Worksheet: Economics for Grade 9 Students

Multiple Choice Questions:

1. Which of the following is considered a scarce resource?
a) Air
b) Water
c) Sunlight
d) Money

2. What is the basic economic problem?

a) Unlimited resources
b) Unlimited wants and needs
c) Limited resources
d) Limited wants and needs

3. What is the term used to describe the total market value of all final goods and services
produced in a country within a specific time period?
a) Gross Domestic Product (GDP)
b) Consumer Price Index (CPI)
c) Inflation rate
d) Unemployment rate

4. Which of the following is an example of a capital resource?

a) Money
b) Land
c) Labor
d) Raw materials

5. What is the definition of opportunity cost?

a) The cost of goods or services
b) The cost of producing goods or services
c) The value of the next best alternative that is forgone
d) The value of the resources used in production

6. Which economic system is characterized by private ownership of resources and competition

in the market?
a) Traditional economy
b) Command economy
c) Mixed economy
d) Market economy

7. What is the function of the central bank in an economy?

a) To regulate competition in the market
b) To determine the allocation of resources
c) To control inflation and interest rates
d) To provide goods and services to the public

8. Which of the following is an example of fiscal policy?

a) Changes in interest rates
b) Changes in government spending
c) Changes in exchange rates
d) Changes in consumer behavior

9. What is the role of entrepreneurship in an economy?

a) To consume goods and services
b) To produce goods and services
c) To distribute goods and services
d) To regulate the economy
10. What does the law of demand state?
a) As price increases, quantity demanded decreases
b) As price increases, quantity demanded increases
c) As price decreases, quantity demanded decreases
d) As price decreases, quantity demanded increases

Structural Questions:

1. Explain the concept of supply and demand.

2. Describe the difference between microeconomics and macroeconomics.

3. Discuss the factors that influence economic growth.

4. Explain the significance of the labor market in an economy.

5. Compare the characteristics of a market economy and a command economy.

6. Discuss the role of government in regulating the economy.

7. Explain the concept of inflation and its impact on consumers.

8. Discuss the advantages and disadvantages of international trade.

9. Explain the concept of price elasticity of demand.

10. Discuss the role of consumers in the economy.

Mark Scheme:

Multiple Choice Questions:

1. d) Money
2. c) Limited resources
3. a) Gross Domestic Product (GDP)
4. a) Money
5. c) The value of the next best alternative that is forgone
6. d) Market economy
7. c) To control inflation and interest rates
8. b) Changes in government spending
9. b) To produce goods and services
10. a) As price increases, quantity demanded decreases

Structural Questions:
1. Acceptable explanation of the concept of supply and demand.
2. Acceptable description of the difference between microeconomics and macroeconomics.
3. Acceptable discussion of the factors that influence economic growth.
4. Acceptable explanation of the significance of the labor market in an economy.
5. Acceptable comparison of the characteristics of a market economy and a command economy.
6. Acceptable discussion of the role of government in regulating the economy.
7. Acceptable explanation of the concept of inflation and its impact on consumers.
8. Acceptable discussion of the advantages and disadvantages of international trade.
9. Acceptable explanation of the concept of price elasticity of demand.
10. Acceptable discussion of the role of consumers in the economy.