Grade 9 EMS exam review quiz

According to the law of demand , when does the demand for product increase

• The price of a substitute rises

• The population increases

• Decreased prices at which suppliers are willing to sell

• Poor weather conditions

Define the term demand

• The quantity of a good or service which consumers are willing and able to purchase at different price levels

• The quantity of a good or service that suppliers are willing and able to produce at different price levels

Define the term supply

• The quantity of a good or service which consumers are willing and able to purchase at different price levels

• The quantity of a good or service that suppliers are willing and able to produce at different price levels

Which factors influence demand ?

• Fashion

• Advertising

• The number of producers

• The cost of production

Define the term market equilibrium price

(a)  

How many sectors are there in the economy?

• 5

• 3

• 2

• 5

True or false

A planned economic system is a system in which all economic decisions about , how , what and for whom to produce are made by the government

• False

• True

Name a characteristic of a planned economy

(a)  

From the list below select the industries that belong in the primary sector

• Farming

• schools

• Mining

• call center

From the list below select the industries that belong in the secondary

• cleaners

• Factory

• Schools

• Manufacturing