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EMS Grade 8
Test Description: EMS
Instructions: Answer all questions to get your test result.
1) What do Entrepreneurs do
A
Generate profit that can be taxed by government
B
All
C
Stimulate the economy by providing jobs
D
Opportunities for other entreprenuers
2) Remuneration of Factors of Production - meaning of remuneration
A
To be payed
B
Any form of payment
C
All
D
None
3) Labour (part of the factors) Payment
A
paid with a salary (monthly)
B
Skilled workers are scarce so they are paid MORE for their efforts
C
All
D
Can be paid either wages (weekly or biweekly)
4) Capital (part of the factors) remuneration
A
All
B
None
C
Interest is charged for money borrowed from the bank
D
Rent is paid for use of land or building
5) What are overhead costs/expenses
A
Paid for work done
B
None
C
All
D
Paid for services rendered
6) Different Markets
A
Goods and Services Market
B
Factor Market
C
Goods only market
D
1 and 2
7) What are goods and services Market
A
It can be virtual
B
Market can be a physical place
C
Place where goods and services are sold
D
All
8) How many markets are in the goods and services market
A
2
B
1
C
3
D
7
9) These are the following markets
A
Retail
B
Farmers, Craft and Flea market
C
Wholesale
D
All
10) Definition of Wholesale Market
A
Wholesaler packs into smaller quantities for customers
B
They purchase large quantities of goods from different manufacturers (Makro)
C
All
D
A small retailer can be the customer (SPAR)
*select an answer for all questions
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