Please, fill out the information below to continue. NAME EMAIL PHONE NUMBER 1. Which of the following countries are not newly industrialized countries (NICs)?Taiwan.Singapore.North Korea.Hong Kong.2. This supply curve shows thatincreasing the quantity supplied will cause prices to riseconsumers prefer low pricesdemand for this product is price inelastica rise in price will cause an increase in quantity supplied3. The table below provides information about the market for Ditsies What is the equilibrium price for a kilogram of Ditsies?£30£5£35£104. The country with the highest GNI (PPP) per capita in 2006–07 was:SingaporeSwitzerlandNorwayLuxembourg5. Which one of the following would cause an inward shift of the demand curve for hats?bad weatherwearing a hat becomes less fashionablemore hats are madea National increase in wage rates6. Opportunity cost isthe best way to allocate resourceszero when a market is in equilibriummeasured in terms of what has been foregonea financial expense7. Which one of the following is a benefit of globalisation to a producer?Larger market sizeCurrency conversion will not be requiredIncreased competitionHigher taxes8. Which of the following could be considered critical questions in development economics?all of the above are correct.What are the major theories of economic development?How do the poorest 2/3 of the world live?What factors affect labor skills in the third world?9. Which world region has the lowest levels of human development?AfricaSouth and Central AmericaAsiaEurope10. UK interest rates are set by:The UK governmentBritish consumersThe EUThe Bank of England11. A market with a single producer iscalled an oligopolydifficult for new firms to enterhighly competitivealways in equilibrium12. Which of the following countries is not a low-income country?NigeriaIndonesiaMalaysiaIndia13. An economy that grows very rapidly is often referred to as a:lion economycheetah economytiger economypuma economy14. Which one of the following is an example of a direct tax?VATcouncil taxtax on petrolincome tax15. The formula to calculate Paasche price index is (o is the base year and n is the given year)P = ΣPnqn/ΣpoqoP = ΣPnqo/ΣpoqoP = ΣPoqo/ΣpnqnP = ΣPnqn/Σpoqn16. Which of the following characteristics are most likely found in developing countries?none of the abovehigh population growth rates.all of the abovelarge number of people living in poverty.very traditional methods of agricultural production.17. Which of the following is an example of development in a country?the expansion of an existing industrythe extension of the electricity grid into previously unconnected rural areasan increase in agricultural productionan increase in population18. A business which operates in the tertiary sectormakes finished goodsextracts raw materialsproduces servicesassembles components19. In which of the following countries would you expect material lifestyles to be most like those in the United States?India.Japan.Nigeria.Mali.20. If GNP per capita at constant prices for Liechtenstein a microstate of 29,000 people located on the Rhine River between Switzerland and Austria is US$555 and US$560 in 2004 and 2005 respectively, the real economic growth from 2004 to 2005 is0.901%0.991%0.090%5%21. Which of the following are not third-world regions? Latin America.Africa.Asia.Australia.22. Which one of the following businesses operates in the financial sector?a jewellery manufacturera travel agentan insurance companyan auction house23. Last year Tirenioluwa spent an average of £320 on her monthly shop. What will be the effect on the cost of her average monthly shop this year if the rate of inflation was 3% last year?the cost will fall to £319.20the cost will increase to £320.80the cost will fall to £310.40the cost will increase to £329.6024. National insurance is charged at a rate of 12% of gross pay. L'taraoluwa’s gross monthly pay is £1500. How much is her monthly national insurance contribution?£1680£1320£12500£18025. Most of the world’s LDCs are located in:South AmericaEuropeSub-Saharan AfricaAsia26. Economic development refers tosustainable increases in Gross National Product.economic growth plus changes in output distribution and economic structure.economic growth.improvement in the well-being of the urban population.27. Which one of the following is a factor of production?enterpriseenvironmental sustainabilityelasticityequilibrium 28. According to the Human Development Report 2009, the country with the highest human development (in 2007) was:CanadaNorwayAustraliaJapan29. The number of deaths of children under one year of age per 1000 live births is the:infant mortality ratechild mortality rateneo-natal mortality ratetoddler mortality rate30. Which of the following could not be considered a major economic system?none of the above.socialism.capitalism.communism.physical quality of life index.31. Nigerians holidaying in the U.K would be shown in the current account asa deficitan exporta surplusan import32. Of the world's population, what portion lives in developing countries?approximately 80%.approximately 35%.nearly 10 billion people.less than 1 billion people.33. If GNP for Vatican City, the smallest country in the world is 200 million euros in year 2001 and its population is 890, GNP per capita is2000 - 890200,000,000 / 890200/ 89020034. If GDP for Barbados is $260 million in 2005 and its population is 260, 000, GDP per capita is2602597400.001100035. Which of the following is not part of the Human Development Index?educational attainmentinfant mortalitylife expectancy GDP per capita36. Development economics focuses primarily on the poorest ___________ of the worldone-third.28 percent.two-thirds.5 percent.population.37. Tuvalu is composed of 9 coral atolls along a 360-mile chain in Polynesia. They gained independence in 1978. The former Ellice Islands are home to 9,700 people. If GNP of Tuvalu is $300 million in 2005, GNP per capita is300 000 000 / 97009700 *(1978 / 2005)32.333300/ 36038. If GDP for Palau a small country near southeast of the Philippines is $130 million in 2002 and its population is 20,000, GDP per capita is6501300.0065650039. An increase in productivity is most likely to lead tohigher average costslower profitsincreased supply fewer economies of scale40. One of the first countries to be classed as a newly industrialised country was:South KoreaIndiathe PhilippinesChina41. Kafeel has a job which pays him £32 000 a year. He owns a car worth £25 000 and has £8000 savings in his bank account. His bank account pays interest at a rate of 1% per year. Kafeel’s annual income is£33 080 £33 000£32 000 £32 08042. How many countries were identified as LDCs by The Least Developed Countries Report 2009?2939491943. Which one of the following is an example of a positive externality?a government budget surplusnoise pollutionmore exports than importsa motorway improvement scheme44. The Gross Domestic Product is:the total value of industrial production in a country in a yearthe total value of goods and services produced by a country in a year the combined value of imports and exports for a countrythe value of agricultural production in a country in a year45. The concept of least developed countries was first identified by the United Nations in:196819881978195846. The Gini coefficient is a technique frequently used to show:variations in life expectancythe education gapincome inequalitydifferences in infant mortality47. Which one of the following is a supply side policy which the government could use to help meet its economic objectives?quantitative easingan increase in the rate of corporation taxan improved apprenticeship programmehigher unemployment benefits48. Which one of the following is not a cause of economic growth?a reduction in the retirement ageadvances in technologyimprovements in education and trainingthe discovery of a new natural fuel49. A movie actor is between jobs. Which one of the following types of unemployment is the movie actor experiencing?frictional cyclicalstructuralseasonal50 out of 49Time is Up!