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Summary Mancosa Fundamentals of Economics KCQ Revision and memo
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Answer all questions [100 marks]Select the most appropriate answer.
1. Which of the following is an example of micro-economic study?
A. SA's inflation was more muted than elsewhere but is proving stickier in an almost no-growth
environment.
B. South Africa's official unemployment rate dropped marginally in the second quarter to 32.6% , its
lowest level since the first quarter of 2021.
C. South Africans are outraged by the recent escalation of egg prices – and subsequent purchase
limiting by retailers – with a tray of 30 costing more than R129.99, while 60 eggs cost R239.99.
D. Economic inequalities in Black and Coloured communities are stimulated through systematic
racism. The homeless and jobless are expected to survive with an R350 Covid grant to sustain
their essential needs throughout the month.
2. Imagine you have a budget of $100 to spend on clothing. You go to the store and find a pair of
shoes that you really like for $50, a shirt that you like for $30, and a pair of pants that you like for
$40. Which of the following statement is CORRECT?
A. Consumer wants are limited while resources are unlimited, therefore you have to make a choice
resulting in opportunity cost
B. Consumer wants are limited while resources are also limited, therefore you have to make a
choice resulting in opportunity cost
C. Scarcity of resources is only faced by those that are poor while rich people have all the resources
needed
D. Consumer wants are unlimited while resources are limited, therefore you have to make a choice
resulting in opportunity cost
3. Suppose you play a round of golf costing $75. The golf takes four hours to play. If you were not
playing golf you could be working and earning $40 per hour. The opportunity cost of your golf
game is:
A. $75.
B. $235.
C. $155.
D. $160.
4. Which of the following is not part of scarce factors of production used to produce goods and
services used to satisfy human wants?
A. Natural resources
B. Human effort
C. Money
D. Capital accumulation
, 5. Overall, the central purpose of economic activity is to improve human well-being by efficiently
utilizing limited resources to produce goods and services that enhance the standard of living and
meet the evolving needs and desires of society. What is the difference between goods and
services?
A. Goods are intangible things while services are tangible objects
B. Goods are limited things while services are unlimited objects.
C. Goods are tangible objects while services are intangible things.
D. A good example of a good is copyright fees
6. Below diagram is a production possibility curve for Jiki’s economy producing only good Y and X.
What does A means?
A. Attainable and inefficient combination
B. Attainable and efficient combination
C. Unattainable and efficient combination
D. Unattainable and inefficient combination
7. When we move from C to B along the production possibility curve illustrated below, the
opportunity cost of spittoons in terms of bassoons is:
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