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 the boundaries of a country is known as GDP at factor cost. Thus, 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 of the same type into a single value is referred to as composite indicators. Therefore, 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 that provide public goods and services are referred to as parastatals. Thus, the correct answer is C.
Step 4
1.1.4 When a country can produce a product at a lower opportunity cost than other countries, it is known as … advantage.
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Answer
When a country can produce a product at a lower opportunity cost than other countries, it is recognized as a comparative advantage. Hence, 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 a/an …
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Answer
The co-ordination of various social, fiscal and monetary policies among member countries is required in an economic union. Therefore, 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 that aims to eliminate poverty and reduce inequality by 2030 is known as the National Development Plan. Thus, the correct answer is A.
