WorksheetsGrade 8 Revision
Total questions: 20
Worksheet time: 10mins
The factors of production are called
Scarcity
choice
opportunity cost
resources
Which of the following does Economics primarily study?
how scarcity can be eliminated
how firms manipulate prices
how government influences resource allocation decisions
the problem of scarce resources relative to human wants
The sector that involves the extraction of raw materials.
Primary
Secondary
Tertiary
Quaternary
What is the abbreviation for PPC?
Possibility Production Curve
Production Possibility Curve
Production Possible Choice
Possibility Production Frontier
The following diagram shows the production possibility frontier for an economy that produces bread and honey.
If the economy is initially at point W, then the opportunity cost of moving to point X is
6 units of honey.
8 units of honey.
12 units of bread.
23 units of bread.
What is gross pay?
Amount of earnings before deductions.
Wet money.
What you get after taxes
Unskilled workers often
earn the most income
work the most hours for the lowest wage
have the most education and training
need no supervision
If the supply of labor increases and the demand for labor stays the same, we could expect
wages to increase
no change in wages
wages to decrease
Define minimum wage
The minimum price firms are willing to pay for labor
The minimum price unskilled workers are willing to supply their labor for
The minimum price of labor set by governments in the labor market
The minimum price of labor set by governments in the resource market
The demand for a product or resource based on its contribution to the final product.
derived demand
equilibrium demand
excessive demand
shortage of demand
What is a fringe benefit?
Non-financial
Benefits related to the job description
Benefits on top of a salary or wage
It costs a lot of money and is not common
what is a trade union?
(a) It is an organisation
(b) A group of workers
(c) Trade unions are independent organisations that represent workers to their employers
(d) To register a trade union, you must apply to the Registrar of labour Relations
Why is it important to save money?
to waste it
to be prepared for future needs
to buy useless items
How should you spend your savings?
Buying unnecessary items
Spending on needs and necessities
Wasting money on expensive food
To save means....
to keep something to use later
to make chocolate cookies
To buy candy at the store
under which circumstances would you be most likely to buy an item that you want now, rather than wait for a later time? You expect that soon...
prices will rise
prices will fall
you will lose your job
a better product will be coming on the market
What is a budget?
A group that helps the community.
A safe place where people keep money.
A center where you can donate things.
A plan for spending and saving money
Why do all societies have to make decisions about how resources will be used?
People are greedy
There are not enough resources for those who want them
Resources are too expensive for most people
Because there is a huge gap between the rich and poor
