MAP Social Studies 4

Question 1

Maria picks soccer camp over art class. The art class she gave up is her what?

Accepted Answer

Opportunity cost

Answer

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?

Accepted Answer

It goes up

Answer

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?

Accepted Answer

St. Louis and Kansas City

Answer

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?

Accepted Answer

Scarcity

Answer

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?

Accepted Answer

Inflation

Answer

Inflation means prices rise over time, so each dollar buys less.

MAP - Missouri Assessment Program Practice Test