Please, fill out the information below to continue. NAME EMAIL PHONE NUMBER 1. Which of the following countries are not newly industrialized countries (NICs)? North Korea. Hong Kong. Singapore. Taiwan.2. An economy that grows very rapidly is often referred to as a: lion economy tiger economy puma economy cheetah economy3. How many countries were identified as LDCs by The Least Developed Countries Report 2009? 29 49 39 194. A business which operates in the tertiary sector produces services assembles components makes finished goods extracts raw materials5. Which one of the following is a supply side policy which the government could use to help meet its economic objectives? higher unemployment benefits an improved apprenticeship programme quantitative easing an increase in the rate of corporation tax6. This supply curve shows that a rise in price will cause an increase in quantity supplied consumers prefer low prices demand for this product is price inelastic increasing the quantity supplied will cause prices to rise7. The table below provides information about the market for DitsiesWhat is the equilibrium price for a kilogram of Ditsies? £30 £35 £10 £58. Opportunity cost is measured in terms of what has been foregone zero when a market is in equilibrium the best way to allocate resources a financial expense9. In which of the following countries would you expect material lifestyles to be most like those in the United States? Nigeria. Japan. Mali. India.10. Of the world's population, what portion lives in developing countries? approximately 80%. approximately 35%. less than 1 billion people. nearly 10 billion people.11. The concept of least developed countries was first identified by the United Nations in: 1978 1958 1968 198812. Which one of the following is a benefit of globalisation to a producer? Larger market size Currency conversion will not be required Higher taxes Increased competition13. 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 is 300 000 000 / 9700 300/ 360 32.333 9700 *(1978 / 2005)14. Which one of the following is a factor of production? elasticity equilibrium enterprise environmental sustainability15. Which of the following is not part of the Human Development Index? GDP per capita infant mortality educational attainment life expectancy16. Which of the following could not be considered a major economic system? capitalism. communism. socialism. none of the above. physical quality of life index.17. A market with a single producer is called an oligopoly highly competitive always in equilibrium difficult for new firms to enter18. A movie actor is between jobs. Which one of the following types of unemployment is the movie actor experiencing? cyclical seasonal structural frictional19. 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? £12500 £1320 £1680 £18020. Economic development refers to sustainable increases in Gross National Product. improvement in the well-being of the urban population. economic growth. economic growth plus changes in output distribution and economic structure.21. Which one of the following is an example of a positive externality? more exports than imports a government budget surplus a motorway improvement scheme noise pollution22. 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 increase to £320.80 the cost will increase to £329.60 the cost will fall to £319.20 the cost will fall to £310.4023. 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?24. Which of the following are not third-world regions? Latin America. Africa. Asia. Australia.25. An increase in productivity is most likely to lead to fewer economies of scale lower profits higher average costs increased supply 26. 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 is 0.0065 6500 650 13027. 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 £32 000 £33 000 £33 080 £32 08028. If GDP for Barbados is $260 million in 2005 and its population is 260, 000, GDP per capita is 259740 260 0.001 100029. Which one of the following businesses operates in the financial sector? an insurance company an auction house a jewellery manufacturer a travel agent30. The Gini coefficient is a technique frequently used to show: income inequality variations in life expectancy differences in infant mortality the education gap31. Development economics focuses primarily on the poorest ___________ of the world 28 percent. one-third. population. two-thirds. 5 percent.32. The formula to calculate Paasche price index is (o is the base year and n is the given year) P = ΣPnqn/Σpoqn P = ΣPnqn/Σpoqo P = ΣPnqo/Σpoqo P = ΣPoqo/Σpnqn33. Which world region has the lowest levels of human development? South and Central America Africa Europe Asia34. UK interest rates are set by: The UK government The EU The Bank of England British consumers35. Which of the following is an example of development in a country? an increase in population the expansion of an existing industry the extension of the electricity grid into previously unconnected rural areas an increase in agricultural production36. The country with the highest GNI (PPP) per capita in 2006–07 was: Norway Switzerland Luxembourg Singapore37. 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 is 2000 - 890 200,000,000 / 890 200 200/ 89038. Which of the following characteristics are most likely found in developing countries? large number of people living in poverty. none of the above all of the above high population growth rates. very traditional methods of agricultural production.39. According to the Human Development Report 2009, the country with the highest human development (in 2007) was: Japan Australia Norway Canada40. The Gross Domestic Product is: the value of agricultural production in a country in a year the total value of industrial production in a country in a year the combined value of imports and exports for a country the total value of goods and services produced by a country in a year41. The number of deaths of children under one year of age per 1000 live births is the: toddler mortality rate child mortality rate neo-natal mortality rate infant mortality rate42. Which of the following countries is not a low-income country? Indonesia Malaysia Nigeria India43. Which one of the following is an example of a direct tax? tax on petrol council tax VAT income tax44. Most of the world’s LDCs are located in: Sub-Saharan Africa Asia Europe South America45. Which one of the following is not a cause of economic growth? the discovery of a new natural fuel improvements in education and training a reduction in the retirement age advances in technology46. Which one of the following would cause an inward shift of the demand curve for hats? a National increase in wage rates wearing a hat becomes less fashionable bad weather more hats are made47. 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 is 0.991% 0.090% 0.901% 5%48. Nigerians holidaying in the U.K would be shown in the current account as an import an export a deficit a surplus49. One of the first countries to be classed as a newly industrialised country was: India China the Philippines South Korea50 out of 49Time is Up!