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Seventh Grade (Grade 7) Economics Questions

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Grade 7 Economics
The value in money in the output of goods and services of a country is called what?
  1. gross domestic product
  2. purchasing power parity
  3. gross national income
  4. gross national product
Grade 7 Economics
Which of the following is not true about the unemployment rate?
  1. It does not count the retired.
  2. It does not include students.
  3. It does not include the disabled.
  4. It does not include people actively seeking work.
Grade 7 Economics
A situation where the resources are distributed inefficiently is called what?
  1. inflation
  2. deflation
  3. market failure
  4. consumption set
Grade 7 Economics
Which branch of microeconomics deals with the decisions a customer makes to gain the highest amount of satisfaction?
  1. production theory
  2. quantitative easing
  3. consumer choice
  4. microfoundations
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
The aggregate demand–aggregate supply model is based on the work of which economist?
  1. Adam Smith
  2. John Maynard Keynes
  3. Alfred Marshel
  4. John Stewart Mill
Grade 7 Economics
A drop in output is called a recession.
  1. True
  2. False
Grade 7 Economics
The United States has which type of economy?
  1. market
  2. command
  3. traditional
  4. mixed
Grade 7 Economics
North Korea's 4 wireless companies are own by the North Korean government. This is an example of:
  1. mixed economy
  2. monoploy
  3. traditional economy
  4. command economy
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