Name _________ _ _________ _________ ___________________ __ Date _____________ Econom mics Assesssment Part I: Multiple M Cho oice 1. The sttudy of economics is im mportant beecause it en nables us to:: (A A) describe our standard of living g (B B) increase our consum mption of co onsumer go oods (C C) become better decission makerss (D D) determin ne what goo ods ought to t be produ uced he decisionss of what, h how, and fo or whom to o produce aare 2. In a command ecconomy, th made by y (A) The T governm ment (B) Tradition T (C) Consumers C (D) Private comp panies 3. Which h person he elps to prov vide goods rather than n services? (A A) teacher (C) farmerr (B B) doctor (D) waitreess 4. Examples of natu ural resourcces are (A A) factoriess, good roa ads, and a la arge populaation (B B) soil, fore ests, and minerals (C C) automo obiles, dairy farms, and d governmeents (D D) stores, chemical c co ompanies, and clothingg factories 5. The th hree homess shown bellow are fou und in differrent regions of the wo orld.
The builders probab bly chose to o construct these housees differently because tthe builderss had (A A) different natural reesources ava ailable to th hem (B B) differentt ideas of what w was beeautiful (C C) different amounts of o space in their homees (D D) differen nt amounts of o money to t spend
6. When a person buys a product, he or she becomes (A) a producer (C) a supplier (B) an exporter (D) a consumer 7. Families have many needs and wants. Which item is a want? (A) television (C) shelter (B) food (D) water 8. An example of a basic need is (A) an iPod (B) a television (C) a camera (D) a place to live
9. Which of the following best describes an opportunity cost for a student who chooses to quit a full-time job to go to college? (A) Paying income taxes (B) Getting a higher level of education (C) Giving up current wages and benefits (D) Paying for housing and meals 10. The money a person earns for working is called (A) taxes (C) income (B) savings (D) expenses 11. The money a worker is paid is called a (A) tax (C) price (B) wage (D) barter 12. Which term is used to describe money collected to pay for the services that a community provides? (A) savings (C) interest (B) profit (D) taxes
Base you ur answers to t question ns 13 and 14 4 on the flow wchart belo ow and on your knowled dge of socia al studies.
13. This flowchart shows s (A A) a sequen nce of historrical events (B B) the direcctions for asssembling a machine (C C) the amount of timee required to o completee a task (D D) a sequen nce of steps in a manuffacturing prrocess 14. Based d on the ch hart, which statement is true? (A A) Wheat iss stored in elevators e beefore it is grround into flour. (B B) Trucks de eliver whea at to the mills. (C C) After millls grind wh heat into flo our, it is sto ored in elevaators. (D D) The farm mer controlss the entire production n of wheat into flour. Base you ur answer to o question 15 on the drawings d an nd informattion below and on your y knowlledge of soccial studies.
The food ds included in Jessica’ss breakfast show s that p people in heer commun nity (A) depe end on othe er world co ommunities to meet their needs an nd wants (B) often n live with people from m other cultural group ps (C) rely on local prroducts (D) have e many diffferent customs and trad ditions
Part II: Short Answer
U.S. Merchandise Trade with NAFTA Partners
1. In your own words, what is NAFTA? (2 points) ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ 2. According to the chart, which NAFTA partner trades the most with the United States? (1 point) ________________________________________________________________
3. What are the three main crops grown in New Hampshire? (3 points) ____________________________________ ____________________________________ ____________________________________
4. Which product is produced in most regions? (1 point) ____________________________________
5. Which nation is Canada’s number one trading partner? (1 point) ________________________________________________________________________ 6. Which nation imports the least amount of Canadian goods? (1 point) _______________________________________________________________________ 7. In your own words, define the word import. (2 points) ________________________________________________________________________ ________________________________________________________________________
World Tea Exports in 2005
8. In your own words, define export? (2 points) ________________________________________________________________________ ________________________________________________________________________ 9. Which two nations exported the most tea in 2005? (2 points) _____________________________________________________ _____________________________________________________
ANSWER KEY Part 1 = 15 questions x 2 points each = 30 points Part 2 = 15 points
41 ‐ 45 = 4 30 ‐ 40 = 3 20 ‐29 = 2 1 – 19 = 1 1. The North American Free Trade Agreement. A trade agreement among the United States, Canada and Mexico. A trade agreement between the United States and its neighbors. An agreement to trade and be cooperative with one another. An agreement to help each other. 2 points 2. Canada 1 point 3. Vegetables, dairy, and fruit (apples, carrots, and cows) 3 points 4. Dairy, cows 1 point 5. United States 1 point 6. The United Kingdom 1 point 7. Import: goods brought into a country for sale 2 points 8. Export: goods sent to another country for sale 2 points 9. Kenya and Sri Lanka 2 points