Economics 2019 Grade 11 Round 2

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Factors of production ; Analyzing the use of economic goods and services; South Africa's mixed economy ; The economic structure of South Africa ; Dynamics of markets: Price elasticity ; The relationship between markets, costs and revenue ; Wealth , economic growth and the standard of living

Economics Grade 11 Round 2

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Factors of production

1. Which of the following is not an example of an increase in productivity?

1 point

Less units are produced with less inputs.

Less units are produced with the same inputs.

More units are produced with the same inputs.

More units are produced with more inputs.

Clear selection

2. Which of the following statements about discrimination in labour markets is true?

1 point

An employer may not discriminate against an applicant if the wage demanded is higher than the minimum wage law.

Profit-maximising firms will pay different wages to different genders for the same work because males perform better than females.

Females earn less on average than males because males hold a disproportionate share of better paying jobs.

South African employers may under certain circumstances discriminate on basis of gender.

Clear selection

3. Which of the following indicates shifts of the demand curve for labour to the right?

1 point

Clear selection

4. Which one of the following does NOT describe a capital investment?

1 point

Raw materials of R2 million are purchased.

A new packaging plant is added to the existing factory.

New ovens are installed by a bakery.

A firm purchases old factory equipment from a rival firm.

Clear selection

Analysing the uses of economic goods and services

5. Miriam and John just bought their first house. They also bought a new fridge. In the national income account, these transactions will be classified as a/an

1 point

Clear selection

6. The Gross National Product in South Africa

1 point

is identical to the Gross Domestic Product in South Africa.

will surpass Gross Domestic Product if the net factor payments from overseas are positive.

will always be higher than Gross Domestic Product in a closed economy.

will be higher in a private sector economy than in an economy where there is also a public sector that taxes the private sector.

Clear selection

7. The following information was taken from the national accounts of South Africa:

1 point

Clear selection

8. The net operating surplus refers to

1 point

wages and salaries of unskilled labourers.

rent, interest and profits.

depreciation.

basic prices consumers will pay.

Clear selection

South Africa’s mixed economy

9. Which one of the following best describe competition in a market economy?

1 point

Consumers will bid amongst one another on goods and services to be the highest bidder

Producers compete amongst one another in order to get the consumer’s money

Producers produce only a few goods and let consumers compete amongst one another to get them.

The fact that goods and services are scarce will lead to riots over these goods and services.

Clear selection

10. Country Z has an economic system whereby the government holds extensive powers in order to serve the public interest, the government will choose what goods and services are produced and to what extent. In Country Z the demand for goods and services usually exceeds the supply for goods and services. The economy of Country Z can best be described as

1 point

market socialism.

centrally planned capitalism.

market capitalism.

centrally planned socialism.

Clear selection

11. One difference between perfect competition and monopolistic competition is that

1 point

firms in monopolistic competition have some degree of market power.

perfectly competitive industries have a smaller number of firms.

products are slightly differentiated among firms in perfect competition.

there are a larger number of firms in monopolistic competition.

Clear selection

12. In a number of speeches by former President Thabo Mbeki he highlighted the important reality of “dualism” in the South African economy where the economic structure in South Africa combines features of a relatively advanced capitalist economy with many of the characteristics of third world underdevelopment. {Sources: institute for African Alternatives & African Journal of Hospitality, Tourism and Leisure Vol. 1 (3) - (2011) } The best economic system to address the economic problems that South Africa faces will be a

1 point

laissez-faire approach.

market economy.

mixed economy.

planned economy.

Clear selection

The economic structure of South Africa

13. The following information was taken from the National Accounts for South Africa 2017. {Source: http://data.un.org}

1 point

The relative contribution of the tertiary sector for 2017 was

39.6%

24.6%

35.8%

55,7%

Clear selection

14. Access to economic opportunity in South Africa is not the same for all people. Which of the following does NOT constitute discrimination?

1 point

The skills of labourers that apply for the same job differ.

The race of labourers that apply for the same job differs.

The gender of labourers that apply for the same job differs.

The faith of labourers that apply for the same job differs.

Clear selection

15. The following map shows the provincial economic growth for each of the nine provinces in South Africa in 2017.

1 point

Mining and/or agriculture are the main contributors to most provinces’ growth rate. One province experienced a severe drought and as such the growth rate was sluggish as a result of the recovery of the drought. Which province is described by this statement?

Northern Cape (NC)

Western Cape (WC)

Gauteng (GP)

Kwa-Zulu Natal (KZN)

Clear selection

Dynamics of markets: Price elasticity

16. What degree of price elasticity of supply is depicted by each of the following supply curves?

1 point

Clear selection

17. Which one of the following is true for the price elasticity of demand and the income elasticity of demand for the following product:

1 point

Clear selection

18. The sales of product Q is 10 000 units. The income elasticity is +2 and income increases by 20%. The sales of product Q will change to

1 point

6 000

14 000

11 000

9 000

Clear selection

19. The cross elasticity of demand for products W and X is -2. These products are

1 point

substitutes and demand is cross price elastic.

substitutes and demand is cross price inelastic.

complements and demand is cross price elastic.

complements and demand is cross price inelastic.

Clear selection

The relationships between markets, costs and revenue

20. The price of product B, a complement of product A, increases. In this situation the

1 point

demand for product A will shift to the right.

demand for product A will shift to the left.

supply for product A will shift to the right.

supply for product A will shift to the left.

Clear selection

21. If the supply of building material decreases, the price of building material will increase. What will happen to the wages and quantity of builders needed?

1 point

Wages will decrease and quantity labourers needed will decrease.

Wages will increase and quantity labourers needed will increase.

Wages will increase and quantity labourers needed will decrease.

Wages will decrease and quantity labourers needed will increase.

Clear selection

22. Which one of the following statements is not true with regards to the market demand curve and the individual producers’ demand curve in a perfect market?

1 point

The individual producer is forced to sell the product at the equilibrium price.

If the individual producer increases the selling price, the total sales will be zero.

The individual producer will not decrease the selling price as it is able to get the equilibrium price.

The individual producer’s demand curve is inelastic at the current market price.

Clear selection

23. The following information indicates Firm A’s short-run total costs.

1 point

What is the marginal cost per item if output increases from 400 to 500 units?

R4.25

R25.00

R4.00

R20.00

Clear selection

24. If the quantity of inputs is changed then it follows that the quantity of outputs will change. If inputs are increased with 25% and outputs increase with 40% then, it is referred to as

1 point

economies of scale.

constant returns to scale.

diseconomies of scale.

minimum efficient scale.

Clear selection

Wealth, economic growth and the standard of living

25. Over the past century a larger share of the income generated by businesses is distributed to employees. Which of the following can be possible reasons for this increase?

1 point

(b) and (c)

(a) and (b)

(a) and (c)

Clear selection

26. Which one of the following assesses income distribution?

1 point

The average income indicator.

The 90/10 share relationship.

The Gini coefficient.

The perfect equality curve.

Clear selection

27. Which one of the following will lead to a person’s original income being less unequal?

1 point

Due to medical breakthroughs people can now live longer.

The production of a new product needs more unskilled labour.

New legislation results in pension being decreased over a broad spectrum of jobs.

Due to capital formation more jobs are lost.

Clear selection

28. The Gini coefficient measures

1 point

an increase in the amount of goods and services produced per head of the population over a period of time.

a general increase in prices and fall in the purchasing value of money.

the number or proportion of unemployed people.

the extent to which income is skewed.

Clear selection

29. Country D experienced an increase in the GDP per capita. This does not mean that the quality of life of the citizens of Country D has improved because the

1 point

GDP measures wealth not income in a specific time period.

GNP per capita should rather be used.

GDP does not take the quality of goods produced into consideration.

GDP is only measured every few years.

Clear selection

30. Françoise Bettencourt Meyers, the heir to the company L’Oréal, is regarded as one of the wealthiest women in the world. Her wealth can best be described as a

1 point

stock variable, measured per unit of time.

flow variable, measured per unit of time.

flow variable, measured at a point in time.

stock variable, measured at a point in time.

Clear selection

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