Students predict price changes when supply is high and demand is low, identify a renewable-nonrenewable resource pair, and classify exported cars as an economic term. Part B has five fill-in-the-blank problems about the law of supply and demand, renewable resource definitions, and US export examples.
Identifying price direction from combined supply and demand conditions requires students to apply the full supply-demand framework rather than just one factor.
Style:
Resources and Trade
Part A: Multiple Choice
Circle the best answer for each question.
1. What happens to price when supply is high and demand is low?
A) Price goes up
B) Price goes down
C) Price stays the same
D) Price doubles
2. Which pair shows one renewable and one nonrenewable resource?
A) Coal and oil
B) Wind and solar
C) Trees and coal
D) Gold and silver
3. A US company ships cars to Europe. The cars are an example of which term?
A) Import
B) Export
C) Demand
D) Supply
4. Which resource type includes buildings, tools, and equipment?
A) Natural resources
B) Human resources
C) Capital resources
D) Renewable resources
Part B: Fill in the Blank
Write the correct answer on each line.
1. The law of supply and demand explains how prices are set in a market.
2. A renewable resource can be replaced by nature in a short time.
3. The United States exports products like airplanes, machinery, and grain.
4. When stores stock too much of a product, they have a surplus of supply.
5. Consumers buy goods; producers make goods.
Resources and Trade
★ Part A: Multiple Choice
Circle the best answer for each question.
1. What happens to price when supply is high and demand is low?
A) Price goes up
B) Price goes down
C) Price stays the same
D) Price doubles
2. Which pair shows one renewable and one nonrenewable resource?
A) Coal and oil
B) Wind and solar
C) Trees and coal
D) Gold and silver
3. A US company ships cars to Europe. The cars are an example of which term?
A) Import
B) Export
C) Demand
D) Supply
4. Which resource type includes buildings, tools, and equipment?
A) Natural resources
B) Human resources
C) Capital resources
D) Renewable resources
★ Part B: Fill in the Blank
Write the correct answer on each line.
1) The law of supply and demand explains how prices are set in a market.
2) A renewable resource can be replaced by nature in a short time.
3) The United States exports products like airplanes, machinery, and grain.
4) When stores stock too much of a product, they have a surplus of supply.
5) Consumers buy goods; producers make goods.
Ready to Practice?
Complete each section carefully.
9 Questions
12-18 minutes
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