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Seventh Grade (Grade 7) Economics Questions

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Grade 7 Economics
Opportunity cost is
  1. the loan you choose not to take out
  2. the cost for starting a business
  3. the benefit you give up by choosing to do one thing instead of another
  4. none of the above
Grade 7 Economics
Grade 7 Economics
The United States has which type of economy?
  1. market
  2. command
  3. traditional
  4. mixed
Grade 7 Economics
When supply and demand are equal, economists call this condition..
  1. deficit
  2. supply and demand curve
  3. loan
  4. market equilibrium
Grade 7 Economics
A tax on imports.
  1. Quota
  2. Embargo
  3. Tariff
  4. Import Tax
Grade 7 Economics
Grade 7 Economics
This economic system is based on customs and habits.
  1. Mixed
  2. Traditional
  3. Market
  4. Command
Grade 7 Economics
Grade 7 Economics
A combination of market and command economy.
  1. Mixed Economy
  2. Traditional Economy
  3. Market Economy
  4. Command Economy
Grade 7 Economics
The education and skills of the workers.
  1. Post-Secondary Education
  2. Training
  3. Human Capital
  4. Capital Goods
Grade 7 Economics
Why are most modern economies referred to as "mixed" economies?
  1. Poverty is always highest in countries with market economies
  2. Most countries have aspects of market and command economies
  3. Government planners do not know how to handle economic problems
  4. Products made by traditional economies have no markets in the modern world.
Grade 7 Economics
Goods are traded instead of money in this type of economy
  1. Traditional economy
  2. Command economy
  3. Market economy
  4. Mixed economy
Grade 7 Economics
Grade 7 Economics
Grade 7 Economics
In what area has South Africa begun to specialize?
  1. Oil production
  2. grain production
  3. textile manufacturing
  4. gold and diamond mining
Grade 7 Economics
This occurs when resources in a given society are distributed unevenly.
  1. monarchy
  2. bureaucracy
  3. slavery
  4. social inequality
Grade 7 Economics
In what area has Nigeria worked to specialize?
  1. Oil production
  2. gold and salt trade
  3. corn and wheat production
  4. iron and steel
Grade 7 Economics
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