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Econ First term s.s.s.3

Total questions: 24

Worksheet time: 13mins

Name
Class
Date
1.
To focus on producing one thing to improve productivity is known as:
a)
Specialization
b)
International trade
c)
Absolute Advantage
d)
Supply and Demand
2.
When determining comparative advantage one must determine 
a)
Opportunity cost
b)
Specialization
c)
Absolute Advantage
d)
Embargos 
3.
If I am better at all types of production, I have the ______ in all forms of production.
a)
Comparative advantage
b)
Specialization
c)
Absolute advantage
d)
developed nation
4.
This trade barrier limits the number of products that can be brought into a country.
a)
Tariff
b)
Quota
c)
Embargo
d)
Subsidy
5.
If nations limit trade in of clothing who will benefit?
a)
Domestic Consumers of clothing
b)
Domestic producers of clothing
c)
Foreign Producers of clothing 
d)
department stores who sell clothing
6.
Tariffs and Quotas can benefit nations imposing them by...
a)
Raising revenue
b)
increasing variety of goods
c)
lowering prices
d)
increasing consumption 
7.
A major cost of freer trade from poor nations is that they will
a)
get cheaper stuff
b)
they will get more stuff
c)
environmental damage
d)
greater variety of stuff
8.
Developed nations have all of the following except
a)
better education
b)
high levels of technology
c)
better health
d)
higher populations
9.
Underdeveloped nations tend to trade what type of goods
a)
Low skill products
b)
High tech goods
c)
finished products
d)
High skill products
10.
A good or service brought in from another country for sale.
a)
import
b)
export 
c)
tariff
11.
A means of preventing a foreign product or service from freely entering a nation's territory.
a)
trade surplus
b)
trade embargo
c)
trade barriers
12.

The degree to which an individual is healthy, comfortable, and able to participate in or enjoy life events

a)

Quality of Life

b)

Economic Growth

c)

Standard of Living

d)

Economic Development

13.

Select all the items that DO NOT determine a country's standard of living and quality of life

a)

Real GDP

b)

Life expectancy

c)

Diet and Nutrition

d)

Freedom and Justice

e)

None of the above

14.

A measure of wealth, basic needs and material comfort a person has access to

a)

Quality of Life

b)

Economic Growth

c)

Standard of Living

d)

Economic Development

15.

The degree to which an individual is healthy, comfortable, and able to participate in or enjoy life events

a)

Quality of Life

b)

Economic Growth

c)

Standard of Living

d)

Economic Development

16.

The total value of all final goods and service produced by a country’s citizens

a)

GDP

b)

GNP

c)

GNI

d)

Real GDP

17.

This value is adjusted for inflation

a)

Real GDP

b)

Nominal GDP

c)

GDP per capita

d)

Ceteris paribus

18.

Select all the items that are included in the Human Development Index (HDI).

a)

Nominal GDP

b)

Life expectancy

c)

Real GDP per capita

d)

GNP

e)

Literacy rates

19.

Which of the following is TRUE?

a)

Economic growth can occur without economic development

b)

Economic development can occur without economic growth

c)

Economic growth always leads to economic development

d)

Economic growth and economic development do not relate to each other

20.
Economic growth measures the
a)
a)     Growth of productivity
b)
b)     Increase in nominal income
c)
c)     Increase in output
d)
d)     None of the above
21.
Which of the following explains the term economic growth
a)
a)     Increase in per capita production
b)
b)     Increase in per capita real income
c)
c)     Structural change in the economy
d)
d)     All of the above
22.
When an economy produces more output per capital the economy is said to be having
a)
a)     Inflation
b)
b)     Economic growth
c)
c) Economic planning
d)
d)     Living standard
23.
Which of following statement is true about the Economic Growth
a)
a) It refers to increase in Gross Domestic Product (GDP)
b)
b) It refers to the long and sustained rise in real Gross Domestic Product (GDP)
c)
c) It is characterized by fall in unemployment rate
d)
d)     Rise in GDP on monetary term
24.
Among the following determinants of growth, which one is a non-economic factor
a)
a)     Natural resources
b)
b)     Population growth
c)
c)     Favourable legislation
d)
d)     Capital accumulation

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