Answer :
Let's match each statement in COLUMN A with the correct term/concept in COLUMN B, providing detailed reasoning for each:
1.2.1 Financial summary of all payments made by a country.
- Balance of trade (X) refers to the difference between the value of exports and imports of goods and services of a country.
- Balance of payment (Y) includes all financial transactions made between a country and the rest of the world over a specific time period, which encompasses the balance of trade as well as other economic activities such as investments.
The correct answer is Y because the balance of payment is a broader financial summary that includes all types of payments made by a country.
Answer: 1.2.1 Y
1.2.2 What people need to live a healthy productive life.
- Basic needs (X) refer to essential requirements such as food, water, shelter, and healthcare that are necessary for a person to live a healthy and productive life.
- Wants (Y) are additional desires that are not essential for survival or basic well-being but improve quality of life.
The correct answer is X because basic needs are fundamental for a healthy and productive life.
Answer: 1.2.2 X
1.2.3 An economic indicator combines life expectancy and the level of education and GDP per capita.
- Human development index (X) is an economic indicator that measures life expectancy, education level, and per capita income indicators to assess the overall development of a country.
- GDP per capita (Y) is the total output of a country divided by the number of people in the country, which does not consider life expectancy and education level.
The correct answer is X because the Human Development Index combines these three factors.
Answer: 1.2.3 X
1.2.4 Trade that supports farmers in developing countries by paying fair prices.
- Free trade (X) promotes minimal restrictions on the exchange of goods and services between countries, focusing on reducing tariffs and barriers.
- Fair trade (Y) emphasizes equitable trading conditions, especially for producers in developing countries, ensuring they receive fair prices and promoting sustainable practices.
The correct answer is Y because fair trade specifically supports farmers by paying fair prices.
Answer: 1.2.4 Y
1.2.5 Total value of goods and services produced by a country in a year including foreign earnings.
- GNP (X), or Gross National Product, measures the total economic output of a country, including earnings from foreign investments.
- GDP (Y), or Gross Domestic Product, measures the total value of goods and services produced within a country's borders.
The correct answer is X because GNP includes foreign earnings.
Answer: 1.2.5 X
1.2.6 The material well-being of a person, including the value of their possessions and savings.
- Standard of living (X) refers to the level of wealth, comfort, goods, and necessities available to a person or community.
- Quality of life (Y) is a broader concept that includes not only material well-being but also health, comfort, and happiness.
The correct answer is X because the standard of living focuses on material well-being.
Answer: 1.2.6 X
1.2.7 Index that indicate the degree of inequality between men and women in a country.
- Human development index (X) measures overall development and does not specifically focus on gender inequality.
- Gender inequality index (Y) directly measures gender disparities in a country, considering factors such as reproductive health, empowerment, and economic status.
The correct answer is Y because the Gender Inequality Index measures the inequality between men and women.
Answer: 1.2.7 Y
Summary:
1.2.1 Y
1.2.2 X
1.2.3 X
1.2.4 Y
1.2.5 X
1.2.6 X
1.2.7 Y
1.2.1 Financial summary of all payments made by a country.
- Balance of trade (X) refers to the difference between the value of exports and imports of goods and services of a country.
- Balance of payment (Y) includes all financial transactions made between a country and the rest of the world over a specific time period, which encompasses the balance of trade as well as other economic activities such as investments.
The correct answer is Y because the balance of payment is a broader financial summary that includes all types of payments made by a country.
Answer: 1.2.1 Y
1.2.2 What people need to live a healthy productive life.
- Basic needs (X) refer to essential requirements such as food, water, shelter, and healthcare that are necessary for a person to live a healthy and productive life.
- Wants (Y) are additional desires that are not essential for survival or basic well-being but improve quality of life.
The correct answer is X because basic needs are fundamental for a healthy and productive life.
Answer: 1.2.2 X
1.2.3 An economic indicator combines life expectancy and the level of education and GDP per capita.
- Human development index (X) is an economic indicator that measures life expectancy, education level, and per capita income indicators to assess the overall development of a country.
- GDP per capita (Y) is the total output of a country divided by the number of people in the country, which does not consider life expectancy and education level.
The correct answer is X because the Human Development Index combines these three factors.
Answer: 1.2.3 X
1.2.4 Trade that supports farmers in developing countries by paying fair prices.
- Free trade (X) promotes minimal restrictions on the exchange of goods and services between countries, focusing on reducing tariffs and barriers.
- Fair trade (Y) emphasizes equitable trading conditions, especially for producers in developing countries, ensuring they receive fair prices and promoting sustainable practices.
The correct answer is Y because fair trade specifically supports farmers by paying fair prices.
Answer: 1.2.4 Y
1.2.5 Total value of goods and services produced by a country in a year including foreign earnings.
- GNP (X), or Gross National Product, measures the total economic output of a country, including earnings from foreign investments.
- GDP (Y), or Gross Domestic Product, measures the total value of goods and services produced within a country's borders.
The correct answer is X because GNP includes foreign earnings.
Answer: 1.2.5 X
1.2.6 The material well-being of a person, including the value of their possessions and savings.
- Standard of living (X) refers to the level of wealth, comfort, goods, and necessities available to a person or community.
- Quality of life (Y) is a broader concept that includes not only material well-being but also health, comfort, and happiness.
The correct answer is X because the standard of living focuses on material well-being.
Answer: 1.2.6 X
1.2.7 Index that indicate the degree of inequality between men and women in a country.
- Human development index (X) measures overall development and does not specifically focus on gender inequality.
- Gender inequality index (Y) directly measures gender disparities in a country, considering factors such as reproductive health, empowerment, and economic status.
The correct answer is Y because the Gender Inequality Index measures the inequality between men and women.
Answer: 1.2.7 Y
Summary:
1.2.1 Y
1.2.2 X
1.2.3 X
1.2.4 Y
1.2.5 X
1.2.6 X
1.2.7 Y
