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MANCOSA economics 1B KCQ 1 answers
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Economics 1B KCQ 1 (Examples)20 Questions and answers
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1.Which one of the following is a macroeconomic issue?
The unemployment rate in Zimbabwe
The price of maize in Lesotho
The Rate of economic growth in Japan
The South African inflation rate
2.The total value of a loaf of bread is …..
Price (R) of a loaf of bread
Farmer sells wheat to miller R5
Miller sells flour to baker R7
Baker sells bread to grocer R10
Grocer sells bread to consumer R13
R13
R35
R8
R3
Note : That the total value is not adding everything , you only take the end result. This is the process
of the bread and each person contributes to the increase in the price or value of the bread
, 3.Tom bought a new car in the year 2000 for R60 000. In 2019 , Tom sold the same car for R40 000
to John. When the South African economy calculates GDP in 2019, it will include the figure of ………..
from the sale of Tom’s car
R20 000
R0
R40 000
R60 000
4. If nominal GDP= Real GDP , which of the following is incorrect?
The base year is the current year
Inflation equals zero from the current base year
Current prices are at their current base year level
The base year has been changed
5. Money overcomes the problem of a double coincidence of wants inherent in the barter system
through its function as a …..
Standard of deferred Payment
Unit of account
Medium of exchange
Store of value
6.When Percy Tau receives his salary for playing for AI Ahly SC in the Egyptian Premier League ,
which of the following is not true
His salary is included in the NDP of Egypt but not the GDP
His salary is included in the GDP of Egypt but not the GNP
His salary is included in the GNP of South Africa but not the GDP
Net factor payments are decreasing in Egypt
7. Which of the following is NOT a major source of spending in the economy.
Firms
ABSA
Households
Government
8. Net domestic product is equal GDP net of…..
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