NEED HELP IN O'LEVELS ECONOMICS MCQs...

[Waleed Ali]

i have problem in these ECONOMICS MCQs...
kindly explain me the MCQs with reasons..

1. What is not included in a person’s stock of wealth?
A a gold watch
B annual income
C an oil painting
D company shares

2. In rural areas in developing countries women often do unpaid work on traditional activities.
Why might this mean that the GDP is not a good measure of the standard of living in those
countries?
A The GDP does not include international trade.
B The GDP only refers to companies in urban areas.
C The work is not counted in GDP statistics.
D The work is not economically important.

3 and 4. (MCQ 22 and 23) of http://papers.xtremepapers.com/CIE/...al O Level/Economics (2281)/2281_w07_qp_1.pdf

5.In 2008 inflation was close to 100 000 % in Zimbabwe. In a bid to reduce this high rate, the
Zimbabwean Government imposed maximum prices on a range of products. This caused price
rises amongst those goods sold unofficially or illegally.
What could explain this?
A The maximum prices increased demand whilst reducing supply.
B The maximum prices reduced demand whilst increasing supply.
C The maximum prices were set above the equilibrium price levels.
D The maximum prices were set at the equilibrium price levels.

 

[job wilson]

i have problem in these ECONOMICS MCQs...
kindly explain me the MCQs with reasons..

1. What is not included in a person’s stock of wealth?
A a gold watch
B annual income
C an oil painting
D company shares

2. In rural areas in developing countries women often do unpaid work on traditional activities.
Why might this mean that the GDP is not a good measure of the standard of living in those
countries?
A The GDP does not include international trade.
B The GDP only refers to companies in urban areas.
C The work is not counted in GDP statistics.
D The work is not economically important.

3 and 4. (MCQ 22 and 23) of http://papers.xtremepapers.com/CIE/Cambridge International O Level/Economics (2281)/2281_w07_qp_1.pdf

5.In 2008 inflation was close to 100 000 % in Zimbabwe. In a bid to reduce this high rate, the
Zimbabwean Government imposed maximum prices on a range of products. This caused price
rises amongst those goods sold unofficially or illegally.
What could explain this?
A The maximum prices increased demand whilst reducing supply.
B The maximum prices reduced demand whilst increasing supply.
C The maximum prices were set above the equilibrium price levels.
D The maximum prices were set at the equilibrium price levels.

The answer to your first question is 'part C' its obvious man the other items are worth of money the these items will bring you money and could be saved for future as well ..and an oil painting would thus not bring an income .!!!

 

[jelly bucket]

for your queston 2.
answer .C Unpaid work is not recorded so is not included in GDP figures,therefore GDP understates incomes in the economy and is therefore not a good measure of living standards

question 4. i think its B. draw the demand and supply diagram'
queation 3.
its kinda obvious .profit maximization means highest amount of total profit therefore C.
question 4.
the answer is A.
the curve is one that is similar to economies and dis economies of scale because see as the tax rate rises there comes a point where gvt revenue decreases

<hope i made sense><and helped you undestand>

 

[jelly bucket]

n

The answer to your first question is 'part C' its obvious man the other items are worth of money the these items will bring you money and could be saved for future as well ..and an oil painting would thus not bring an income .!!!

no bro the answer is B.
annual income is not included in wealth

 

[Waleed Ali]

Thanks guys... bt stl I have problm in 5th MCQ

 

[jelly bucket]

umm is it a pastpaper question
if it is which paper.....

 

[Dewdrop95]

Is the answer to the 5th MCQ A?