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EMS Grade 8
Test Description: EMS
Instructions: Answer all questions to get your test result.
1) True or false Labour and Capital are two factors of production
A
True
B
Maybe
C
No
D
False
2) True of False a Market economy is controlled by the of supply and demand
A
None
B
False
C
True
D
No
3) True or false A country's economy is measure the VAT collected
A
True
B
Neither
C
None
D
False
4) True or false Indirect Tax refers to tax levied on income or profits
A
False
B
Maybe
C
True
D
No
5) True or False The black market is economic activity that takes place inside Government approved channels
A
maybe
B
False
C
True
D
No
6) True of False an Entrepreneur is a person who takes financial risks when starting up a business
A
maye
B
false
C
No
D
True
7) Leakage relates to any factor that decreases the circular flow of income and spending
A
No
B
True
C
False
D
Maybe
8) What is the definition of Economic growth
A
The process by which the nation improves the economic, political and social well-being of its people
B
Social well being of people
C
None
D
The nation improves the economoy
9) Provide an example of a need
A
Shelter
B
Water
C
All
D
food
10) What is the main function of the legislative authority
A
Break laws
B
none
C
make laws
D
understand laws
*select an answer for all questions
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