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Grade 8 Economic Systems Study Questions Flashcards | StudBud
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Grade 8 Economic Systems Study Questions
Grade 8 Economic Systems Study Questions
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Questions to help you study for the test
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1
Minerals or oil on your property fits into which Economic Resource?
Entrepreneurship
Land
Capital
Labour
2
Which type of economy does Canada have?
Traditional
Market
Command
None of these is correct
3
Buildings fit into which of the Ecomonic Resources?
Land
Entrepreneurship
Capital
Labour
4
This is how much people want to have items.
Demand
Supply
5
If everybody starts to think green pencils are the best, what will happen to their price?
Go up because of decreased demand
Go up because of increased demand
Go up because of increased supply
Go down because of decreased supply
6
In a traditional economy, who produces the goods and services?
People in the community
Independently owned companies
Government run companies
None of these is correct
7
What is Wal-Mart?
Tertiary Industry
Secondary Industry
Quadrillenial Industry
Primary Industry
8
How are goods distributed in a traditional economy?
None of these is correct
Whomever wants to buy them, buys them
The government gets first choice, the people get what's left
They are given to the community members fairly
9
In a market economy, who produces goods and services?
People in the community
Government owned and operated companies
None of these is correct
Independently owned companies
10
Which one of these will cause the price to go down?
Demand goes up
Supply stays steady
Demand goes down
Supply goes up
11
I have a new product and I hire a famous person to do commercials. What am I trying to do?
Increase price by increasing supply
Decrease price by increasing supply
Decrease price by decreasing demand
Increase price by increasing demand
12
In a market economy, whom are the goods produced for?
None of these is correct
The members of the community
The government officials
Whomever is willing to buy them
13
If the world starts to run out of oil, what will happen to its price?
It will go up because of decreased supply
It will go up because of decreased demand
It will go up because of increased supply
It will go up because of increased demand
14
Money fits into which of the following Economic Resources?
Labour
Entrepreneurship
Land
Capital
15
What is the Sobey's Warehouse?
Tertiary Industry
Quadrillenial industry
Primary Industry
Secondary Industry
16
Which of the following are part of the 4 Economic Resources necessary for business?
Capital
Land
All of these are correct
Entrepreneurship
17
Getting investors fits into which Economic Resource?
Land
Capital
Entrepreneurship
Labour
18
Workers fit into which Economic Resource?
Land
Labour
Entrepreneurship
Capital
19
What is the benefit of an assembly line?
You are sure items will be well made
Items will smell like freshly baked cookies
Items can be made efficiently and cheaply
None of these is correct
20
What is Frye's Corn Farm
Primary Industry
Tertiary Industry
Secondary Industry
Quadrillenial industry
21
This is the amount of a thing that is available.
Supply
Demand
22
What is an example of a quadrillenial industry?
None of these, Mr. B. just made this word up
Sewage Treatment Plant
Toronto Airport
Bee hive farm
23
How do command economies decide what gets produced?
The community decides what they need
The government decides what gets produced
Companies produce whatever they can sell
None of these is correct
24
What is the drawback of having a production team?
The quality of the products cannot be guaranteed
Most people hate working in groups
It is usually a fairly slow process
None of these is correct
25
What is the Vu Diamond Mine?
Tertiary Industry
Primary Industry
Secondary Industry
Quadrillenial Industry
