CSIA- 5th grade economics

1. In a market economy, how is the allocation of goods as well as sevices determined?

2. Which type of productive resource is missing?
Natural Resources, Human Resources, Capital Goods, ???

3. The illustration of a large dump truck would represent which type of productive resource?

4. A person hires plumbers, electricians and carpenters in order to build a house to sell it and make a profit. What would the person who does the hiring of contractors be acting as?

5. Many farmers in Ohio grow soybeans because the climate and soil are favorable. How does this specialization affect the farmer's business?

6. Examine the statements below.
* Many Americans own cars made in Japan.
* Japan depends on oil it imports from Saudi Arabia.
* England relies on beef imports from Australia.

7. Examine these examples below.
* Iron ore in the production of steel.
* Aluminum in the production of cans.
* Rubber in the production of tires. These are examples of which productive resource?

8. How does the competition affect producers in a market economy?

9. Huntington is a small town with only one woman's clothing store. Some woman in Huntington feel they are paying to much for their clothes. What would probably happen if another woman's clothing store opened in the town?

10. You decide to spend your weekly allowance to buy a new CD. The fact that you can no longer use that money to go to the movies is reffered to as what?

11. Joyce goes to the ticket booth to buy tickets to a concert, but she is told that the concert ia all sold out. What method of allocation does this illustrate?

12. If Japan sells cameras to Saudi Arabia, and The United States sells fruit to Japan and Saudi Arabia sells oil to Japan and Japan sell TV's to the United States, what does the United States sell to Japan to earn money to buy televisions? (2 points)

13. There are many ways that scarce resources may be allocated. Identify two methods of allocation. Then, for each method you choose, describe that method. (4 points)

Examine this for questions
14-16.
In 1775 the American Revolution began. In 1776 the Declaration of Independence was written. in 1787 the Northwest Ordinance passed. In 1794 General Wayne is victorious at the battle of Fallen Timbers. In 1803 Ohio became a state. Sometimes, certain events lead to other events. Which pair of events correctly shows a cause-and-effect relationship?

How many years passed between the writing of the Declaration of Independence and the passing of the Northwest Ordinance?

Which event occured in the last decade of the eighteenth century?

Who grew corn for cornbread and corn pudding? Developed canoes, kayaks and snowshoes. Used mounds of earth for religious ceremonies