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Eighth Grade (Grade 8) Economics Questions

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Grade 8 Economics
What type of Resource is Minerals
  1. Land
  2. Labour
  3. Capital
  4. Enterprise
Grade 8 Economics
Most people are                 , persons who work to provide goods.
  1. consumers
  2. producers
  3. economists
  4. none of the above
Grade 8 Economics
There are four factors of production, land, labour, capital and...
  1. Opportunity
  2. Enterprise
  3. Market Forces
  4. Capitalism
Grade 8 Economics
The fundamental economic problem of scarcity needs to find answers to three questions. Which of these does not need to be answered?
  1. How to produce?
  2. For Whom to Produce?
  3. Where to Produce?
  4. What to Produce?
Grade 8 Economics
What is one major advantage for the consumer in paying by credit card or check instead of cash?
  1. Consumers usually get a price discount if they pay by check.
  2. Currency may be counterfeit.
  3. It is possible to buy items that you cannot afford.
  4. It removes the risk of carrying a lot of money around.
Grade 8 Economics
There is an unlimited supply of any good.
  1. True
  2. False
Grade 8 Economics
A command economy is marked by which of the following features?
  1. Entrepreneurship
  2. Private property
  3. Central planning
  4. Stock markets
Grade 8 Economics
Which of the following is true of all business corporations in the United States?
  1. The owners are sole proprietors
  2. They are run by the government
  3. The owners have limited liability
  4. They do not pay federal taxes
Grade 8 Economics
Which of the following does not play a major role in a traditional economy?
  1. farming
  2. industrial technology
  3. labor
  4. satisfying people's basic needs
Grade 8 Economics
The value of a good varies according to its                 
  1. scarcity
  2. utility
  3. brand name
  4. none of the above
  5. both A and B
Grade 8 Economics
The secondary sector of an economy is primarily concerned with:
  1. Agriculture
  2. Financial Services
  3. Education
  4. Manufacturing
Grade 8 Economics
Economic goods can be defined as:
  1. Goods which are scarce in nature, and which have a cost in terms of the real resources used.
  2. Goods where there is likely to be underconsumption without government intervention
  3. Goods that have no price attached to them and which require no factors of production
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