Economics P1 November 2022 SECTION A 1.3

QUESTION 1
1.3 Give ONE term for each of the following descriptions. Write only the term
next to the question numbers (1.3.1 to 1.3.6) in the ANSWER BOOK.
Abbreviations, acronyms and examples will NOT be accepted.

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

1.3.1 The total market value of all final goods and services produced by
permanent citizens of a country within a specific period

1.3.2 When resources are allocated in such a way that no one can be
made better off without making someone else worse off

1.3.3 Compares a country’s export prices with its import prices by means
of indexes

1.3.4 Selling goods in a foreign market at prices that are below the cost
of production in the country of origin

1.3.5 A tract of land that forms a passageway which allows access from
one area to another to promote regional development

1.3.6 The number of employed persons expressed as a percentage of
the economically active population