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Eighth Grade (Grade 8) Economics Questions

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Grade 8 Economics
A type of economy where products, prices, and services are determined by the market, not the government is the what?
  1. Free Enterprise System
  2. Integumentary System
  3. Market System
  4. Federal System
Grade 8 Economics
The resources of an economic system, called Factors of Production are grouped into four categories which are
  1. traditional, command, market, and mixed.
  2. land, capital, labor, and entrepreneurs.
  3. monopoly, oligopoly, private, and government.
  4. local, central, national, and global.
Grade 8 Economics
What is the name for a tax paid for the manufacture or sale of certain goods and services?
  1. Excise tax
  2. permanent tax
  3. tariff
  4. government tax
Grade 8 Economics
What type of tax is imposed on products like gasoline, alcohol, and cigarettes?
  1. Excise tax
  2. Luxury tax
  3. Sales tax
  4. Severance tax
Grade 8 Economics
What is a monopoly?
  1. A fun board game for the whole gamily
  2. A rich company
  3. Where a company has control over the production of a product
  4. The act of selling a lot of a product to a trading partner without recieving anything in return
Grade 8 Economics
Which is a type of resource?
  1. Land
  2. Labor
  3. Capital
  4. Enterprise
  5. All of the Above
Grade 8 Economics
We do not have enough resources to satisfy peoples' unlimited wants. This is also referred to as:
  1. Choice
  2. Opportunity Cost
  3. Production Possibility Frontier
  4. Scarcity
Grade 8 Economics
Factor Mobility can be defined as
  1. when an economy has a large quantity of high-quality factors of production at their disposal.
  2. the extent to which resources can be allocated from one line of production to another
  3. when individuals and firms, regions and nations concentrate upon producing some goods and services rather than others.
  4. using up capital goods during the process of production
Grade 8 Economics
A                 is a person who uses goods.
  1. producer
  2. consumer
  3. economists
  4. none of the above
Grade 8 Economics
When a country brings in a product from another country it is a/an
  1. export
  2. import
  3. opportunity cost
  4. service
Grade 8 Economics
Which of the following is a type of business?
  1. franchise
  2. partnership
  3. corporation
  4. proprietorship
  5. all of the above
  6. none of the above
Grade 8 Economics
Entrepreneurs are motivated mainly by
  1. a need to be in charge.
  2. the desire for risk.
  3. the hope of making a profit.
  4. the need to repay their loans.
Grade 8 Economics
Which of the following statements best describes a result of the free enterprise system in early United States history?
  1. Most Americans became rich.
  2. Many Americans started new businesses.
  3. The U.S. stock of gold and silver increased.
  4. The government tightly controlled business activities.
Grade 8 Economics
The idea of laissez faire influenced the development of a free enterprise economic system in the United States. What does "laissez faire" mean?
  1. Business should be conducted fairly.
  2. Businesses should set fair prices for their goods.
  3. Governments should have little to do with the economy.
  4. Government should impose rules to ensure fairness in business.
Grade 8 Economics
Which of these is an essential feature of capitalism?
  1. Government ownership
  2. Price controls
  3. Central planning
  4. Free markets
Grade 8 Economics
Which of the following goods would be considered complements?
  1. paint and paintbrush
  2. pen and pencil
  3. tea and coffee
  4. Coke and Pepsi
Grade 8 Economics
Which of the following best describes when a company sells stock for the first time to the public?
  1. primary stock option
  2. initial public offering
  3. corporation equity
  4. quantity demanded
  5. priceless panda whiskers
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