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Seventh Grade (Grade 7) Economics Questions

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Grade 7 Economics
A tax on imports.
  1. Quota
  2. Embargo
  3. Tariff
  4. Import Tax
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
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
Grade 7 Economics
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
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
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
Grade 7 Economics
This economic system is based on customs and habits.
  1. Mixed
  2. Traditional
  3. Market
  4. Command
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
Grade 7 Economics
What are the three basic question of economics?
  1. who will buy it,how much is it going to cost,where will it be sold
  2. why should we buy it,what color does it come in ,how much will it sell
  3. what will be produced,who will produce it,for whom will it be produced
  4. how many people will produce it,who will test it,who will it be produced for
Grade 7 Economics
A tax placed on goods coming into the country is called
  1. a decree
  2. a dowry
  3. a customs duty
  4. illegal land speculation
Grade 7 Economics
Which of the following is NOT a benefit of specialization of labor?
  1. allows managers to assign tasks based on the skills and preferences of workers
  2. businesses can offer higher quality products at lower prices
  3. workers will find themselves trapped in jobs they don't enjoy
  4. workers improve with experience
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