Economics and Resources: Interactive Learning Quizzes for Second Graders

Question 1

What does it mean when we say that resources are limited?

Accepted Answer

It means that we must make choices about how to use our resources because we don't have enough for everyone.

Answer

It means we have more than enough of everything we need.

Answer

It means we can always get whatever we want.

Question 2

When we make things we need and want, we use production. How does production make things more valuable?

Accepted Answer

Production makes things more valuable by turning them into products that people want and need.

Answer

Production uses machines to create things, which makes them more valuable.

Answer

Production hires a lot of people to make things, which makes them valuable.

Question 3

How does money make it easier for us to get the things we need?

Accepted Answer

Money lets us trade things we have for things we want, without having to trade items directly.

Answer

Money only shows how much we owe to others.

Answer

Money is only valuable if it is made of gold or silver.

Question 4

What does it mean to wisely use resources?

Accepted Answer

Using only the resources we need and finding ways to use them again.

Answer

Using resources without thinking about the future.

Answer

Taking as many resources as we want, even if we don't need them.

Answer

Using resources only when we have to.

Question 5

How do communities decide how to use their land and water?

Accepted Answer

They think about what everyone needs and make choices that balance those needs.

Answer

They ask everyone what they want.

Answer

They let the wealthiest people decide.

Answer

They pick how to use resources randomly.

Question 6

As a community leader, what actions can you take to reduce waste and encourage wise resource use?

Accepted Answer

Establish community gardens, provide free waste reduction workshops, and promote composting.

Answer

Construct a new landfill for waste disposal.

Answer

Prohibit all single-use plastics.

Answer

Take no action, as waste and resource use are unimportant.

Question 7

When one country has economic problems, how might it impact other countries?

Accepted Answer

Other countries might need to give money to the country in trouble.

Accepted Answer

Things from the country in trouble might cost more in other countries.

Accepted Answer

People from the country in trouble might move to other countries to find work.

Answer

The weather in other countries might change.

Question 8

The second grade class only has one soccer ball to share. What is a fair way to decide who gets to play with it?

Accepted Answer

The class takes turns playing with the ball.

Answer

The teacher picks who plays with the ball.

Answer

The class has a race to see who gets to play with the ball.

Answer

The class sells the ball and buys something else.

Question 9

What can help you make wise decisions about spending and saving money?

Accepted Answer

Creating a budget

Answer

Buying everything you desire

Answer

Spending all your money on sweets

Answer

Borrowing money from your friends

Question 10

When there is inflation, what happens to the prices of goods and services?

Accepted Answer

They increase.

Answer

They stay the same.

Answer

They decrease.

Answer

They can increase or decrease.

Question 11

Sarah had enough money to buy only one toy. She chose to buy a toy car. What did she have to give up?

Accepted Answer

Chance to buy something else

Answer

Time to play with the toy car

Answer

The toy car itself

Answer

Her favorite toy

Question 12

Which of these actions would NOT help the government grow the economy?

Accepted Answer

Raising interest rates

Answer

Lowering taxes for businesses

Answer

Investing in education and infrastructure

Answer

Providing financial aid to people who have lost their jobs

Question 13

In a command economy, who makes the decisions about what businesses should produce and how they should produce it?

Accepted Answer

The government

Answer

Customers

Answer

Business owners

Question 14

Trees are a natural resource used to make paper. What do people use paper primarily for?

Accepted Answer

Writing and drawing

Answer

Building houses

Answer

Making clothes

Question 15

When countries rely on each other to provide goods and services, what is it called?

Accepted Answer

Economic interdependence

Answer

Self-sufficiency

Answer

Global trade

Question 16

If a new law gave free toys to all children, what would most likely happen to toy stores?

Accepted Answer

Toy stores would earn less money because people would no longer need to buy toys.

Answer

Toy stores would earn more money because they could sell even more toys.

Question 17

When inflation occurs, what happens to the purchasing power of consumers?

Accepted Answer

It decreases, making it harder to buy the same amount of goods and services.

Answer

It increases, making it easier to buy the same amount of goods and services.

Answer

It stays the same, so consumers can still buy the same amount of goods and services.

Answer

It increases, making it harder to buy the same amount of goods and services.

Question 18

Imagine two types of taxes: a progressive tax and a regressive tax. Which tax do people with higher incomes pay a larger portion of their income in?

Accepted Answer

Progressive tax

Answer

Regressive tax

Answer

Flat tax

Answer

Arbitrary tax

Question 19

What is a natural resource?

Accepted Answer

Something that comes from nature and can be used by humans

Answer

Something that is made by humans

Answer

Something that is found in a store

Answer

Something that is not useful

Question 20

Which of these is an example of production?

Accepted Answer

Making a toy

Answer

Buying a toy

Answer

Using a toy

Answer

Giving away a toy

Question 21

What happens when you trade something?

Accepted Answer

You give something to get something else

Answer

You make something and sell it

Answer

You use something you already have

Answer

You throw something away

Question 22

Which of these is a renewable resource?

Accepted Answer

Water

Answer

Oil

Answer

Coal

Answer

Minerals

Question 23

What do we call the things we use to make things?

Accepted Answer

Resources

Answer

Goods

Answer

Services

Answer

Needs

Question 24

What is a producer?

Accepted Answer

Someone who makes things

Answer

Someone who buys things

Answer

Someone who sells things

Answer

Someone who uses things

Question 25

What is something that is found in nature and can be used by humans?

Accepted Answer

Water

Answer

Paper

Answer

Plastic

Answer

Pencil

Question 26

When you buy a book at a store, what are you doing?

Accepted Answer

Trading it

Answer

Making it

Answer

Using it

Answer

Giving it away

Question 27

Which of these things do people need to live?

Accepted Answer

Food

Answer

Television

Answer

Jewelry

Answer

Computer

Question 28

When a farmer grows vegetables, they are:

Accepted Answer

Producing

Answer

Consuming

Answer

Exchanging

Answer

Distributing

Question 29

Is money the only way to trade things?

Accepted Answer

No

Answer

Yes

Question 30

Which of these things can grow back naturally?

Accepted Answer

Trees

Answer

Coal

Answer

Oil

Answer

Minerals

Question 31

When you drink water, you are:

Accepted Answer

Using it

Answer

Making it

Answer

Trading it

Answer

Distributing it

Question 32

Are all things that people want and need available in unlimited amounts?

Accepted Answer

No

Answer

Yes

Question 33

What does NOT affect how much something costs?

Accepted Answer

What color it is

Answer

How much of it is available

Answer

How many people want it

Answer

How much it costs to make

Question 34

Which of these is NOT a natural resource found in nature?

Accepted Answer

Plastic

Answer

Water

Answer

Trees

Answer

Coal

Question 35

What is the process of creating something new called?

Accepted Answer

Production

Answer

Consumption

Answer

Exchange

Answer

Saving

Question 36

Which of these is an example of a physical object that we can touch and hold?

Accepted Answer

A book

Answer

Money

Answer

A service

Answer

A smile

Question 37

What is the name of the system that helps us organize the use of resources to meet our needs?

Accepted Answer

Economics

Answer

Politics

Answer

History

Answer

Geography

Question 38

Which of these resources can be replaced naturally over time?

Accepted Answer

Water

Answer

Oil

Answer

Coal

Answer

Natural gas

Question 39

What word describes the value of something in terms of money?

Accepted Answer

Price

Answer

Value

Answer

Cost

Answer

Expense

Question 40

Who is someone who uses or enjoys a product?

Accepted Answer

A student

Answer

A farmer

Answer

A doctor

Answer

A teacher

Question 41

Where do people usually go to buy things?

Accepted Answer

Store

Answer

School

Answer

Park

Answer

Library

Question 42

Who should have a say in how we share resources fairly?

Accepted Answer

Everyone in our community

Answer

Only the government

Answer

Only the people who own the resources

Answer

Only my family and friends

Question 43

Which place gives shoppers the most variety of choices?

Accepted Answer

B. A shopping center with different stores selling different kinds of clothes

Answer

A. A small store with only one type of fruit

Answer

C. A market that sells only organic vegetables

Question 44

Why is it beneficial to trade goods with other countries?

Accepted Answer

We can get different products that we don't make ourselves.

Answer

We can learn about different cultures.

Answer

We can travel to new places.

Answer

We can make more money.

Question 45

Which of these is NOT needed to make something?

Accepted Answer

Money

Answer

Land

Answer

People

Question 46

How can we keep our factories running without using up all of our resources?

Accepted Answer

We only make things that we really need and recycle as much as we can.

Accepted Answer

We find new ways to make things without using as many materials.

Answer

We use up all the materials and don't worry about the future.

Question 47

Why do different places have different types of work?

Accepted Answer

Because they have different natural resources.

Answer

Because they have different people.

Answer

Because they have different governments.

Answer

Because they have different hobbies.

Question 48

Governments can help make sure businesses play fair and protect people who buy things. Which of these is NOT a way a government can do this?

Accepted Answer

Giving money to businesses

Answer

Making sure there is more than one company selling the same product

Answer

Setting up offices to help people who have problems with products they buy

Answer

Setting limits on how much companies can charge for certain things

Question 49

When our country's economy gets bigger, what is one thing we need to think about?

Accepted Answer

More jobs but also more pollution

Answer

Everyone will have lots of money

Answer

There will be no more trees

Answer

We won't need natural resources anymore

Question 50

Which of these is a natural resource that we use?

Accepted Answer

Water

Answer

Computer

Answer

Shoe

Answer

Book

Question 51

What do we call the things we create to meet our needs, like toys or clothes?

Accepted Answer

Goods

Answer

Services

Answer

Resources

Answer

Money

Question 52

Which of these is an example of a service, something someone does for us?

Accepted Answer

Teaching

Answer

Car

Answer

Food

Answer

Water

Question 53

What is the process of turning raw materials into useful products called?

Accepted Answer

Production

Answer

Consumption

Answer

Exchange

Answer

Distribution

Question 54

Which of these is NOT a way that we can get things we need?

Accepted Answer

Hoping for them

Answer

Making them ourselves

Answer

Buying them

Answer

Trading them

Question 55

What do we call the money we use to buy and sell things?

Accepted Answer

Currency

Answer

Savings

Answer

Loan

Answer

Investment

Question 56

Which of these is a renewable resource, something we can use again and again?

Accepted Answer

Trees

Answer

Oil

Answer

Minerals

Answer

Coal

Question 57

What do we call the way that goods and services move from those who make them to those who use them?

Accepted Answer

Distribution

Answer

Production

Answer

Consumption

Answer

Exchange

Question 58

What's the difference between something we need and something we want?

Accepted Answer

Needs are things we have to have to live, while wants are things we'd like to have.

Answer

Wants are more important than needs.

Answer

Needs and wants are the same thing.

Answer

There's no difference between needs and wants.

Question 59

Which of these is NOT a primary use of natural resources?

Accepted Answer

Playing with toys

Answer

Making food

Answer

Building homes

Question 60

When producers make more money selling their products than it costs to make them, and consumers get a good deal, what do we call it?

Accepted Answer

Economic surplus

Answer

Economic loss

Answer

Economic trade

Question 61

What is something that banks do NOT do?

Accepted Answer

Make new money

Answer

Give loans to people and businesses

Answer

Keep money safe

Answer

Move money from one place to another

Question 62

Which of the following is NOT necessary to create a product?

Accepted Answer

Imagination

Answer

Land

Answer

Workers

Answer

Tools

Question 63

What are two benefits of trading with other countries?

Accepted Answer

We can get things we can't make ourselves.

Accepted Answer

We can get things for cheaper.

Answer

We lose jobs.

Question 64

What can happen when there is a big difference between rich and poor people in a country?

Accepted Answer

It can be harder for people from poor families to improve their lives

Answer

Everyone has more chances to succeed

Answer

People are more likely to help each other