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