Q1 MCQ Drill: 2023 Economics P1 (2023 NSC May/June Mid-Year 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 2023 NSC May/June Mid-Year 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

The nominal value of all final goods and services produced within the boundaries of a country is known as GDP at …

A. basic prices.

B. current prices.

C. constant prices.

D. factor cost.

Question 2 of 7 2 Marks

A grouping of various indicators of the same type into a single value is referred to as …indicators.

A. leading

B. lagging

C. coincident

D. composite

Question 3 of 7 2 Marks

State-owned enterprises that provide public goods and services are called …

A. nationalisation.

B. bureaucrats.

C. parastatals.

D. privatisation.

Question 4 of 7 2 Marks

When a country can produce a product at a lower opportunity cost than any other country, it is known as … advantage.

A. comparative

B. relative

C. absolute

D. complete

Question 5 of 7 2 Marks

The co-ordination of various social, fiscal and monetary policies among the member countries is required in a/an ...

A. free-trade area.

B. economic union.

C. customs union.

D. common market.

Question 6 of 7 2 Marks

The economic policy that aims to eliminate poverty and reduce inequality by 2030 is called the ...

A. National Development Plan.

B. New Growth Path.

C. Expanded Public Works Programme.

D. Reconstruction and Development Programme.

Question 7 of 7 2 Marks

The use of science and technology to promote industrial development is part of the ...

A. Industrial Policy Action Plan.

B. National Industrial Policy Framework.

C. National Research and Development Strategy.

D. Integrated Manufacturing Strategy.

Q1 MCQ Drill: 2023 Economics P1 (2023 NSC May/June Mid-Year Examination)

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