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Eighth Grade (Grade 8) Economics Questions

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Grade 8 Economics
What are imports?
Grade 8 Economics
In a market economy, decisions on how resources are to be allocated are usually taken by:
  1. The Government
  2. Households and firms
  3. Private Enterprise
  4. Public Enterprise
Grade 8 Economics
What are exports?
Grade 8 Economics
Cost limits the availability of goods.
  1. True
  2. False
Grade 8 Economics
What does supply refer to?
  1. amount of goods sold
  2. amount of good that is produced
  3. human desire
  4. noe of the above
Grade 8 Economics
According to Adam Smith, the government has a role to play in the economy, but he believed the government should not:
  1. Act against monopolies
  2. Regulate the workings of the market
  3. Raise Taxes
  4. Control national defence
Grade 8 Economics
A Production Possibility Frontier (PPF) can demonstrate many things. Which of these cannot be demonstrated on a PPF?
  1. Unemployment
  2. Factor Endowment
  3. Factor Mobility
  4. Opportunity Cost
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