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2 marksMacroeconomic Indicators and International Trade

CSEC Principles of Business · May/June 2014 · Paper 2 · Question 6(a)(i)

Section III requires choosing either Question 6 or Question 7. Question 6 covers standard of living, economic indicators, and balance of payments.

Define the term 'standard of living'.

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Other parts of this question

  1. 6(a)(ii)Define the term 'economic growth'.[2 marks]
  2. 6(a)(iii)Define the term 'economic development'.[2 marks]
  3. 6(b)Identify two factors which contribute to economic growth.[2 marks]
  4. 6(c)Outline three ways in which a government could improve the standard of living of its citizens.[6 marks]
  5. 6(d)Discuss two measures which governments could implement to correct an adverse balance of payments.[6 marks]

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