This PowerPoint presentation contains 13 questions for Benchmark A of the Economics standard tested on the Grade 5 Social Studies Ohio Achievement Test. These questions cover the benchmarks for grades 3, 4, and 5. The grade, standard, and benchmark for each question is listed in the top right corner of each slide. An answer analysis for every question (visible only to the teacher) explains what knowledge students need to have to arrive at the correct answer. Use these slides to review a specific benchmark, or download additional slides to create a comprehensive review for the Grade 5 Social Studies Ohio Achievement Test. If you’d like to print the slides with analyses, choose “Notes Pages” from the “Print What” pull down menu on the Print Screen. Instructions

3.E.A What is the value of the thing you give up when you choose another thing called? A. budget B. opportunity cost C. money D. saving account

3.E.A Susan has to make a choice. She wants a DVD and a basketball. Susan decided to buy the basketball. What item was the opportunity cost? A. DVD B. basketball C. book D. video game

3.E.A Describe a time when you had to make a choice among different items at a store. What was the opportunity cost of your choice?

4.E.A What productive resource would a company that specializes in producing popcorn need for its business? A.natural gas B.rubber C.popcorn machines D.coal

4.E.A If you wanted to buy a CD and go to the movies, but only had enough money to pay for one, what would the opportunity cost be if you chose to buy the CD? A.seeing the movie B.buying the cd C.not buying the cd D.not seeing the movie

4.E.8 Describe the term specialization and explain how it is beneficial for a consumer and a producer.

4.E.A Ohio has many natural resources. Different parts of the state have different resources. Explain why Cleveland became an iron-producing center.

4.E.A What is an opportunity cost of cutting down trees in a forest to make lumber that will be used to build furniture? A.economic growth in the local community B.furniture stores will have new furniture C.creation of new jobs D.tree-dwelling animals will lose their homes

5.E.A Why do countries sign trade agreements with each other? A. to keep each other secure B. to help them do business C. to increase the trade deficit D. to decrease the trade surplus

5.E.A Americans use more oil than the country produces. What does the United States have to do to accommodate its oil use? A. use different kinds of energy B. export oil to other countries C. import oil from other countries D. set up trade agreements with other countries

5.E.A Which group of people buy and use goods and services? A. tax payers B. consumers C. citizens D. farmers

5.E.A List two countries that are the major trading partners of the United States.

5.E.A Explain the significance of the market economy of the United States.