STRAND 5 QUIZ DEVELOPMENT ECONOMICS (20marks)

NAME:__________________________________

QUESTION 1 MULTIPLE CHOICE QUESTIONS (3MARKS)

Circle the best letter of the answer in the answer book.

1. Economic growth is the _____________ change that takes place in an economy.

A. Qualitative
B. Quantitative
C. Percentage
D. Numerical
2. Capital accumulation occurs through increase in
A. Expenditure
B. Income tax
C. Investment
D. Interest rate
3. Which of the following is cost of economic growth?
A. Externalities
B. Employment creation
C. Better current living standards
D. Decrease in BOP deficit.

QUESTION 2 SHORT ANSWER QUESTION (12MARKS)

1. Distinguish between measure of economic welfare and physical quality of life. (2marks)
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2. Explain an indicator of economic growth. (2marks)
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3. Define:

Structural unemployment-

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________________________________________________________________________________________(1marks)

Cyclical unemployment-

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________________________________________________________________________________________(1marks)

Pollution-

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________________________________________________________________________________________(1marks)

Economic development-

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________________________________________________________________________________________(1marks)

4. List the 3 source of economic growth (3marks)

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5. Three factors affecting economic growth in Fiji (3marks)

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6. Three cost of economic growth. (3marks)

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 YEAR 11 ECONOMICS REVISION QUESTIONS

1. The Scarcity in economics describes a situation where there is insufficient

A. Time to study and play sports in school

B. Food to keep people above the poverty line
C. Money to by goods and services from firms
D. Productive resources to fully satisfy all wants of life

2. Name the British Economist who was born in 1898 and died in 1984.

A. Adam Smith
B. John Keynes
C. Lionel Robbins
D. Alfred Marshall

3. Marginal Cost is defined as

A. Fixed cost-plus variable cost

B. The per unit cost of production
C. The total cost at a given level of production
D. The additions to total cost with a unit rise in output

4. Which of the following is true if marginal cost is above average cost when output is rising?

A. Average cost must be rising

B. Average fixed cost must be rising
C. Average cost must be falling
D. Average variable cost must be falling

5. The total variable cost and total fixed cost makes up

A. The total cost

B. The average cost
C. The marginal cost
D. The fixed cost

6. Production in economics involves

A. buying goods to satisfy wants

B. The creation of utility
C. Making goods and services
D. Destroying utility and satisfying wants.

7. Which of the following is a major problem in agricultural development of rural areas in Fiji?

A. High cost of land

B. Shortage of growing season
C. Shortage of agricultural land
D. High cost of transport to the market

8. Implicit cost of production means the same thing as:

A. Marginal costs
B. Economic costs
C. Opportunity costs
D. Accounting costs

9. Examples of earned income are

A. bonus, wages and lottery.

B. salary, wages and commission.
C. salary, fringe benefits and inheritance.
D. inheritance, lottery and fringe benefits.