MAP Social Studies 4 — Questions and Answers
Question 1: Maria picks soccer camp over art class. The art class she gave up is her what?
- Profit
- Opportunity cost (Correct answer)
- Scarcity
- Incentive
Correct answer: Opportunity cost
Opportunity cost is the value of the next best choice you give up.
Question 2: If demand for a product goes up and supply stays the same, what usually happens to the price?
- It goes down
- It stays the same
- It goes up (Correct answer)
- It drops to zero
Correct answer: It goes up
Higher demand with the same supply usually pushes prices up.
Question 3: Missouri is the only state that has two Federal Reserve Banks. Which cities are they in?
- St. Louis and Kansas City (Correct answer)
- Springfield and Columbia
- Jefferson City and St. Louis
- Kansas City and Joplin
Correct answer: St. Louis and Kansas City
Federal Reserve Banks are located in both St. Louis and Kansas City, Missouri.
Question 4: What is the basic economic problem that comes from unlimited wants and limited resources?
- Inflation
- Specialization
- Interdependence
- Scarcity (Correct answer)
Correct answer: Scarcity
Scarcity means there aren't enough resources to satisfy everyone's wants.
Question 5: A steady rise in the general level of prices over time is called what?
- Recession
- Deflation
- Inflation (Correct answer)
- Depression
Correct answer: Inflation
Inflation means prices rise over time, so each dollar buys less.
Question 6: A tax on imported goods is called a what?
- Tariff (Correct answer)
- Subsidy
- Dividend
- Quota
Correct answer: Tariff
A tariff is a tax on imports that makes foreign goods cost more.
Question 7: In a market economy, who mainly decides what goods are produced?
- The government
- Consumers and producers (Correct answer)
- Military leaders
- Religious leaders
Correct answer: Consumers and producers
In a market economy, buyers and sellers making their own choices decide what gets produced.
MAP Social Studies 4
Maria picks soccer camp over art class.
The art class she gave up is her what?