Deck 13: How Do I Assist Students in Making Economic Decisions

Question 1

Answers to the unit question, "Where do we get our food?" might address both the NCSS
standards of People, Place, and Environment and Production, Distribution and Consumption.

Answer 1

True

Question 2

The exchange of goods and services is a voluntary action that seems to benefits all parties.

Answer 2

True

Question 3

When provided instruction in economic concepts, students appear to gain a full understanding of them by the end of grade 8.

Answer 3

False

Question 4

Which of the following items in a classroom is NOT an example of a capital resource?

A) Computer
B) Pencils
C) Teacher
D) Overhead projector

Question 5

Which of the following is an example of microeconomics in use?

A) Your sister buys chocolate candy the day after Valentine's Day at 50 percent off the regular price.
B) The Stock Market has sessions that are called Bear and Bull markets.
C) The unemployment rate rises in June as students graduate from high school and start looking for jobs.
D) The lowering of interest rates are made by the Federal Reserve System.

Question 6

Which economic concept would be encountered in the study of the local community and its government?

A) Balance of payments
B) Markets
C) Exports
D) Opportunity cost and trade-offs

Question 7

Allowing students to make some decisions in classroom procedures involves students in developing the conclusion that decisions require careful thought.

Question 8

The assembly line is an example of an economic concept that would be studied in history.

Question 9

Which of the following is NOT an economic concept appropriate to teach elementary and middle school students?

A) Services
B) Specialization
C) An increase in the supply will reduce the price
D) Scarcity

Question 10

The problem of scarcity is too abstract for young children to understand.

Question 11

Which is NOT required when teaching how to make good economic decisions?

A) Students must consider the economic long- and short-term consequences.
B) Each person has the same alternatives from which to choose.
C) The choice made from the alternatives must be viewed as having more benefit than the alternatives rejected.
D) Individuals must establish the criteria that are important to them when selecting an alternative.

Question 12

Which economic concept would most likely also be encountered when studying mathematics?

A) Tariff
B) Profit
C) Opportunity cost
D) Production

Question 13

A decision-making chart that asks students to give short-term and long-term consequences is appropriate to use with first-graders.

Question 14

Children's economic ideas tend to follow a developmental sequence because personal thinking becomes more abstract and flexible with age.

Question 15

Which of the following institutions was NOT created because of the rise of a market economy?

A) Banks
B) Not-for-profit organizations
C) Labor unions
D) Monasteries

Question 16

The economic questions all nations must ask and solve include all of the following EXCEPT:

A) what should be produced?
B) how should the production be organized?
C) which allocation of land, labor, capital, and management will produce the greatest profit?
D) how will goods and services be distributed?

Question 17

Recycling and conserving are examples of an economic concept that also might be encountered in the study of science.

Question 18

The consensus on best teaching of economics includes all of the following EXCEPT:

A) depth in basic concepts is more important than teaching many facts.
B) students are exposed to thinking that emphasizes systematic and objective analysis.
C) applying economics in various situations helps students better deal with economic issues they encounter.
D) attempts at teaching relationships between the concepts confuses the majority of students.

Question 19

Which of the following is an example of scarcity commonly found in the schools?

A) The teacher's time
B) The number of assignments students do
C) The number of decisions to be made each day
D) Students wanting attention from the teacher

Question 20

Which of the following is the best assessment of sixth-grade students' accomplishment of the standard: people respond predictably to positive and negative incentives?

A) Students negotiate exchanges of items.
B) Students identify incentives that affect people's behavior and explain how these incentives affect their own behavior.
C) Students explain how they benefit when they develop a special skill.
D) Students predict how a buyer responds to what a seller says.

Question 21

Because economics is based on the realization that people want more than the resources can provide, social studies teachers must help students recognize that scarcity exists.

Question 22

Teachers in the public schools tend to view economic education as job training and the acceptance of the importance of getting a job and doing it well.

Question 23

The United States of America is an example of a nation that has many regions and cities that specialize in producing specific products and unique services.

Question 24

Many cities were founded to provide easy opportunities for people to trade.

Question 25

Mathematics is used to organize and simplify large amounts of economic data to help explain what is happening in a business or the economy.

Question 26

Working parents make good guest speakers to explain economic ideas to children while homemakers and unemployed people cannot provide much support for build a child's understanding of economics.