Economics for Third Graders: Interactive Learning Quizzes

Question 1

When the price of something goes up, what usually happens to the demand for it?

Accepted Answer

It goes down.

Answer

It goes up.

Answer

It stays the same.

Question 2

What is the term for the amount of something that people make and are willing to sell?

Accepted Answer

Supply

Answer

Demand

Answer

Price

Question 3

Which of these is NOT a good thing about using money?

Accepted Answer

It can be copied or faked.

Answer

It's easy to use.

Answer

Lots of people accept it.

Question 4

Which of these is an example of a service that the government provides?

Accepted Answer

Education

Answer

Running a store

Answer

Baking bread

Question 5

Which of these factors does NOT affect how much of a product a company will make?

Accepted Answer

The weather

Answer

The number of companies making the product

Answer

The cost of making the product

Answer

The price of the product

Question 6

Which of these things does NOT affect how much we want of a product?

Accepted Answer

How many people live in our town

Answer

How much the product costs

Answer

How much money we have

Answer

What we like

Question 7

Which of these is a job where people work with the land?

Accepted Answer

Farming

Answer

Making clothes

Answer

Teaching school

Answer

Selling things in a store

Question 8

Which of these does NOT help our economy grow?

Accepted Answer

Raising taxes

Answer

Building new factories

Answer

Making workers more efficient

Answer

Taking away rules for businesses

Question 9

Which of these ideas is part of economics?

Accepted Answer

The way people make things and move them around

Answer

How animals live in their natural environments

Answer

Why the weather changes

Question 10

What happens if there are more things to sell than people want to buy?

Accepted Answer

The price goes down

Answer

The price goes up

Answer

The supply stays the same

Question 11

What is the main reason we use money?

Accepted Answer

To buy and sell things

Answer

To make wishes come true

Answer

To decorate our homes

Question 12

Which of these is a choice you can make in a market economy?

Accepted Answer

Deciding what to spend your money on

Answer

Choosing who will be president

Answer

Learning about history

Question 13

What happens when the price of something is too much for people to buy?

Accepted Answer

People will want to buy less of it

Answer

People will want to buy more of it

Answer

The supply will go up

Question 14

What is the difference between something you need and something you want?

Accepted Answer

You can't live without things you need, but you can live without things you want

Answer

Things you want are more important than things you need

Answer

There is no difference between needs and wants

Question 15

How do advertisements affect what people want to buy?

Accepted Answer

They can make people wish they had something

Answer

They can make things cost less

Answer

They have no effect on what people want

Question 16

Which of these is a feature of a market economy?

Accepted Answer

People can own their own businesses

Answer

The government decides what to make and how much to make

Answer

Prices are fixed by law

Question 17

What makes capitalism different from other economic systems?

Accepted Answer

Private ownership and free markets

Answer

Government control of all businesses

Answer

Everyone has the same amount of money

Question 18

What is the main difference between a want and a need?

Accepted Answer

Wants are things we can live without, while needs are things we cannot live without.

Answer

Needs are things we can live without, while wants are things we cannot live without.

Answer

Wants and needs are the same thing.

Answer

There is no difference between wants and needs.

Question 19

Which of these is an example of supply?

Accepted Answer

The number of toys a factory produces

Answer

The number of toys people want to buy

Answer

The price of toys

Answer

The quality of toys

Question 20

What usually happens when the supply of a product is greater than the demand for it?

Accepted Answer

The price of the product will decrease.

Answer

The price of the product will increase.

Answer

The quantity of the product will increase.

Answer

The quantity of the product will decrease.

Question 21

What are the three main roles of money in a market economy?

Accepted Answer

Medium of exchange, store of value, and unit of account.

Answer

Medium of exchange, store of value, and investment.

Answer

Medium of exchange, unit of account, and investment.

Answer

Store of value, unit of account, and investment.

Question 22

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

Accepted Answer

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

Answer

In a command economy, prices are determined 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

A market economy is better than a command economy.

Question 23

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

Accepted Answer

Producers make goods and services, while consumers buy goods and services.

Answer

Consumers make goods and services, while producers buy goods and services.

Answer

Producers and consumers are the same thing.

Answer

There is no difference between producers and consumers.

Question 24

Which of these is NOT a basic idea in economics?

Accepted Answer

The background of money

Answer

Supply and demand

Answer

The use of money

Answer

How choices are made in a market economy

Question 25

What happens when there is more of a product than people want?

Accepted Answer

The price of the product goes down

Answer

The price of the product goes up

Answer

The amount of the product made stays the same

Answer

The amount of the product people want stays the same

Question 26

Which of these is an example of a market?

Accepted Answer

A grocery store

Answer

A library

Answer

A hospital

Answer

A school

Question 27

What is the difference between a want and a need?

Accepted Answer

Wants are things we would like to have, while needs are things we must have

Answer

Wants are needed to survive, while needs are not

Answer

Wants are not needed to survive, while needs are

Answer

There is no difference between a want and a need

Question 28

In a market economy, who decides the prices of goods and services?

Accepted Answer

Supply and demand

Answer

The government

Answer

Businesses

Question 29

What is the main idea of economics?

Accepted Answer

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

Answer

How money is made and used

Answer

How businesses make money

Answer

How to become wealthy

Question 30

Which of the following is a characteristic of luxury goods?

Accepted Answer

They are highly sought after but not essential

Answer

They are essential for survival

Answer

They are within reach of most people's budgets

Question 31

If the government sets a lower price for apples than usual, what happens to the number of apples people want to buy and the number farmers want to sell?

Accepted Answer

People want more apples, but farmers want to sell fewer.

Answer

People want fewer apples, and farmers want to sell more.

Answer

People and farmers both want to buy and sell more apples.

Answer

People and farmers both want to buy and sell fewer apples.

Question 32

What factor does NOT affect the prices of items we buy in stores?

Accepted Answer

The weather

Answer

The number of items available

Answer

The demand for the items

Answer

Government regulations

Question 33

Imagine a toy everyone wants, but there are only a few in the store. What happens to the price of the toy?

Accepted Answer

The price goes up.

Answer

The price goes down.

Answer

The price stays the same.

Answer

The price goes down and then back up.

Question 34

Which of these is NOT considered a basic human need?

Accepted Answer

A fancy car

Answer

Water

Answer

Shelter

Answer

Food

Question 35

When the price of a product goes up, what usually happens to how much people buy or demand?

Accepted Answer

Demand decreases

Answer

Demand becomes zero

Answer

Demand increases

Answer

Demand stays the same

Question 36

Which of these countries is an example of a market economy?

Accepted Answer

The United States

Answer

North Korea

Answer

Cuba

Answer

China

Question 37

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

Accepted Answer

A need is something you have to have to survive, while a want is something you would like to have but can live without.

Answer

Needs and wants are the same thing.

Answer

A want is something you have to have to survive, while a need is something you would like to have but can live without.

Question 38

Which of the following is NOT a factor of production?

Accepted Answer

A finished product

Answer

Labor

Answer

Land

Answer

Capital

Question 39

What is the role of supply in a market economy?

Accepted Answer

To determine how much of a product or service is available to consumers.

Answer

To determine how much of a product or service consumers want.

Answer

To set the price of a product or service.

Question 40

Which of the following is a characteristic of a traditional economy?

Accepted Answer

Production and consumption are mainly based on customs and traditions.

Answer

Individuals and businesses have a lot of economic freedom.

Answer

There is little government involvement in the economy.

Question 41

What is the main goal of businesses or producers in a market economy?

Accepted Answer

To make a profit

Answer

To protect the environment

Answer

To provide goods and services to consumers

Answer

To create jobs

Question 42

Which of the following is an example of an opportunity cost?

Accepted Answer

Choosing to buy a new toy instead of saving money in your piggy bank.

Answer

Spending time studying for a test

Answer

Paying $5 for a movie ticket

Answer

Earning $10 per hour at a job

Question 43

Which of the following is NOT a basic concept of economics?

Accepted Answer

Photosynthesis

Answer

Choices in a market economy

Answer

Role of money

Answer

Supply and demand

Question 44

What is most likely to happen when there are more people who want a product than there is of the product available?

Accepted Answer

The price of the product will go up.

Answer

More of the product will be produced.

Answer

The price of the product will go down.

Answer

Less of the product will be demanded.

Question 45

What is the main purpose of money in a market economy?

Accepted Answer

To make it easier for people to buy and sell things.

Answer

To measure how rich someone is

Answer

To control interest rates

Answer

To store wealth

Question 46

In a market economy, what mainly determines the prices of goods and services?

Accepted Answer

The interactions between buyers and sellers.

Answer

The government

Question 47

What is the best definition of opportunity cost?

Accepted Answer

The value of the thing you give up when you make a choice.

Answer

The amount of money you spend on something.

Answer

The cost of the things you buy.

Question 48

What is the main reason people create and use budgets?

Accepted Answer

To plan and track their spending and income.

Answer

To make more money

Answer

To save money

Answer

To get out of debt

Question 49

What is a trade-off?

Accepted Answer

When you have to give up something to get something else.

Answer

When you gain everything.

Answer

When you get something for free.

Answer

When you lose everything.