Free Printable economics

1.

the government is responsible for ...sector provision

a)

private

b)

public

c)

foreign

d)

financial

2.

The total remuneration that the owners of production factors receive is called national...

a)

production

b)

expenditure

c)

exports

d)

income

3.

The exchange rate system used by South Africa is called the..exchange rate system

a)

fixed

b)

managed floating

c)

free -floating

d)

gold standard

4.

An indication of long-term growth in the economy is referred to as the.........

a)

trend line

b)

amplitude

c)

length

d)

trough

5.

The number of years that a new-born baby is likely to live is known a.......

a)

population

b)

nutrition

c)

life expectancy

d)

population growth

6.

Households in South Africa spend most of their income on ..

a)

durable goods

b)

semi-durable goods

c)

non-durable goods

d)

services

7.

The equilibrium price is always determined by the...

a)

government

b)

buyers

c)

sellers

d)

buyers and sellers together

8.

Inflation is known as:

a)

a decrease in the price of goods and services.

b)

an increase in the price of good and services.

c)

a decision making strategy

d)

a step in the decision making process.

9.

In the case of supply, as price increases

a)

the quantity supplied decrease

b)

the quantity supplied increases.

c)

the quantity supplied stays the same.

d)

the quantity supplied decreases then increases.

10.

Economic demand for a product refers to how much of the product........

a)

is available for purchase from business at each price

b)

people are willing and able to buy at each price

c)

people want, whether they can buy it or not

d)

consumers can afford it

11.

Which of the following is NOT a characteristic

of natural resources?

a)

They have an unlimited supply.

b)

They are unevenly distributed

c)

They need to be processed before they have a use

d)

They are equally distributed.

12.

Banking and financial services are examples of

... economic activity.

a)

primary

b)

secondary

c)

tertiary

d)

informal

13.

Interest is the remuneration for which factor

of production?

a)

Land

b)

Capital

c)

Entrepreneurship

d)

Labour

14.

The cost per unit of production is the ... cost.

a)

total

b)

marginal

c)

unit

d)

average

15.

Which method is being used to calculate GDP?

a)

Production method

b)

Income method

c)

Expenditure method

d)

Value added method

economics

Total questions: 15

Worksheet time: 8mins

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