Various options are provided as possible answers to the following questions - NSC Economics - Question 1 - 2023 - Paper 1
Question 1
Various options are provided as possible answers to the following questions. Choose the answer and write only the letter (A–D) next to the question numbers (1.1.1 to... show full transcript
Worked Solution & Example Answer:Various options are provided as possible answers to the following questions - NSC Economics - Question 1 - 2023 - Paper 1
Step 1
1.1.1 The nominal value of all final goods and services produced within the boundaries of a country is known as GDP at …
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Answer
The nominal value of all final goods and services produced within a country, known as Gross Domestic Product (GDP), is measured at the factor cost. Hence, the correct answer is D.
Step 2
1.1.2 A grouping of various indicators of the same type into a single value is referred to as …indicators.
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Answer
A grouping of various indicators into a single value is referred to as composite indicators. Thus, the correct answer is D.
Step 3
1.1.3 State-owned enterprises that provide public goods and services are called …
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Answer
State-owned enterprises providing public goods and services are commonly referred to as parastatals. Therefore, the correct answer is C.
Step 4
1.1.4 When a country can produce a product at a lower opportunity cost than any other country, it is known as … advantage.
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Answer
When a country can produce a product at a lower opportunity cost compared to others, it is said to have a comparative advantage. The correct answer is A.
Step 5
1.1.5 The co-ordination of various social, fiscal and monetary policies among the member countries is required in an/an …
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Answer
The coordination of various policies among member countries is characteristic of an economic union. Hence, the correct answer is B.
Step 6
1.1.6 The economic policy that aims to eliminate poverty and reduce inequality by 2030 is called the …
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Answer
The economic policy aimed at eliminating poverty and reducing inequality by 2030 is known as the National Development Plan. Therefore, the correct answer is A.
