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