Grade 9 Economics Exam Practice

Choices have to be made because

• We have free and economic goods

• We are affected by demand and supply

• We have limited wants and needs

• We have finite resources and unlimited wants

John spend his $10 to subscribe to Spotify and stop his YouTube subscription.

What concept shown by this story?

Supply will shift to the right because of these reasons

• lower production cost

• increase in productivity

• increase in income

• increase in population

• lower tax

Revenue tend to increase when the price increase if the demand is

What would be included in the factor of production land?

• wheat

• chicken

• factory building

• a farmer

• woods

Which are the three economic questions?

• What to produce

• When to produce

• How to produce

• Where to produce

• For whom to produce

The PED of a good is -0.5. The price now is changing from 20 Zenny to 25 Zenny. What is the new demand if the usual demand is 40 units?

• 80 units

• 35 units

• 8 units

• 30 units

The PES of a product is 2. The price is $1 and the quantity supplied is 20 units. If the price increased to $2, the quantity supplied will become

• 20 units

• 40 units

• 60 units

• 80 units

When the demand is not equal to the supply, it's called

Substitute goods are goods that

• complete other goods

• have a similar price to other goods

• have a similar function to other goods

• have no relation to other goods