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10 questions
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- 1. Multiple-choice45 seconds5 pts
Which of the following is one of the Economic Systems?
Planned Economic System
Market Economy
Mixed Economy
All of these options
- 2. Multiple-choice30 seconds1 pt
What products are produced in a Market economy?
Only what the Government allows
All required items
Only what the rich decide is required
Nothing
- 3. Multiple-choice30 seconds1 pt
One disadvantage of a Market System is ...
People can work hard and become successful
Entrepreneurship can lead to financial reward
Little motivation to provide public services
Resources are not wasted
- 4. Multiple-choice30 seconds1 pt
If the price of petrol is set to go up next Wednesday, the demand for petrol will ...
Decrease until next Wednesday
Remain the same
Increase next Tuesday
Result in an increase in car sales
- 5. Multiple-choice30 seconds1 pt
South Sudan, Chad, Brazil & South Africa are examples of ...
First World Countries
African Countries
Second World Countries
Third World Countries
- 6. Multiple-choice30 seconds1 pt
Theoretically in a ___________ economic system there should be no unemployment.
Mixed
Capitalist
Planned
Market
- 7. Multiple-choice30 seconds1 pt
If the price of Coca Cola where to increase to R24.99 for a 2 litre bottle, and the price Fanta were to decrease to 13,99 for a 2 litre bottle, the demand curve for Coca Cola would ....
Shift to the left
Stay the same
Shift to the right
affect the number of bottles produced
- 8. Multiple-choice30 seconds1 pt
The demand curve has a ___________ gradient.
Horizontal
Negative
Vertical
Positive
- 9. Multiple-choice30 seconds1 pt
Which of the following Entrepreneurial qualities would Elon Musk possess?
Risk taker
Flexibility
Self-Reliance
All of these
- 10. Multiple-choice30 seconds1 pt
Which of the following would ensure you are developing the correct product for your target market?
Loan applications
Market Research
Competitor Analysis
None of these options
