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WorksheetsYear 12 First Term Economics CA Test Questions
Total questions: 40
Worksheet time: 20mins
One lesson from Japan for developing countries is the promotion of
Import-oriented industries
World-class export-oriented industries
Subsistence agriculture
Service sector only
Massive investments in infrastructure and heavy manufacturing were key to
Asian Tigers' development
Japanese Miracle
European revolutions
Nigerian economy
Adaptation of foreign technology was a factor in
Asian Tigers' IT development
Japan's economic growth
Europe's agrarian revolution
Brain drain in Nigeria
A lesson from Europe for developing countries is
Economic isolation
Economic integration or cooperation
Reliance on agriculture
Import substitution
Europe's export-oriented economies involved buying cheap raw materials from
Developed countries
Developing countries
Asian Tigers
Japan
The agrarian and industrial revolutions in Britain led to
Decreased investment
Discoveries and inventions
Reduced education
High unemployment
Europe has a well-developed financial sector that facilitates
Easy accumulation and transfer of capital
High inflation
Low savings
Dependency on aid
Human capital development is an important contributor to economic growth according to
Classical theory
Modern growth theory
Keynesian theory
Mercantilist theory
Individuals with more education tend to have
Lower earnings
Better employment opportunities and greater earnings
Reduced productivity
No impact on output
Human capital refers to the stock of
Physical assets
Competencies, skills, and knowledge
Natural resources
Financial capital
A factor affecting the efficiency of human capital is
Decreased education
Increased level of education
Poor health conditions
Low standard of living
On-the-job training increases the efficiency of human capital by
Reducing skills
Enhancing worker skills
Lowering productivity
Increasing dependency
Brain drain is also known as
Capital flight
Human capital development
Internal migration
Skill enhancement
A reason for brain drain is
Better social environment in source countries
Poor social environment in source countries
Low opportunities in host countries
Political stability in source countries
An effect of brain drain on Nigeria's economy is
Increased professional skills
Loss of professional skills and talents
Higher tax revenue
Reduced poverty
Brain drain leads to capital waste because
Resources used in training are lost
It increases employment
It boosts wealth creation
It reduces unemployment
To arrest brain drain, there should be
Poor leadership
Committed and selfless leadership
Inadequate working conditions
Value disorientation
Domestic trade involves exchange of goods and services
Between countries
Among residents of a country
Across continents
In foreign markets
A similarity between international and domestic trade is
Use of different currencies
Restriction by tariffs
Use of money as medium of exchange
Immobility of factors
A difference between international and domestic trade is
No use of middlemen
Use of local currency in international trade
Restrictions like tariffs in international trade
Free mobility of factors in international trade
A reason for international trade is
Even distribution of natural resources
Uneven distribution of natural resources
Self-sufficiency of all countries
Equal capital stock
Differences in climate and soil lead to
Cultivation of same crops
Cultivation of different crops
No trade
Domestic focus only
A barrier to international trade is
Similar currencies
Differences in currency
No distance issues
Same languages
An advantage of international trade is
Overdependence on one country
Source of revenue for nations
Reduced world output
Unemployment generation
A disadvantage of international trade is
Efficient resource allocation
Overdependence on other countries
Increased standard of living
Employment opportunities
The theory of comparative cost advantage was propounded by
Adam Smith
David Ricardo
John Keynes
Karl Marx
Comparative advantage means a country specializes in goods with
Highest opportunity cost
Lowest opportunity cost
Equal cost
No cost
An assumption of comparative cost theory is
Multiple countries and goods
Only two countries and two goods
Variable technology
Transport costs included
In the comparative cost illustration, Nigeria has advantage in
Rice
Cocoa
Both
Neither
With specialization and trade, total output
Decreases
Increases
Remains the same
Fluctuates
A shortcoming of comparative cost theory is
Realistic assumptions
Ignores transport costs
Includes multiple goods
Variable costs
Globalization's meaning includes
Economic isolation
Integration of world economies
National focus
Trade restrictions
A challenge of globalization to Nigeria is
Increased self-sufficiency
Overdependence on imports
Reduced competition
High local production
An opportunity of globalization for Nigeria is
Cultural erosion
Access to wider markets
Increased unemployment
Balance of payment surplus
The Asian Tigers had slow population growth which reduced
Savings
Dependency ratios
Investments
Wages
Purposeful leadership in Asian Tigers served
Personal interests
People's interests
Foreign agendas
Corruption
In Japan, high saving rates were accompanied by
Low investments
High levels of investment
Reduced research
Import focus
Europe's massive investment in education led to
Low human capital
Human capital development
Agrarian focus
Unemployment
Brain drain encourages individuals to
Reduce education
Acquire greater education and skills
Stay unskilled
Lower ambitions
An effect of brain drain on destination countries is
Lower skills
Higher labor skills available
Reduced production
Increased poverty
