Economics Quiz for Grade 9

Microeconomics concerns all of the following except.

• Economic activity of individual firms and house holds.

• Demand and supply of a particular market.

• Consumer behaviour and out put decision.

• The behaviour of the whole economy.

which of the following is a normative statement?

• Falling prices are good for consumers

• Falling prices encourage consumer spending

• The falling prices of housing affects real income

• Rising prices encourage production.

Which of the following would best be described as a positive statement about economics?

• Free markets are inherently unfair institutions.

• Countries normally experience higher unemployment during recessions.

• Business profit should be redistributed through taxes to benefit more of society.

• Increasing taxes is positively wrong.

________ is an economic unit that own (provides) factors of production.

• Household

• Business firm

• Government

• All of the above

Which of the following is the basic decision making unit of an economy?

• Households

• Business firms

• Government

• All of the above

Households spend an enormous portion of their income in purchasing goods and services from the,

• producers

• other consumers

• government

• none of the above

Which of the following statements would best describe firms?

• They are the main buyers of factors of production

• They are the leading producers of commodities.

• They consist of both private and government enterprises.

• All of the above

General government gets its income mainly from taxes levied on

• households and business firms in the form of direct and indirect taxes

• goods and services it provides to the producers

• factor services it provides to households.

• none of the above

If resources are scarce out put will be____________.

• limited

• unlimited

• finite

• A and C

which one is not true about scarcity?

• Does not mean shortage

• It is universal problem.

• The imbalance between limited resources and unlimited human needs.

• None of them