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Seventh Grade (Grade 7) Economics Questions

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Grade 7 Economics
What does the government use to finance the public goods and services it produces?
  1. taxes
  2. tariffs
  3. tax on imported goods
  4. interest payments
Grade 7 Economics
If there is high demand and low supply, the what should happen to prices?
  1. Nothing
  2. prices should go up
  3. prices should go down
Grade 7 Economics
Profit is
  1. tools and knowledge used by humans
  2. the difference between cost and income
  3. bringing water to crops
Grade 7 Economics
A tax placed on goods coming into the country is called
  1. a decree
  2. a dowry
  3. a customs duty
  4. illegal land speculation
Grade 7 Economics
What type of economy does South Africa and Nigeria have?
  1. Market
  2. Mixed
  3. Command
  4. Traditional
Grade 7 Economics
In what area has Nigeria worked to specialize?
  1. Oil production
  2. gold and salt trade
  3. corn and wheat production
  4. iron and steel
Grade 7 Economics
National Defense, Public Safety Officers, and the Postal Service are all examples of:
  1. goods and services provided by the government.
  2. private entities that serve our communities.
  3. services we pay for on an as needed basis.
  4. self-supporting entities.
Grade 7 Economics
In what area has South Africa begun to specialize?
  1. Oil production
  2. grain production
  3. textile manufacturing
  4. gold and diamond mining
Grade 7 Economics
Which of the following is NOT a benefit of specialization of labor?
  1. allows managers to assign tasks based on the skills and preferences of workers
  2. businesses can offer higher quality products at lower prices
  3. workers will find themselves trapped in jobs they don't enjoy
  4. workers improve with experience
Grade 7 Economics
Which of the following is NOT an example of a public good or service?
  1. interstate highways
  2. banks
  3. national defense
  4. postal service
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