Exam (elaborations)
MANCOSA economics 1A Questions and answers
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This is to practice for the OSA and KCQs
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, lOMoARcPSD|23479258Unit 1 and Unit 2 Revision Questions
1. Which of the following is primary factor of production?
a) A truck used in a logistics company
b) An entrepreneur in a business
c) Land
d) Capital equipment
2. In economics, the four main factors of production are
a) Land, human capital, physical capital and finance capital.
b) Natural resources, man-made resources, labour and money.
c) Land, capital, labour and notes and coins in circulation.
d) Human capital, physical capital, financial capital and entrepreneurship.
e) Land, labour, capital and entrepreneurship.
3. The key difference between microeconomics and macroeconomics is
that…
a) Microeconomics studies scarce needs, whilst macroeconomics studies
scarce wants
b) Microeconomics is based on production, whilst macroeconomics is
based on consumption
c) Microeconomics studies what occurs on the PPF, whilst
macroeconomics studies what occurs within the PPF
d) Microeconomics examines changes in prices, whilst
macroeconomics examines changes in the inflation rate.
4. If all factors of production are equally suitable for the production of
different goods, then the production possibility frontier (ppf) is likely to be
________ in shape, illustrating a situation of ________ opportunity costs.
However, if factors of production are not equally suitable for the production
of different goods, then the ppf will be ________ in shape, reflecting a
situation of ________ opportunity costs.
a) linear; increasing; concave; constant
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