SAQR AMERICAN BRITISH SCHOOL

FINAL TERM EXAMINATION OF 1st SEMESTER 2020/2021 SESSION

CLASS: GRADE: 9 SUBJECT: Economics TIME ALLOWED: 60

TEACHERS NAME: Muhammad akhtar DATE; JANUARY 2021 TOTAL MARKS: 40

Question No. 1 True and flase statement.Write in front of each statement whether its true or
flase. (Marks 5)

a. Productive resources are also know as factors of prodcution. ( T)

b. Land not refers to all natural resouces used in prdouction. ( F)

c. Capital consists of human-made resouces used in the production of other goods and services,
such as tools, machinery, offices and factory buildings. ( T )

d. Labour is not the productive effort provided by people, or human resouces. ( F )

Question No. 2 Fill in the missing key words: 20 Marks

Question No. 3

What is Market Economy, Mixed economy, And Planned economy? (10 Marks)

…planned economy is one in which a central planning agency such as the government makes the
major economic

mixed economy includes elements of both the market and the planned economies

market economy is an economic system in which the decisions regarding investment, production
and distribution are guided by the price signals created by the forces of supply and
demand……………………………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………………………………………
………..
…………………………………………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………………………………………
………………………………………………………………………………………………………………………………………………………………………………………..
…………………………………………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………………………………………
………………………………………………………………………………………………………………………………………………………………………………………..
…………………………………………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………………………………………
………………………………………………………………………………………………………………………………………………………………………………………..
…………………………………………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………………………………………
………………………………………………………………………………………………………………………………………………………………………………………..

Question No. 4 What is Market Failure ? (5 Marks)

…market failure is a situation in which the allocation of goods and services by a free market is
not Pareto efficient, often leading to a net loss of economic
value………………………………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………………………………………
……..
…………………………………………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………………………………………
………………………………………………………………………………………………………………………………………………………………………………………..
…………………………………………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………………………………………
………………………………………………………………………………………………………………………………………………………………………………………..
…………………………………………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………………………………………
………………………………………………………………………………………………………………………………………………………………………………………..
…………………………………………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………………………………………
………………………………………………………………………………………………………………………………………………………………………………………..

Best of Luck.