WorksheetsForm 2 End of Term 2 Exam
Total questions: 30
Worksheet time: 21mins
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
The laissez-faire economic system is one where
there is little government intervention
both government and the private sector runs the economy
economy is only controlled by government
the economy is run in a manner based on culture and traditions
St. Lucia has a (a) economy.
Cuba has a (a) economy.
Production is ________
trading of goods and services
creation of goods
provision of services
creation of goods and services
All of the following are factors of production EXCEPT ____
natural resources
building ability
capital resources
entrepreneurial ability
What factor of production would water fall under?
(a)
What factor of production would 'factory workers' fall under?
(a)
Entrepreneurial ability is ____
taking risks to start a business
investing in a business
the ability to manage a business
running a business at your own financial risks
Productivity is ________
the number of goods that can be produced within a given period and with a given amount of resources
how well goods are produced within a given period
how well goods are produced with a given amount of resources
how well time is utilised
Migration is where people leave on place to move to another place for a short while.
True
False
Choose the names given by the receiving country to people who migrate in their country.
emigrants
aliens
settlers
imports
Brain drain is where _______
educated and skilled people move to another country.
educated people move to another country.
educated people drain the economy by charging too much
people move to another country to study
A benefit of migration to the country loosing people is _____
increased income tax collected
increase in unemployment
decrease in criminal activity
increase in foreign currency through remittances
A disadvantage of migration for the receiving country is_____
less educational and health facilities available for the population
increased income tax collected
increased skilled and educated employees
receipt of foreign currency through remittances
All of the following are benefits of cottage industries EXCEPT _______
they benefit from economies of scale
tradition is kept alive
increase of foreign currency through the provision of local items
money remains in the country as raw materials are found locally
Which of the following would be considered a cottage product?
Choose the products that would be a backward linkage for the above product?
Which of the following is considered labour intensive?
Which of the following is NOT considered specialisation?
primary school teacher
pediatrician
electrical engineer
secondary school mathematics teacher
Which of the following is an advantage of specialisation?
workers get bored easily
workers may lose skills
output per person increases
machinery may take over and cause unemployment
