Economics P2 November 2023 SECTION A 1.1

QUESTION 1
1.1 Various options are provided as possible answers to the following questions.
Choose the answer and write only the letter (A–D) next to the question
numbers (1.1.1 to 1.1.8) in the ANSWER BOOK, e.g. 1.1.9 D.

This is how your instructions will be in the exam, for this exam practice, just select the correct answer.

1.1.1 The costs that do not change with the output are called … costs.

1.1.2 The removal of rules and procedures to allow easy entry of new
firms in the market is called …

1.1.3 The benefit gained by a third party which is not included in the
market price is known as … externality.

1.1.4 Actual expenditure of a business on inputs required for production
is called … costs.

1.1.5 The rate at which the central bank lends money to commercial
banks is called … rate.

1.1.6 Religious events are classified under … tourism.

1.1.7 The international protocol and agreement that focus on the
eradication of poverty as one of its goals is known as the …

1.1.8 The ability of the environment to survive its use for economic activity
is known as …