Form 2 End of Term 2 Exam

Gainful employment is____

• activity that are economic in nature

• where the employer stands to gain a lot from employees

• where employee stands to gain a lot from employer

• activity that is fruitful

'Man is an economic animal' means that ______

• man consumes a lot of money

• man does things to provide for himself and family

• man takes part in the economy

• man's investment is wild and untamed

Direct satisfaction of wants is where

• man goes directly to the source of his need

• man can provide all his needs on his own

• man directly performs his economic activities

• man performs a range of functions for himself and family

Barter is the exchange of goods and services for money

• True

• False

Tick the problems associated with barter.

• one may not be willing to exchange

• value of an item may be differ in various regions

• items became difficult to value

• items for trade were not available when needed

• people stole each other's items

Double coincidence of wants means _____

• two people would want the same thing

• people wanted double the amount offered

• each person want what the other has to trade

• people were willing to trade twice

Choose all the characteristics of money

• easy to carry

• all look the same

• have various value

• easy to divide

• constantly changes to avoid fraud

Which of the following is NOT a reason for starting a business?

• to provide employment for one's self

• to invest unused money

• to establish a family legacy

• to put a creative idea into use

Which of the following is NOT an aim of the public sector?

• to make a profit

• to provide services to the public at an affordable cost

• to ensure equity

• to provide goods and services that will benefit the entire country

Which of the following business is NOT part of the private sector in St. Lucia?

• Bank of St. Lucia

• WASCO

• LUCELEC

• St. Lucia Distillers