers
  • c. services
  • d. capital goods

8
7. An entrepreneur is someone who starts a
business. Entrepreneurs raise the money to start
a business and decide what the business will
produce. Entrepreneurs take great risk. If their
business does well, they can make lots of money.
If their business does not do well, they could
lose money. Entrepreneurs are important in the
U.S. economy.
  • According to the passage above, what will happen
    if an
  • entrepreneurs business does well?
  • a. They can make a lot of money.
  • b. They will have too many things to sell.
  • c. They can lose a lot of money.
  • d. The United States does not have
    entrepreneurs.

9
8. The United States is a market economy. In a
market economy, price is very important. Price is
the amount of money consumers pay for goods or
services. Producers want to produce things that
have a high price. Consumers want to buy things
that have a low price.
  • What kind of economy does the United States have?
  • a. command economy
  • b. traditional economy
  • c. mixed economy
  • d. market economy

10
9. Producers have to spend money to produce
things. They will only sell their goods and
services at a price that earns them a profit.
Profit is the amount of money producers make
after paying to produce their good or service.
  • The money left over after a producer pays for
    goods or
  • services is a
  • a. profit
  • b. extra
  • c. cost
  • d. economy

11
10. Consumers will only pay up to a certain
amount for a good or service. In a market
economy, producers sell goods and services at the
highest price consumers will pay. If the highest
price consumers will pay does not give the
producer a profit, then producers will stop
producing the good or service.
  • What happens if a consumer wont pay the highest
    price
  • for a good?
  • a. A consumer will keep buying the product.
  • b. A producer will stop making the good.
  • c. A producer will continue making the good.
  • d. A consumer will buy more of the product.

12
11. The government provides some goods and
services in a market economy. These services are
very important, but might not be provided by
businesses. The national government provides a
military to protect the country. It also provides
interstate highways. State governments provide
roads and schools. Local governments provide
libraries, police departments, and fire
departments. Governments also provide parks and
other services.
  • Which of the following services does a state
    government
  • provide?
  • a. fire department
  • b. library
  • c. military
  • d. schools

13
12. Governments need money to pay for the goods
and services they provide. They get money in
different ways. Fees are money that people pay
the government to use a good or service. When
people in Atlanta pay money to drive on a toll
road, they are paying a fee to the government.
Fines are money people pay the government as a
punishment for breaking a law. The number one way
the government pays for things is through taxes.
Taxes are money people and businesses have to pay
the government. People have to pay taxes on their
income, their homes, and many other things.
  • Which of the following is an example of a fine?
  • a. paying taxes on new shoes
  • b. paying 250 for speeding
  • c. paying money for driving on a toll road
  • d. paying taxes on the income your mom makes

14
13. A business that washes peoples cars is
producing a a. good. b. service. c. fee. D.
capital good.
15
14. A warehouse where a business keeps its
produced goods is an example of a. land. b.
capital. c. labor. D. entrepreneurship .
16
15. Which of the following is a good or service
provided by the government? a. running
shoes b. professional sports c. sheriffs
department d. fast-food restaurant
17
16. What is the number one way governments raise
money? a. price b. fees c. fine d. taxes
18
17. Bill makes hats. It costs him 19 to make
each hat. He sells each hat for 32 apiece. What
are the chances that Bill will keeping making an
selling hats? a. very good b. not good c. It
depends on whether or not Bill can one day make
a profit. d. One cannot tell based
on the information in the
question.
19
18. Interdependence means to depend on each
other. In the U.S. economy, consumers and
producers are interdependent. Consumers depend on
producers to make things. Producers depend on
consumers to buy things. Without producers,
consumers would have to make everything they need
themselves. Without consumers, producers could
not make money. Based on the paragraph,
interdependence means to a. make things. b.
buy things. c. depend on each other. d. be a
producer.
20
19. People want or need many things. Some of the
things they need are make close to home. People
in Georgia can buy many goods that are produced
in their home state. Other things are made in
different parts of the United States. Some are
make in other countries. When different parts of
the country or world sell goods to each other, it
is called trade. Selling goods to another
country is called a. trade. b. consumers. c.
market economy. d. goods.
21
20. People use money to buy things. Each country
usually has its own currency. Currency is
anything that is accepted as money. Dollars are
currency in the United States. Before countries
can trade with one another, they have to know how
much the currency in one country is worth in
another country.
Country Currency
United States Dollar
Great Britain Pound
Japan Yen
Mexico Peso
Based on the chart above, what currency does
Mexico use to buy things? a. dollar b.
pound c. yen d. peso
22
21. When people buy things, they are spending
money. Spending money allows people to buy things
they want or need. When people keep their money
to use later, they are saving money. People may
save their money in order to buy things they can
not afford right away. Tom wants to buy a
house. However he does not have enough money. Tom
is most likely to a. spend the money he already
has. b. save money so he can afford a house in
the future. c. buy a house anyway. d. share his
money with his friends.
23
22. Interdependence means to a. have your own
currency. b. save money for later. c. depend on
each other. d. make everything yourself.
24
23. Which of the following makes things? a.
producers b. consumers c. goods d. services
25
24. Land, labor, capital, and entrepreneurship
are all needed for a. fees. b.
fines. c. production. d. resources.
26
25. Mary Ann saves five hundred dollars for her
trip to Japan. Once she gets to Japan, however,
she learns that she cannot use dollars to buy
things. Mary Ann will have to a. find some
capital goods. b. change her currency. c. save
more money. d. buy services instead of goods.
27
26. Thomas is a great guitar player and singer.
He decides to start his own business. He buys a
computer to print fliers and design websites.
Many of the people who learn about Thomas pay him
money to play and sing at special events. Read
the following four statements. How many of them
are true? -Thomas is an entrepreneur. -Thomas
guitar is land. -Thomas computer is
capital. -The money Thomas spent on fliers is his
profit. a. one b. two c. three d. four
28
27. Which of the following would taxes most
likely pay for? a. a printer at a bank b. a
bigger factory for a shoe company c. a new
police car d. a computer for a real estate agent
29
28. Farmers in Georgia sell peanuts to people in
New York and Canada. This is called a.
labor. b. capital. c. trade. d. currency.
30
29. Brant wants to buy a new house. The house he
wants costs 150,000. Brant has 5,000 and only
makes 4,000 on his monthly paycheck. To get the
house he wants, what will Brant have to do for
now? a. spend b. save c. consume d. trade
31
30. If your dad started his own business, he
would be known as a. a capital
good. b. a profit c. a consumer. d. an
entrepreneur.
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