Grade 3 Social Studies Practice Test: Producers, Consumers and Scarcity
- Producers, Consumers and Scarcity
- 10 questions
- 12 minutes
This test covers Grade 3 economics: who makes and who buys goods and services, and how people make choices when they cannot have everything. Tip: opportunity cost is what you give up.
Tap an option to mark your answer. You can change your mind, or tap the same option again to leave the question blank. The correct answers and explanations appear when you finish the test.Tap an option to answer; tap it again to leave the question blank.
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Question 1
A person who makes goods or provides services is called a
Correct answer: C
Producers make goods, like a baker making bread, or provide services, like a barber. Consumers buy and use them.
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Question 2
Liam buys a sandwich at a deli and eats it for lunch. In this exchange, Liam is a
Correct answer: C
Liam buys and uses the sandwich, so he is a consumer. The deli that makes and sells the sandwich is the producer.
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Question 3
What does scarcity mean?
Correct answer: A
Scarcity means wants are bigger than the amount available. Because of scarcity, people must make choices.
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Question 4
Ava has $5. She can buy a book or a kite, but not both. She buys the book.
What is Ava's opportunity cost?
Correct answer: A
Opportunity cost is the next best choice you give up. Ava gave up the kite to get the book.
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Question 5
Eli trades two baseball cards for Kim's yo-yo. No money is used. What is this kind of trade called?
Correct answer: D
Bartering means trading goods or services directly, without money. Long ago, many people traded this way.
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Question 6
Money that a person earns by working is called
Correct answer: B
Income is the money people earn from their jobs. A loan is money that must be paid back.
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Question 7
Maya makes a plan for how she will spend and save her money each month. What is this plan called?
Correct answer: B
A budget shows how much money you have and how you plan to spend and save it. A receipt only shows what you already paid.
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Question 8
In a town, one person only bakes bread and another person only sews clothes. Each person focuses on one kind of work. This is called
Correct answer: C
Specialization means focusing on one job or product. People who specialize often get very good at their work and then trade with others.
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Question 9
Why do many people keep their money in a bank account?
Correct answer: D
A bank keeps money safe, and many savings accounts pay a little extra money, called interest. You can take your money out when you need it.
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Question 10
A store has only 3 of a popular new toy, but 20 children want one. What will most likely happen?
Correct answer: B
When many people want something and there are only a few, it is scarce. The 3 toys will probably be bought very fast.
Questions you leave blank are not counted as wrong.
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