EMS Grade 8 Question Preview (ID: 42562)
EMS.
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True or false Labour and Capital are two factors of production
a) No
b) False
c) True
d) Maybe
True of False a Market economy is controlled by the of supply and demand
a) False
b) True
c) No
d) None
True or false A country's economy is measure the VAT collected
a) False
b) True
c) None
d) Neither
True or false Indirect Tax refers to tax levied on income or profits
a) Maybe
b) No
c) True
d) False
True or False The black market is economic activity that takes place inside Government approved channels
a) True
b) False
c) No
d) maybe
True of False an Entrepreneur is a person who takes financial risks when starting up a business
a) false
b) True
c) No
d) maye
Leakage relates to any factor that decreases the circular flow of income and spending
a) False
b) True
c) No
d) Maybe
What is the definition of Economic growth
a) The nation improves the economoy
b) Social well being of people
c) The process by which the nation improves the economic, political and social well-being of its people
d) None
Provide an example of a need
a) Water
b) Shelter
c) food
d) All
What is the main function of the legislative authority
a) Break laws
b) make laws
c) understand laws
d) none
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