Have an account?
Skip to Content
Build your own quiz
SUPER
Business
8th
grade
CP economics what is economics, role,Basic problem, Resource
53 questions
Show Answers
See Preview
- 1. Multiple Choice
Which of the following organisation collect data on poverty in India?
Reserve Bank of India (RBI)
National Sample survey organisation (NSSO)
Census of India
None of the above
- 2. Multiple Choice
Find who is the Speaker?
- 3. Multiple Choice
SGSY stands for
Swarna Jayanti Gram Swarozgar Yojana
Swarna Jayanti Shahari Swarozgar Yojana
Swarna Jayanti Gram Swathantrar Yojana
Sampoorna Jayanti Gram Swarozgar Yojana
- 4. Multiple Choice
Identify the programme which aim at improving the food and nutritional status of the poor?
Public Distribution System (PDS)
Integrated Child Development Scheme(ICDS)
Midday meal scheme( MDMS)
All of the above
- 5. Multiple Choice
Which scheme encouraged people to open bank account in 2004?
Integrated Child development scheme
Public distribution system
National old age scheme
Jan Dhan Yojana
- 6. Multiple Choice
Prime Minister in his speech while launching Jan Dhan Yojana mention how many bank accounts are opened in one day?
1.5 crore
2.5 crore
2 crore
None of the above
- 7. Multiple Choice
Which of the following is one of the three basic economic questions?
What price should be set for goods and services?
How can income be shared?
How should goods and services be produced?
How is a budget created?
- 8. Multiple Choice
Increased competition between producers of a good may lead to
a decrease in profit.
an increase in price.
a drop in demand.
a rise in taxes.
- 9. Multiple Choice
Which type of economic system has the highest level of government control?
traditional economy
market economy
command economy
mixed economy
- 10. Multiple Choice
Which of the following is a feature of a good budget?
money reserved for saving
income that is less than its expenses
economic incentives
- 11. Multiple Choice
How do companies make a profit?
They try to increase expenses and decrease revenue.
They try to decrease expenses and increase revenue.
They try to increase expenses and increase revenue.
They try to decrease expenses and decrease revenue.
- 12. Multiple Choice
Economy in which people make economic decisions based on their group's customs and values. Not common today.
Traditional Economy
Market Economy
Command Economy
Mixed Economy
- 13. Multiple Choice
Individual consumers and producers make economic decisions based on the principles of freedom, competition, and profit.
Traditional Economy
Market Economy
Command Economy
Mixed Economy
- 14. Multiple Choice
The central government makes all economic decisions.
Traditional Economy
Market Economy
Command Economy
Mixed Economy
- 15. Multiple Choice
An economic system combining private and public enterprise.
Traditional Economy
Market Economy
Command Economy
Mixed Economy
- 16. Multiple Choice
A desire for a certain good or service.
producer
opportunity cost
supply
demand
- 17. Multiple Choice
___________ is the ability and willingness to produce a good or service.
Producer
Opportunity cost
Supply
Demand
- 18. Multiple Choice
The money or the time you spend on one thing cannot be spent on something else. The cost of what you have to give up.
producer
opportunity cost
demand
supply
- 19. Multiple Choice
The study of how people meet their wants and needs.
economics
supply
demand
opportunity cost
- 20. Multiple Choice
People or businesses that make and sell goods or services.
consumers
producers
principal
superintendent
- 21. Multiple Choice
People or businesses that buy or consume goods or services.
consumers
producers
principal
superintendent
- 22. Multiple Choice
Land, Labor, Capital, and Entrepreneurs
opportunity cost
economic strategy
factors of production
supply and demand
- 23. Multiple Choice
1.) What to produce 2.) How to produce it 3.) For whom to produce for = Basic Economic Questions
True
False
- 24. Multiple Choice
Land, labor, capital, and entrepreneurs = Basic Economic Questions
True
False
- 25. Multiple Choice
It costs less for a consumer to purchase a good using credit than to pay cash for the good at the time of purchase.
True
False
- 26. Multiple Choice
The United States has a mixed economy that is closer to a pure market economy.
True
False
- 27. Multiple ChoiceWhy does scarcity exist?Each year workers tend to produce less than previouslyMachines wear out in timeThere are not sufficient resources to meet everyone's wantsThere is a limit to people's wants
- 28. Multiple ChoiceWhy will scarcity continue to be a problem in the future?Prices will riseResources will always be finiteNeeds will decrease in the futureWorld population will fall
- 29. Multiple ChoiceWhat factor of production's function is to make decisions and take risks?CapitalEnterpriseLandLabour
- 30. Multiple ChoiceWhat type of factor of production is a road?CapitalEnterpriseLabourLand
- 31. Multiple ChoiceWhat is meant by 'labour' in economics?Hard physical work used to produce manufactured goodsHuman mental and physical effort used for producing goods and servicesNatural resources used in the productive processRisk taking and organising the factors of production
- 32. Multiple ChoiceWhich factor of production is the least mobile?CapitalEnterpriseLabourLand
- 33. Multiple ChoiceWhat is meant by opportunity cost?The next best alternative foregoneThe cost of the item selectedThe cost of exploring business opportunitiesThe labour used in producing the product
- 34. Multiple ChoiceWhich is the following is a free good?A vaccination provided by the state without chargePrizes of food items given away by a supermarketRecycled paperWind coming from the sea
- 35. Multiple ChoiceIn an economy what three things must take place?Production, Relocation, ConsumptionProduction, Distribution, and ConsumptionProduction, Distribution, and Labeling
- 36. Multiple Choice____________ are the products made in an economy.GoodsServicesConsumption
- 37. Multiple Choice______________________ are provided to you by a company.ConsumptionGoodsServices
- 38. Multiple Choice____________________ is the amount of a good that a company has.SupplyDemandGood
- 39. Multiple ChoiceIf the supply decreases and the demand increases then the price will ___________________.DecreaseIncreaseStay the same
- 40. Multiple ChoiceIf the supply increases, but the demand decreases, then the price will _______________.DecreaseIncreaseStay the same
- 41. Multiple ChoiceWho determines the price of a good?The consumerThe producerThe distributor
- 42. Multiple ChoiceIf the demand of a good and supply stays the same the price will _______DecreaseStay the sameIncrease
- 43. Multiple Choice
Check all that are factors of production.
Land
Finance
Capital
Labor
Weather
- 44. Multiple Choice
Which person would be considered an entrepreneur?
Employee at Wal-Mart
Railroad worker
Car salesman
Owner of a restaurant
- 45. Multiple Choice
Economics only concerns money.
True
False
- 46. Multiple Choice
Choose the image that is an economic example of "capital".
- 47. Multiple Choice
Which is not a basic economic question?
What to produce
Where to produce
How to produce
For whom to produce
- 48. Multiple Choice
Oxygen, water, and food are economic examples a ........
need
want
good
service
- 49. Multiple Choice
If the economy slows down in the United States, it could also affect the economy of other countries. This is an example of...
Economic outerdependence
Economic interdependence
Economic slowdown
Economic codependency
- 50. Multiple Choice
When you buy an item on eBay, you are utilizing a.....
Standard of living
Free enterprise economy
Market
Enterprise
- 51. Multiple Choice
Scarcity does not help determine price.
True
False
- 52. Multiple Choice
If a business is constantly improving their machinery, worker skills, and time management, they are attempting to improve overall....
leadership
productivity
entrepreneurship
division of labor
- 53. Multiple Choice
Amazon is an example of a......
Storefront
factor
market
magical place that sells anything your heart desires.
- Answer choicesTagsAnswer choicesTags