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For m4 Economics

This document outlines the End of Year Summative Assessments for Form 4 Economics at De La Salle College, scheduled for June 2023. It includes instructions for presentation, marks allocation, and a breakdown of questions across two sections: Section A with multiple short-answer questions and Section B requiring essay-format responses. The assessment covers various economic concepts, particularly in the context of the Maltese economy.

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3 views4 pages

For m4 Economics

This document outlines the End of Year Summative Assessments for Form 4 Economics at De La Salle College, scheduled for June 2023. It includes instructions for presentation, marks allocation, and a breakdown of questions across two sections: Section A with multiple short-answer questions and Section B requiring essay-format responses. The assessment covers various economic concepts, particularly in the context of the Maltese economy.

Uploaded by

camilleri.lara
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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De La Salle College Subject: Economics

End of Year Summative Assessments Form 4


June 2023
Time: 2 hours
100
Teacher:
□ Ms Audrey Schembri

Instructions:

1. You are reminded of the necessity of good English and orderly presentation in your
work.

2. You will receive credit for the use of diagrams and recent examples where relevant
and appropriate.

3. Questions set in the context of the Maltese economy must be answered with this
context as background. The use of recent examples from the Maltese economy
will gain credit.

4. The marks allotted to each question are shown in brackets.

Section A: Answer ALL questions (50 marks)

(You are advised to spend 40 minutes on this section.)

1. Define the following terms, giving an example of each:

a. consumer goods (3)

b. free goods (3)

c. merit goods (3)

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2. Distinguish between the following, giving an example of each:

a. centrally planned and free market economies (4)

b. substitutes and complements (4)

c. positive and negative externalities of production (4)

3. There is always an opportunity cost for both consumers and producers. Do you
agree with this statement and why? (2)

4. What is meant by ‘excess demand’? Sketch a diagram to illustrate your answer. (4)

5. Give the formula/equation to calculate each of the following:

a. unemployment rate (2)

b. dependency ratio (2)

c. productivity (2)

6. Malta has one of the lowest birth rates in Europe.

a. Give two causes of such a low birth rate in Malta. (2)

b. Give one measure you think the Maltese government should adopt to raise the
Maltese birth rate. (2)

7. A small workshop at Ta’ Qali Crafts village manufacturing hand-painted ceramic pots
calculated the following costs per month:

Variable cost per unit: €10; Fixed costs per month: €500.

a. Copy and complete the following table of costs at different levels of output. (6)

Pots Fixed costs Variable costs Total costs Average cost


produced (€) (€) (€) (€)
0
20
40
60
80

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b. Give one example of fixed costs and one example of variable costs for the above
workshop. (2)

c. Define fixed costs, variable costs and average cost. (3)

d. Considering your calculations in your answer to Q(a), give one reason why the
average cost behaves in this manner at different levels of output. (2)

Section B: Answer TWO questions in ESSAY FORMAT (about one and a half A4
pages on each essay). Each essay question carries 25 marks.

You are required to start answering each question on a separate file paper
and to clearly write the question number.

(You are advised to spend 40 minutes on each essay question).

1. a. Briefly outline five characteristics of money. (5)

b. Describe the four functions of money. (8)

c. Describe briefly three functions of commercial banks. (6)

d. Explain two main functions of any central bank in the Euro area. (4)

e. What is the price of money? (2)

2. a. What is meant by ‘equilibrium price’ and ‘quantity traded’? Sketch a diagram to


illustrate your answer. (3)

b. Explain three non-price factors affecting the demand for fresh fruit smoothies.
(6)
c. What happens to the equilibrium price and quantity traded if there is an increase
in the demand for fresh fruit smoothies? Sketch a diagram to illustrate your
answer. (2+3)

d. Explain three non-price factors affecting the supply of fresh fruit smoothies. (6)

e. What happens to the equilibrium price and quantity traded if there is an increase
in the supply of fresh fruit smoothies? Sketch a diagram to illustrate your
answer. (2+3)

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3. a. Describe five advantages and five disadvantages of the division of labour. (10)

b. Why is the division of labour used more in the manufacturing of laptops rather
than in their repairs? (3)

c. Give two ways how labour productivity can be improved. (4)

d. Give two characteristics of mass-produced goods. (2)

e. Discuss the importance of labour as one of the four factor inputs in producing
goods and services. (6)

4. Malta has currently one of the lowest unemployment rates in the European Union.

a. Define ‘unemployment’. (2)

b. Give two possible reasons for a low unemployment rate in Malta. (4)

c. Give two reasons why low unemployment is one of the Maltese government’s
macroeconomic objectives. (4)

d. Describe three different types of unemployment the Maltese economy can suffer
from. (9)

e. For each of the unemployment type described in Q(d), give one remedy/measure
that can be adopted by the Maltese government. (6)

END OF PAPER
Good luck!

Happy Summer holidays!

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