revision resource - 30 Q

Question 1

how does economic development differ from economic growth?

Question 2

how is economic development measured?

Question 3

Explain the components of this measurement

Question 4

Distinguish between the 3 structural components of an economy (primary/secondary etc)

Question 5

5. Distinguish between 3 description of an economy’s state of development (developed etc)

Question 6

Explain what is meant by “sustainable development”

Question 7

7. Give one example of how this may be achieved

Question 8

Define international trade

Question 9

Explain one way in which the pattern of international trade has changed in the 21st century

Question 10

Define exchange rates and give a supporting example

Question 11

11. Explain in words how you would convert an import order of SUS 50,000 into f’s- make up an x-rate to support your explanation and add an example to show a stronger US$

Question 12

Explain in words how you would convert an export order of £50,000 into Euros- make up an x-rate to support your explanation and add an example to show a weaker £

Question 13

Distinguish between fixed and floating -rates

Question 14

Draw a diagram to show how floating x-rates are determined (ensure clear and full labelling)

Question 15

Draw a diagram to show how fixed -rates are determined (ensure clear and full labelling)

Question 16

Explain two key possible causes of changes in a country’s exchange rate.

Question 17

Explain one likely consequence of a stronger x-rate

Question 18

18. Using a different type of consequence, explain one likely consequence of a weaker x-rate.

Question 19

19. Explain what is meant by globalisation

Question 20

20. Explain one key cause of globalisation

Question 21

21. Explain one key consequence of globalisation

Question 22

22. Explain, using an example what is meant by international competitiveness

Question 23

23. Distinguish between absolute and comparative advantage

Question 24

24. Explain one way in which comparative advantage explains the pattern of international trade

Question 25

25. Explain one way in which comparative advantage is less relevant than before

Question 26

26. Define the Marshall-Lerner Condition

Question 27

Explain how the Marshall Lerner condition may lead to the J-Curve effect

Question 28

Define what is meant by terms of trade (including the equation)

Question 29

29. Explain how Terms of Trade is calculated (i.e. how to show stronger/weaker terms of trade

Question 30

30. What is the key difference between terms of trade and balance of payments?