Q1 MCQ Drill: 2024 Economics P1 (2024 NSC May/June Supplementary Examination)

Economics Past Paper Question 1 Drill Level 1: Knowledge & Recall

11:00

7 multiple-choice questions taken verbatim from Section A of the official 2024 NSC May/June Supplementary Examination Economics Paper 1, auto-marked against the official marking guideline. Questions that rely on diagrams or graphs are excluded - see the full paper for those.

Question 1 of 7 2 Marks

When calculating gross domestic expenditure (GDE), errors and omissions are accounted for by the …

A. market price.

B. residual item.

C. basic price.

D. input cost.

Question 2 of 7 2 Marks

The vertical difference between a trough and the next peak of a cycle is known as …

A. amplitude.

B. extrapolation.

C. moving average.

D. length of cycle.

Question 3 of 7 2 Marks

The Minister of Finance presents the Medium-term Budget Policy Statement (MTBPS) in … every year.

A. February

B. June

C. April

D. October

Question 4 of 7 2 Marks

The difference between tangible exports and tangible imports is called …

A. trade balance.

B. current transfer.

C. reserve assets.

D. trade deficit.

Question 5 of 7 2 Marks

The worldwide interfacing and interaction of economies, with trade as an important element, is called …

A. nationalisation.

B. centralisation.

C. globalisation.

D. devaluation.

Question 6 of 7 2 Marks

The form of tax that is levied annually on the market value of residential, office and factory buildings is called …

A. capital gain tax.

B. property tax.

C. transfer duty.

D. estate duty.

Question 7 of 7 2 Marks

A geographically designated area that has been set aside to develop specific economic activities is known as a/an …

A. industrial base.

B. export processing zone.

C. industrial hub.

D. special economic zone.

Q1 MCQ Drill: 2024 Economics P1 (2024 NSC May/June Supplementary Examination)

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