GR 9 EMS

Open Ended

Why do you think understanding different economic systems is important for managing a country's resources?

Multiple Choice

Which of the following best describes the significance of studying Economic and Management Sciences in Grade 9?

• It helps students understand how economies function and how businesses are managed.

• It teaches students only about mathematics.

• It focuses only on the history of economics.

• It is mainly about learning foreign languages.

Open Ended

Explain the difference between cost price, selling price, and profit mark-up in the context of a trading business.

Multiple Choice

Which of the following amounts can be calculated using the basic formula discussed in the lesson?

• The selling price of trading stock

• The cost price of trading stock (cost of sales)

• The profit mark-up or profit percentage earned on trading stock sold

• All of the above

Multiple Choice

Which formula is used to calculate the selling price of trading stock when the cost price and profit mark-up are known?

• Selling price = Cost price + profit mark-up

• Selling price = Cost price - profit mark-up

• Selling price = Cost price x profit mark-up

• Selling price = Cost price / profit mark-up

Multiple Choice

A trader buys a good for R180 and wants to earn a 10% profit. What will be the selling price?

• R180

• R198

• R200

• R190

Fill in the Blank

To calculate the cost price of trading stock, you need to have the selling price and ___ percentage.

Open Ended

Describe the steps required to calculate the profit percentage when given the cost price and selling price of a good.

Multiple Choice

What is the profit percentage if the profit is R400 and the cost price is R1600?

• 10%

• 15%

• 20%

• 25%

Open Ended

Explain why an extra column is needed in the CPJ for purchases of trading stock.

Multiple Choice

The movement from Point A to Point B represents a(n)

• increase in the price.
• decrease in the quantity supplied.
• shift in the supply curve.
• Both Orange and Blue are correct.

Multiple Choice

Why is it important to create a budget?

• You earn more money
• You get things you want before you get things you need
• Helps you plan how you are going to spend your money
• They're pointless

Multiple Choice

Products brought into a country

• Currency
• Exchange rate
• Export
• Import

Multiple Choice

Products sold to other countries

• Currency
• Import
• Export
• International trade

Multiple Choice

Long ago, all books were copied by hand. Making new copies was a lot of work and took a long time. But the invention of the printing press made copying books faster and easier. What happened to the overall supply of books after the printing press was invented?

• The supply went up.

• The supply went down

Multiple Choice

If the store has 100 packs of toilet paper and 200 people want to buy it, is it a shortage or surplus?

• shortage

• surplus

Multiple Select

Which of the following are fiscal policy tools (select more than one)?

• adjusting the reserve requirement

• adjusting the discount rate

• changing government spending

• changing income taxes

• buying/selling bonds via open market operations

Multiple Choice

Based on the graph shown, what has happened?

• Supply Increase
• Supply Decrease
• Demand Increase
• Demand Decrease

Multiple Choice

The amount of an item that consumers are willing to buy at different prices.

• Need
• Supply
• Demand
• Import

Multiple Choice

The amount of an item that someone has to sell.

• Need
• Supply
• Demand
• Import

Multiple Choice

Trading between countries

• Exchange rate
• Embargo
• International trade
• Voluntary trade

Multiple Choice

Which of the following expenses should be included in a typical budget?

• taxes

• charitable giving - charities

• savings

• All of the expenses should be included in a typical budget

Multiple Choice

Part of the reason that LeBron James earns millions of dollars each year while school teachers may earn $30,000 is because…

• consumers enjoy basketball to the point that they are willing to spend lots of money and time attending games and watching commercials.
• the supply of superstar basketball players is low, while the supply of competent teachers is much larger.
• demand for LeBron James' talents is very high since he can generate so much revenue for a firm.
• all of the choices

Multiple Choice

A limited quantity of popular dolls are released right before Christmas. This will likely lead to a:

• Shortage

• Surplus

Multiple Choice

What is the equilibrium price of a book in this market?

• $75
• $80
• $85
• $90

Multiple Choice

International trade free of government control and trade barriers

• Free trade
• Trade barrier
• Voluntary trade
• Embargo

Multiple Choice

What is the primary benefit of using a budgeting app to manage your finances?

• To get recommendations on stocks to invest in

• To track your spending and help you stick to your budget

• To automatically increase your credit score

• To transfer money internationally without fees

Multiple Choice

Which of the following sources of income can be recorded in the CRJ?

• Trading stock sales

• Capital contribution

• Rent income

• All of the above

Fill in the Blank

When a trading business buys goods, which accounts are affected according to the double entry principle? Fill in the blanks: Debit account: ___, Credit account: ___

Open Ended

Describe the process and accounts involved when DD suppliers purchase trading stock from Mica hardware.

Multiple Choice

When selling trading stock for cash, what is the effect on owner's equity if the selling price is R4500 and the cost price is R3000?

• Owner's equity decreases by R1500

• Owner's equity increases by R1500

• Owner's equity remains unchanged

• Owner's equity increases by R4500

Multiple Choice

Which of the following accounts is credited when the 'Bank' account is debited?

• Sales

• Trading stock

• Cost of sales

• Cash

Open Ended

Describe how land ownership in Zulu culture differs from the economic systems discussed in the topic.

Open Ended

Explain the difference between an economic system and an economic problem, using examples from the images.

Multiple Choice

Which countries are part of the BRICS group?

• Brazil, Russia, India, China, South Africa

• Brazil, Russia, Indonesia, China, Singapore

• Brazil, Romania, India, China, South Africa

• Brazil, Russia, India, Chile, South Africa

Multiple Select

Which of the following are characteristics of a planned economy?

• Government owns factories and farms

• People are allowed to own property

• Government decides what should be produced

• Government decides who gets how much of what is produced

Fill in the Blank

In a planned economy, the government owns the land and ___ resources.

Multiple Choice

Which type of economy is also called a command or directed economy and generally comes from a country’s need to industrialise their wartime economies rapidly?

• Market economy

• Planned economy

• Mixed economy

• Traditional economy

Open Ended

Explain how the government can stimulate growth in industry in a planned economy.

Multiple Select

Select all the disadvantages of planned economies from the following options.

• They can limit economic growth and innovation.

• They provide economic freedom to consumers.

• They are inflexible systems that cannot adapt to change quickly.

• There is no incentive for people to do their jobs well.

Fill in the Blank

In a market economy, land, property and businesses are owned by ___ people, not the government.

Open Ended

Describe two characteristics of a market economy that differentiate it from a planned economy.

Multiple Choice

Which of the following is an advantage of market economies?

• They are inflexible and cannot adapt quickly to change.

• Individuals can choose what they want to produce and how much they want to produce goods for.

• The government controls the economy as much as possible.

• They focus on profit rather than on the welfare of citizens.

Fill in the Blank

The circular flow model is used to illustrate the movement of money, goods, and services in an economy. Name one key component of the circular flow model.

Open Ended

Which topic from the Grade 9 Economic and Management Sciences content list do you find most interesting and why?