Scoring Guide: Economics

Read each question. Circle or write your answer.

1. 1.

   Write G for good or S for service: a soccer ball, a guitar lesson, a jar of honey, a window washing, a pair of mittens, a checkup at the clinic.

   (2 pts)

   Answer: soccer ball G, guitar lesson S, jar of honey G, window washing S, mittens G, checkup S

2. 2.

   A pizza shop makes pizza. Name one natural resource, one human resource and one capital resource it uses.

   (3 pts)

   Answer: Answers vary. Look for: natural, such as wheat, tomatoes or water; human, such as the cook's skill; capital, such as the oven, pans or cash register.

3. 3.

   Ms. Patel cuts hair at her shop and buys groceries after work. Which is true?

   (2 pts)

   Answer: She is a producer and a consumer.

4. 4.

   Theo has apples and wants a book. The bookseller wants eggs, not apples. Explain how money would make this trade easier.

   (2 pts)

   Answer: Look for: with barter, Theo is stuck because the bookseller does not want apples; with money, Theo can sell his apples to someone, then pay the bookseller, because everyone accepts money.

Read each question. Circle or write your answer. Show your math.

1. 5.

   Only 20 tickets are left for a show, and 200 people want them. What will most likely happen to the price?

   (2 pts)

   Answer: It will go up.

2. 6.

   A cookie seller pays $14 for her ingredients. She sells 30 cookies for $2 each. How much profit does she make? Why might a big profit lead other bakers to start selling cookies too?

   (3 pts)

   Answer: $46 profit (30 × 2 = 60; 60 − 14 = 46). Other bakers see a chance to earn a profit too.

3. 7.

   The United States buys coffee from Colombia. For the United States, is the coffee an import or an export?

   (1 pt)

   Answer: an import

4. 8.

   Put the chain for a wooden chair in order: store worker, logger, furniture maker, tree, you.

   (2 pts)

   Answer: tree, logger, furniture maker, store worker, you

5. 9.

   A hard freeze ruins many orange trees in Florida. Name one group in Florida and one family in another state who would be affected. Tell how each is affected.

   (3 pts)

   Answer: Answers vary. Look for: in Florida, orange growers or pickers earn less, or juice factory workers lose work; far away, a family pays more for oranges or juice, or finds fewer at the store.

Read the map box. Then answer each question. Name a map when the question asks.

1. 10.

   Map box: three maps of Riverland, a made-up state. Resource map: a cow means dairy farms, a tree means forests and lumber, a fish means fishing, and an oil drop means oil. Cows are on the eastern plains. Trees are in the northern mountains. Fish are along the western coast. Oil drops are in the dry southwest. Population map: darker color means more people. The darkest spot is Port Kelp, on the western coast where the Silver River meets the ocean. Cedar Falls, on the eastern plains, is also dark. The lightest areas are the northern mountains and the southwest desert. Climate map: the western coast is mild and rainy; the northern mountains are cold and snowy; the southwest is hot and dry; the eastern plains have hot summers and cold winters. Where in Riverland would a fishing company most likely be? Which map shows this?

   (2 pts)

   Answer: along the western coast (near Port Kelp); the resource map

2. 11.

   Which area of Riverland has the fewest people? Use the climate map to give one reason.

   (2 pts)

   Answer: The northern mountains (cold and snowy) or the southwest desert (hot and dry). Accept either with the matching reason.

3. 12.

   Which map would you use to find where oil is found?

   (1 pt)

   Answer: the resource map

4. 13.

   Claim question: Why do so many people live in Port Kelp? Write a claim. Give two pieces of evidence, each from a different map, and name the map.

   (4 pts)

   Answer: Answers vary. Look for: a claim such as "Many people live in Port Kelp because it is a good place to live and work," with evidence such as fishing jobs (resource map), a mild climate (climate map), or its spot where the river meets the ocean, good for ships and trade (population map or map box).

5. 14.

   The western coast of Riverland is mild, but the northern mountains are cold and snowy. Give one reason.

   (2 pts)

   Answer: Look for: places near the ocean have milder weather, or high mountains are colder than low land.

Read each question. Show your math.

1. 15.

   Rosa earns $6 each time she weeds a neighbor's garden, with a parent's OK. She wants to earn $42 for a camp T-shirt and a water bottle. How many times must she weed?

   (2 pts)

   Answer: 7 times (42 ÷ 6 = 7, or count by sixes)

2. 16.

   Sam's savings account has $25. He deposits $9, withdraws $12 for a game, then deposits $6. What is his balance?

   (3 pts)

   Answer: $28 (25 + 9 = 34; 34 − 12 = 22; 22 + 6 = 28)

3. 17.

   Which is the best example of interest?

   (2 pts)

   Answer: the extra $1 the bank adds to Mia's savings account

4. 18.

   Dana takes a bike-repair class. Explain how this could change the money she earns later. Use the words human capital.

   (2 pts)

   Answer: Look for: the class adds to her human capital (her skills and knowledge), so she can fix bikes for pay or get a better job and earn more.

5. 19.

   Kofi's income this week is $20. His plan: save $5, school supplies $7, a toy $6, a snack $3. Does the plan fit? Show your work. If not, tell one change he could make.

   (3 pts)

   Answer: No. 5 + 7 + 6 + 3 = 21, which is $1 more than $20. Look for: drop the snack, pick a cheaper toy, or save $1 less this week (needs still come first).