How often What economics is about: scarcity, choice and the economic problem is asked

5 of 5

papers asked it
avg 13 marks · last Oct 2017

Where it was asked

What costs marks here

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The questions

  1. Oct/Nov 2017, QB.12 marks · multiple choice

    This is Section B of the ECS1501 October/November 2017 examination, consisting of 35 compulsory multiple-choice items, each worth 2 marks (70 marks in total, 84 minutes allowed). For each item, select the correct option from those listed. Choose the option that best completes the following: economics is fundamentally the study of what?

  2. Oct/Nov 2017, QB.22 marks · multiple choice

    This is Section B of the ECS1501 October/November 2017 examination, consisting of 35 compulsory multiple-choice items, each worth 2 marks (70 marks in total, 84 minutes allowed). For each item, select the correct option from those listed. Refer to the production possibilities diagram for the fictional country Utopia, which plots milk (litres) on the vertical axis against honey (honeycombs) on the horizontal axis. Two curves are shown: an outer curve labelled PPC1, which meets the vertical axis at 2000, and an inner curve labelled PPC2, which meets the vertical axis at 1800. Points D, E and F are marked at a milk level of 1800, corresponding to honey quantities of 55, 65 and 85 respectively, while points A, B and C are marked at a milk level of 1050, also corresponding to honey quantities of 55, 65 and 85 respectively. If Utopia is currently operating on PPC1, which point represents an efficient use of resources, and which point is unattainable?

  3. Oct/Nov 2017, QB.32 marks · multiple choice

    This is Section B of the ECS1501 October/November 2017 examination, consisting of 35 compulsory multiple-choice items, each worth 2 marks (70 marks in total, 84 minutes allowed). For each item, select the correct option from those listed. Using the same Utopia production possibilities diagram (milk on the vertical axis, honey on the horizontal axis, with PPC1 and PPC2 curves and points A to F as described), suppose Utopia is producing at point D and decides to increase honey production to 65 honeycombs. What is the opportunity cost of making this decision?

  4. Oct/Nov 2017, QB.42 marks · multiple choice

    This is Section B of the ECS1501 October/November 2017 examination, consisting of 35 compulsory multiple-choice items, each worth 2 marks (70 marks in total, 84 minutes allowed). For each item, select the correct option from those listed. Still referring to the Utopia diagram, what could plausibly explain the inward shift of the production possibilities curve from PPC1 to PPC2?

  5. Oct/Nov 2017, QB.52 marks · multiple choice

    This is Section B of the ECS1501 October/November 2017 examination, consisting of 35 compulsory multiple-choice items, each worth 2 marks (70 marks in total, 84 minutes allowed). For each item, select the correct option from those listed. Which one of the following statements is a normative statement (an opinion rather than a verifiable fact)?

  6. Oct/Nov 2017, QB.62 marks · multiple choice

    This is Section B of the ECS1501 October/November 2017 examination, consisting of 35 compulsory multiple-choice items, each worth 2 marks (70 marks in total, 84 minutes allowed). For each item, select the correct option from those listed. Which of the following countries is an example of a command economy?

  7. Oct/Nov 2017, QB.72 marks · multiple choice

    This is Section B of the ECS1501 October/November 2017 examination, consisting of 35 compulsory multiple-choice items, each worth 2 marks (70 marks in total, 84 minutes allowed). For each item, select the correct option from those listed. Consider three economic systems: (a) a command system, (b) a market system, and (c) a mixed economy. In which of these systems will consumers be observed buying whatever goods they like using money earned from a wage or salary?

  8. May/Jun 2017, QB12 marks · multiple choice

    This is Section B, the compulsory multiple-choice component of the ECS1501 May/June 2017 exam, consisting of 35 items worth 70 marks in total (2 marks each, since the paper does not print individual marks per item but states the section is compulsory). Which of the following statements best defines what economics is?

  9. May/Jun 2017, QB22 marks · multiple choice

    This is Section B, the compulsory multiple-choice component of the ECS1501 May/June 2017 exam, consisting of 35 items worth 70 marks in total (2 marks each, since the paper does not print individual marks per item but states the section is compulsory). Narnia produces only two goods, swords and ships, and its production possibilities are shown on a bowed-out production possibility curve (PPC) running from point A (0 swords, 12 ships) through point E (6 000 swords, 8 ships) to point C (10 000 swords, 0 ships). Point B (10 000 swords, 12 ships) lies above and outside this curve, while point D (3 000 swords, 4 ships) lies inside it. Fill in the blanks: 'Point ___ shows an efficient use of resources, while point ___ is unattainable.'

  10. May/Jun 2017, QB32 marks · multiple choice

    This is Section B, the compulsory multiple-choice component of the ECS1501 May/June 2017 exam, consisting of 35 items worth 70 marks in total (2 marks each, since the paper does not print individual marks per item but states the section is compulsory). Using Narnia's PPC for swords and ships (the curve runs from point A at 0 swords/12 ships, through point E at 6 000 swords/8 ships, to point C at 10 000 swords/0 ships), Narnia is currently producing at point E with eight ships, but decides to increase ship production to 12 ships (moving to point A, with 0 swords). What is the opportunity cost, measured in swords, of this decision?

  11. May/Jun 2017, QB42 marks · multiple choice

    This is Section B, the compulsory multiple-choice component of the ECS1501 May/June 2017 exam, consisting of 35 items worth 70 marks in total (2 marks each, since the paper does not print individual marks per item but states the section is compulsory). Considering Narnia's PPC for swords and ships (with points A, B, C, D and E as previously described, the curve bowing outward from A at 0 swords/12 ships to C at 10 000 swords/0 ships), what is most likely to happen to this production possibility curve when there is an influx of workers into Narnia?

  12. May/Jun 2017, QB52 marks · multiple choice

    This is Section B, the compulsory multiple-choice component of the ECS1501 May/June 2017 exam, consisting of 35 items worth 70 marks in total (2 marks each, since the paper does not print individual marks per item but states the section is compulsory). Which one of the following statements is a positive (rather than normative) economic statement?

  13. May/Jun 2017, QB62 marks · multiple choice

    This is Section B, the compulsory multiple-choice component of the ECS1501 May/June 2017 exam, consisting of 35 items worth 70 marks in total (2 marks each, since the paper does not print individual marks per item but states the section is compulsory). Which of the following is NOT one of the central economic questions that every economic system must answer?

  14. May/Jun 2017, QB72 marks · multiple choice

    This is Section B, the compulsory multiple-choice component of the ECS1501 May/June 2017 exam, consisting of 35 items worth 70 marks in total (2 marks each, since the paper does not print individual marks per item but states the section is compulsory). What type of economic system is the South African economy classified as?

  15. May/Jun 2016, Q11.43 marks · multiple choice

    Among the following statements about economics, identify the one that is incorrect.

  16. May/Jun 2016, Q21.43 marks · multiple choice

    NASA has limited resources to build new telescopes or send spaceships into space, illustrated by a production possibility curve (PPC) diagram with telescopes on the vertical axis and spaceships on the horizontal axis. Point A lies above the curve, point B lies just outside PPC1 near PPC2, point C lies on PPC1, and point D lies inside the curve. The curve can shift outward from PPC1 to PPC2. Assuming NASA is currently operating on PPC1, which of the points (A, B, C or D) can possibly be reached but would represent an ineffective use of resources?

  17. May/Jun 2016, Q31.43 marks · multiple choice

    Referring to the same NASA production possibility curve diagram (telescopes on the vertical axis, spaceships on the horizontal axis, with the curve able to shift outward from PPC1 to PPC2), which of the following could have caused this shift from PPC1 to PPC2?

  18. May/Jun 2016, Q41.43 marks · multiple choice

    Continuing with the same NASA PPC diagram, after the curve shifts from PPC1 to PPC2, one point (out of A, B, C, D) becomes newly attainable, another point shows an effective use of resources, and a third point remains unattainable. Which combination, in that order (attainable, effective use, unattainable), is correct?

  19. May/Jun 2016, Q51.43 marks · multiple choice

    Identify which of the following is a normative statement.

  20. May/Jun 2016, Q61.43 marks · multiple choice

    Consider the following list of economic systems: (i) the traditional system; (ii) the command system; (iii) the market system; (iv) a mixed economy. Which of these are concerned with addressing the fundamental economic questions?

  21. May/Jun 2016, Q71.43 marks · multiple choice

    Select the example that illustrates an economy operating under a command system.

  22. May/Jun 2016, Q81.43 marks · multiple choice

    Identify the statement that does not describe the term "market".

  23. May/Jun 2016, Q101.43 marks · multiple choice

    Identify which of the following is not a factor of production.

  24. May/Jun 2015, Q11.4286 marks · multiple choice

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Consider five statements about needs, wants and scarcity: (a) wants are absolutely unlimited and can be defined as desires for goods and services; (b) needs are limited and can be defined as life essentials; (c) scarcity is the same as poverty and inequality; (d) time can be regarded as a scarce resource; (e) needs and wants are the same and only the poor are affected by scarcity. Decide which combination of these statements is correct.

  25. May/Jun 2015, Q21.4286 marks · multiple choice

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. A diagram shows a production possibility frontier for good X (horizontal axis) and good Y (vertical axis). Two curves are drawn: an inner frontier through points B and A on the Y-axis curving down to C on the X-axis, and an outer frontier BC. Points D and E lie on the inner frontier AC (with D closer to A and E closer to C), while point F lies inside the frontier, below and to the left of E. Regarding production possibility frontier AC, choose the correct interpretation of these points.

  26. May/Jun 2015, Q31.4286 marks · multiple choice

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Using the same production possibility frontier diagram (with inner frontier AC and outer frontier BC), identify what could cause the frontier to shift outward from AC to BC.

  27. May/Jun 2015, Q41.4286 marks · multiple choice

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Identify the three essential coordinating mechanisms that are used to solve the central economic questions.

  28. May/Jun 2015, Q51.4286 marks · multiple choice

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Determine what microeconomics, as a branch of economics, actually studies.

  29. May/Jun 2015, Q61.4286 marks · multiple choice

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Identify which one of the following four statements is a positive (rather than normative) statement.

  30. May/Jun 2015, Q71.4286 marks · multiple choice

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Explain why the basic economic questions of what to produce and for whom to produce are essentially interdependent.

  31. May/Jun 2015, Q81.4286 marks · multiple choice

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. In economics, determine what the 'how' or input question refers to.

  32. May/Jun 2015, Q91.4286 marks · multiple choice

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. In a command economy, identify how resource allocation is brought about.

  33. May/Jun 2015, Q121.4286 marks · multiple choice

    This is the ECS1501 (Economics IA) May/June 2015 examination, a closed-book, multiple-choice paper lasting 2 hours and worth 100 marks in total. It contains 70 questions that must all be answered on a mark-reading sheet using unique number 492522. The paper states each question carries 1,4 marks, though 70 Ă— 1,4 = 98, not 100; the exact weighting must therefore be 100/70 â‰Ë†1,4286 marks per question to reach the stated total of 100 - a minor internal inconsistency in the printed paper. Identify the four main factors of production.

  34. Oct/Nov 2014, Q11.4285714285714286 marks · multiple choice

    This is the multiple-choice section of the ECS1501 (Economics 1A) October/November 2014 examination, a closed-book, 2-hour paper worth 100 marks in total, for which a non-programmable pocket calculator may be used. The paper consists of 70 multiple-choice questions numbered 1 to 70 that must all be answered on the supplied mark-reading sheet using unique number 495584. The paper states that each question is worth 1,4 marks so that the 70 questions together make up the stated 100 marks (note: 70 × 1,4 = 98, not exactly 100, which appears to be a rounding inconsistency in the original paper). Below, each of the 70 individual multiple-choice items is reproduced, covering topics from basic economic concepts, demand and supply, elasticity, consumer theory, production and costs, market structures (perfect competition, monopoly, monopolistic competition) and labour markets. Which of the following correctly identifies what microeconomics is concerned with?

  35. Oct/Nov 2014, Q21.4285714285714286 marks · multiple choice

    This is the multiple-choice section of the ECS1501 (Economics 1A) October/November 2014 examination, a closed-book, 2-hour paper worth 100 marks in total, for which a non-programmable pocket calculator may be used. The paper consists of 70 multiple-choice questions numbered 1 to 70 that must all be answered on the supplied mark-reading sheet using unique number 495584. The paper states that each question is worth 1,4 marks so that the 70 questions together make up the stated 100 marks (note: 70 × 1,4 = 98, not exactly 100, which appears to be a rounding inconsistency in the original paper). Below, each of the 70 individual multiple-choice items is reproduced, covering topics from basic economic concepts, demand and supply, elasticity, consumer theory, production and costs, market structures (perfect competition, monopoly, monopolistic competition) and labour markets. Which statement correctly describes the economic concept of scarcity?

  36. Oct/Nov 2014, Q31.4285714285714286 marks · multiple choice

    This is the multiple-choice section of the ECS1501 (Economics 1A) October/November 2014 examination, a closed-book, 2-hour paper worth 100 marks in total, for which a non-programmable pocket calculator may be used. The paper consists of 70 multiple-choice questions numbered 1 to 70 that must all be answered on the supplied mark-reading sheet using unique number 495584. The paper states that each question is worth 1,4 marks so that the 70 questions together make up the stated 100 marks (note: 70 × 1,4 = 98, not exactly 100, which appears to be a rounding inconsistency in the original paper). Below, each of the 70 individual multiple-choice items is reproduced, covering topics from basic economic concepts, demand and supply, elasticity, consumer theory, production and costs, market structures (perfect competition, monopoly, monopolistic competition) and labour markets. Which of the following correctly explains what opportunity cost is?

  37. Oct/Nov 2014, Q41.4285714285714286 marks · multiple choice

    This is the multiple-choice section of the ECS1501 (Economics 1A) October/November 2014 examination, a closed-book, 2-hour paper worth 100 marks in total, for which a non-programmable pocket calculator may be used. The paper consists of 70 multiple-choice questions numbered 1 to 70 that must all be answered on the supplied mark-reading sheet using unique number 495584. The paper states that each question is worth 1,4 marks so that the 70 questions together make up the stated 100 marks (note: 70 × 1,4 = 98, not exactly 100, which appears to be a rounding inconsistency in the original paper). Below, each of the 70 individual multiple-choice items is reproduced, covering topics from basic economic concepts, demand and supply, elasticity, consumer theory, production and costs, market structures (perfect competition, monopoly, monopolistic competition) and labour markets. If a country is producing at a point located within (inside) its production possibilities curve (PPC), which of the following statements is correct?

  38. Oct/Nov 2014, Q51.4285714285714286 marks · multiple choice

    This is the multiple-choice section of the ECS1501 (Economics 1A) October/November 2014 examination, a closed-book, 2-hour paper worth 100 marks in total, for which a non-programmable pocket calculator may be used. The paper consists of 70 multiple-choice questions numbered 1 to 70 that must all be answered on the supplied mark-reading sheet using unique number 495584. The paper states that each question is worth 1,4 marks so that the 70 questions together make up the stated 100 marks (note: 70 × 1,4 = 98, not exactly 100, which appears to be a rounding inconsistency in the original paper). Below, each of the 70 individual multiple-choice items is reproduced, covering topics from basic economic concepts, demand and supply, elasticity, consumer theory, production and costs, market structures (perfect competition, monopoly, monopolistic competition) and labour markets. What does a point that lies on a firm's production possibilities curve (PPC) suggest about that firm?

  39. Oct/Nov 2014, Q61.4285714285714286 marks · multiple choice

    This is the multiple-choice section of the ECS1501 (Economics 1A) October/November 2014 examination, a closed-book, 2-hour paper worth 100 marks in total, for which a non-programmable pocket calculator may be used. The paper consists of 70 multiple-choice questions numbered 1 to 70 that must all be answered on the supplied mark-reading sheet using unique number 495584. The paper states that each question is worth 1,4 marks so that the 70 questions together make up the stated 100 marks (note: 70 × 1,4 = 98, not exactly 100, which appears to be a rounding inconsistency in the original paper). Below, each of the 70 individual multiple-choice items is reproduced, covering topics from basic economic concepts, demand and supply, elasticity, consumer theory, production and costs, market structures (perfect competition, monopoly, monopolistic competition) and labour markets. Which of the following is an example of a normative statement?

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