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Ninth Grade (Grade 9) Economics Questions

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Grade 9 Economics
All of the following are some of the fundamentals of a market economy except?
  1. Competition
  2. Authoritarian
  3. Private Property
  4. Specialization
Grade 9 Economics
What is the approach called that weighs the benefits of an action against its costs?
  1. Opportunity Cost
  2. Trade-Off
  3. Cost-Benefit Analysis
  4. None of the Above
Grade 9 Economics
What is a tariff?
Grade 9 Economics
Producing fewer goods and services than possible is called what?
  1. Efficiency
  2. Underutilization
  3. Scarcity
  4. Trade-Off
Grade 9 Economics
A newspaper article has the following title:

"Hawaii is expensive, challenging place to run small business"

Which of the following ideas are likely to be found in this article:
  1. Hawaii is the place where the sport of surfing originated, and famous international surfing championships are held there every year.
  2. There are many state and local regulations that can make it hard to succeed in business in Hawaii.
  3. Hawaii is in the middle of the Pacific Ocean, far away from the U.S. mainland and other large land-masses, so everything that can't be produced locally in-state has to be shipped or flown there over great distances.
  4. There is so much traffic on the island of Oahu that traffic jams often make business commuting difficult.
  5. Many native people in Hawaii greet each other by saying "Aloha!"
  6. Commercial rentals are very expensive in Honolulu.
  7. "Mahalo" means "thank you" in Hawaiian.
  8. Pure Hawaiian Kona coffee is some of the most prized and expensive coffee in the world.
Grade 9 Economics
What is a tariff?
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