Gr 8 Economics First Term Revision Worksheet

Names: __________________________Grade ______________

Q1. Write all mcqs correct answers in the six chapter (CH 1-6)
Answers:
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13. Which one of the following does a point on a production possibility curve (PPC) represent?
(1)

A Where capital goods should be produced

B How the production of all goods can be increased

C Government revenue from production

D A given amount of resources being fully employed

14. Which one of the following describes this economic assumption?

(1)

A Businesses aim to maximize their profit

B Producers may complete charitable work

C Consumers sometimes copy others' behavior

D Governments try to increase the number of days worked

15 Which one of the following factors may cause a shift of the demand curve?
(1)

A Costs of production

B Demographic changes

C Subsidies

D Changes in price

16. State one example of a factor of production that can be classified as land.
(1)
.............................................................................................................................................

.............................................................................................................................................

.............................................................................................................................................

17. State one factor that will cause a demand curve to shift to the left.

.............................................................................................................................................

.............................................................................................................................................

.............................................................................................................................................

18. Create a demand graph using the following table of values:

PRICE QUANTITY
10 500
20 450
30 400
40 350
50 300
60 250
70 200
19. Create a supply graph using the following table of values:

PRICE QUANTITY
10 200
20 250
30 300
40 350
50 400
60 450
70 500

20. Using the graphs above, what is the quantity demanded if the price is $10? ____________

21. Using the graphs above, what would be the quantity demanded at a price of $80? _________.
Why is the demand at $80 lower than it is at $10?

22. 13. What are the 5 shifters in demand and supply?

T-Shirt Company
You and your partner are going to create a designer t-shirt factory right here in our city.
This worksheet will help you consider different things as you set up your company.

Step 1: Identify Factors of Production

Brainstorm the factors of production that you will need to start your t-shirt
business. For each category write some specific things you will need to buy in
factor markets.
23.Land (and natural resources)-
 24.Labor-

25.Capital-

26.Entrepreneurs-
_

- 27.Are you producing a capital good, consumer good, or a service?

-
Ans:____________________________________________________

Step 3: Trade-Offs and Opportunity Costs

Your business must now decide whether to produce hats also. First, graph the
numbers in the table. Then, answer the questions at the bottom of the page.

T-Shirts Hats
500 0
400 175
300 300
200 350

T-shirts

Hats
- 28.Q. Based on the graph, about how many hats can you make if you
produce 150 t-shirts?
 -
- 29.What is the opportunity cost of producing 300 hats instead of 175?

: Possible Supply Scenarios

For each of the following situations, circle if the supply curve for your product
would shift left or shift right and then indicate a shifter of demand. Finally
complete a simple graph showing the shift

30.The price of plastic for your cases increases.

R or L Shifter:

31.The government increases the sales tax.

R or L Shifter:
 32.New technology allows you to produce more cases in less

time

R or L Shifter:

Shifters of Demand Soup Poster

33.Your group will make a poster representing one of the 6 things that can shift an entire
demand curve for Chicken Noodle Soup. Your group’s shifter is

Step 1: Write the name of your shifter on the top of the poster.

Step 2: Underneath the title, put the definition of your shifter.

Step 3: On the left side of the paper, write “Decrease in Demand”. Do the same
on the right side, but write “Increase in Demand”.

Step 4: Under each label, describe a situation in which your shifter of demand
would cause the demand curve to shift.
 Shifter of
Demand
Definition
Decrease in Increase in
Demand Demand
Situation Situation
description… Description…
Graphi Graphi
c c

Shifts in Supply and

Demand
Answer all of these questions in the blanks below and draw quick Supply/Demand curves with labels for
each scenario (P1, P2, S, D, S2 or D2)

34.. Apple releases a new version of the iPhone, consumers get excited and
want to buy the latest iPhone earbud.

What shifts in this scenario (circle one) Supply / Demand

What is the shifter of supply/demand?

Which way does it shift? (circle one) /

35.. New technology allows Apple to be more efficient producing earbuds,

which makes them more productive

What shifts in this scenario (circle one) Supply / Demand

What is the shifter of supply/demand?

Which way does it shift? (circle one) /

#36. The government puts an extra tax on all products coming in from China.
This includes Apple products made in China.

What shifts in this scenario (circle one) Supply / Demand

What is the shifter of supply/demand?

Which way does it shift? (circle one) /

 SUPPLY AND DEMAND WORKSHEET
DEMAN
D
37.Part I: Use the space below to take notes on the basic principles of demand.

Demand:

Law of Demand:

Demand Schedule:

Demand Curve:

Part II:
38.Assume the quantity demand values then draw the the demand schedule as given .

Demand Schedule for Product:

Price Per Item Quantity Demanded

$10

$8

$6

$4
$2
 39.Create a demand curve for the product based on the demand schedule: Put price on the Y axis
and quantity on the X axis. Label both. Label the demand curve.

Part III:
40.Why does a demand curve slope downward?

Define:
41. Substitution goods:

_______________________________________________________________________________________
42. Complementary goods:

_______________________________________________________________________________________
43.Define Change in Quantity Demanded:

44.Define Change in Demand:

45.Explain the 6 factors that can cause a change in

demand 1.

2.

3.

4.

5.

6.

Q.You just won the lottery. Draw a new demand curve (on your original curve) to show where
demand will shift. Label it “More Income”
You were just told that your product was made with toxic materials. Draw a new demand curve
(on your original curve) to show where demand will shift. Label it “Product Rejection”

46.Define Normal Goods:

47.Give an example (other than what is in the book) of a normal good

48.Define Inferior Goods:

Give an example (other than what is in the book) of an inferior good

SUPPLY
Part IV: Read Chapter 5

49.Define the terms below and follow the instructions listed after the vocabulary.

1. Supply:

2. Law of Supply:

3. Supply Schedule:

4. Supply Curve:
Assume the values your own.
Price Quantity

50.Plot your supply curve using the information above on the same chart as you plotted your demand
curve. Label it supply curve.

1. Differentiate between change in quantity supplied and change in supply.

2. What happens to supply when production costs increase?

3. What happens to a supply curve when a change in supply occurs?

Turn page
 51.List and describe the six factors that cause a change
in supply.
a.

b.

c.

d.

e.

52.A new battery for electric cars has been introduced. It will allow a car to go 100
miles farther than the current batteries.
a. Where will the supply curve for electric cars
shift? Right or Left (circle one)
b. This indicates a(n) increase or decrease in supply. (circle one)

53.The government has placed a tax on the purchase of all high sugar soft drinks.
c. Where will the supply curve for high sugar soft drinks
shift? Right or Left (circle one)
d. This indicates a(n) increase or decrease in supply. (circle one)

54.Production Possibilities Curve

Q2. Answer the questions given below.

S
1. Give an example of agricultural goods?
Ans._________________________________________________________________________
____________________________________________________________________________
________________________
2. Give an example of non-agricultural goods?
Ans._________________________________________________________________________
____________________________________________________________________________
________________________
3. What is the full form of PPC?
Ans._________________________________________________________________________
____________________________________________________________________________
________________________
4. How many non-agricultural units will be produced if 15 million agricultural units are
produced?
Ans._________________________________________________________________________
____________________________________________________________________________
________________________
5. What if a country is producing S point?
Ans._________________________________________________________________________
____________________________________________________________________________
________________________
6. What is the opportunity cost in units if a country is switching from X to Y?
Ans._________________________________________________________________________
____________________________________________________________________________
________________________
7. What does the point T represent outside the PPC?
Ans._________________________________________________________________________
____________________________________________________________________________
__________________________
8. What factor could lead the production possibilities frontier to shift inward?
Ans._________________________________________________________________________
____________________________________________________________________________
__________________________
9. What factor could lead the production possibilities frontier to shift outward?
Ans._________________________________________________________________________
____________________________________________________________________________
__________________________
10. Are finite resources and non-renewable resources the same thing?
Ans._________________________________________________________________________
____________________________________________________________________________
__________________________
11. Is seawater a scarce resource?
Ans._________________________________________________________________________
____________________________________________________________________________
__________________________
12. Are Air, shelter, and food all examples of needs?
Ans._________________________________________________________________________
____________________________________________________________________________
__________________________
13. Are fruits and Vegetables consumer goods?
Ans._________________________________________________________________________
____________________________________________________________________________
__________________________
 55.
1. In Economics, why is a point below the production possibilities curve less efficient than a
point...
2.
Which of the following best describes point D? A. It is preferable to point A. B. It is...
3. Any point inside the production possibilities frontier is called A. full employment.

4. A. full employment.
5. B. unemployment.
6. C. efficient.
7. D. unobtainable.
8. E. desirable position.

56. All of the choices on the production possibilities frontier are equally desirable. True or false?
57. Is it true PPC is a graph that describes the maximum amount of one good that can be
produced for every possible level of production of the other good?
58