Exam (elaborations)
MNB1501 SEM1 OF 2024 EXPECTED QUESTIONS AND SOLUTIONS
- Course
- Institution
THIS DOCUMENT CONTAINS MNB1501 SEM1 OF 2024 EXPECTED QUESTIONS AND SOLUTIONS. USING IT CORRECTLY AS A GUIDE WILL HELP YOU SCORE ABOVE 80%
[Show more]
1 review
By: xohleel19 • 2 months ago
repeating same question
Seller
Follow
oscardiura
Reviews received
Content preview
Started on Saturday, 9 March 2024, 9:47 AMState Finished
Completed on Saturday, 9 March 2024, 10:44 AM
Time taken 56 mins 27 secs
Marks 17.00/20.00
Grade 85.00 out of 100.00
Question 1 South Africa’s unemployment rate is very high. Should South Africa move towards a pure ______________ economy, one of the advantages
Incorrect would be the possibility of full employment.
Mark 0.00 out
of 1.00
a. market
Flag
question b. socialist OSCAR THE TUTOR
c. command 0737560989
FOR
FAC,MAC,ECS,DSC,QMI,FIN,INV,BNU,MNB,S
d. communist TA,MNG
Your answer is incorrect.
The correct answer is:
socialist
Question 2 Which of the following attributes are characteristics of a free-market economy as an economic system?
Correct a private ownership of production factors
Mark 1.00 out
of 1.00 b free competition
Flag c profit motive recognised
question
d limited right to strike in state enterprises
a. a b
b. a c
c. a b c
d. a b c d OSCAR THE TUTOR
0737560989
FOR
Your answer is correct. FAC,MAC,ECS,DSC,QMI,FIN,INV,BNU,MNB,STA,MNG
The correct answer is:
abc
Question 3 Which of the following statements are correct? An entrepreneur is someone who .....................
Correct
a pursues profit.
Mark 1.00 out
of 1.00 b accepts risk.
Flag c makes the most of opportunities in the environment.
question
d combines expertise and resources to produce products and services.
a. a b
b. c d
c. b c d
d. a b c d
Your answer is correct.
The correct answer is:
abcd
Question 4 In a ___________________ economy, individuals will need to take the tastes, preferences and demands of consumers into account when
Correct deciding about production and marketing if they want to make a profit.
,Mark 1.00 out
of 1.00
a. market
Flag b. command
question
OSCAR THE TUTOR
c.
socialist
0737560989
FOR
FAC,MAC,ECS,DSC,QMI,FIN,INV,BNU,MNB,STA,MNG
d. centrally directed
Your answer is correct.
The correct answer is:
market
Question 5 Which one of the following countries has a command economy?
Correct
Mark 1.00 out a. North Korea
of 1.00
Flag
b. South Africa
question
c. England
d. America
Your answer is correct.
The correct answer is:
North Korea
Question 6
After an alien invasion, Earth has to resort to the extreme protection of its resources in order to survive. A global government is elected
Correct
with the mandate to control all the resources which remain to humanity. The global government serves as a centrally directed economic
Mark 1.00 out system and has assumed complete responsibility for producing and distributing products and services. Which one of the following best
of 1.00 describes the main economic system used in this new world order?
Flag
question
a.
The market economy
b. The command economy
c. Free-market economy
d. Mixed economies
Your answer is correct.
The correct answer is:
The command economy
Question 7 The Nelson Mandela Children’s Fund is a charitable organisation founded by Nelson Mandela that strives to change the way society treats
Correct its children and youth. Its mission is to give voice and dignity to the African child by building a rights-based movement. The Nelson
Mark 1.00 out Mandela Children’s Fund is an example of a _______________ organisation.
of 1.00
Flag a. privately owned
question
b. non-profit seeking
c.
partnership
d. state-owned
Your answer is correct.
The correct answer is:
, non-profit seeking
Question 8 The number of cellphones in South Africa surpasses the number of people living in the country. Cellphone use in South Africa has
Correct increased enormously during the last decade. Besides calling people, South Africans use their phones to send text messages, access
Mark 1.00 out social media sites, chat with a group of friends on instant messaging services and browse the internet. The need for constant
of 1.00 communication with friends is a ______________ need according to Maslow’s hierarchy of needs.
Flag
question a. self-actualisation
b. esteem
c. physiological
d. social
Your answer is correct.
The correct answer is:
social
Question 9 Which social force protects consumers against malpractice and unsafe products from businesses?
Incorrect
Mark 0.00 out a. Consumerism
of 1.00
Flag b. Business ethics
question
c.
Social responsibility
d. Consumer ethics
Your answer is incorrect.
The correct answer is:
Consumerism
Question 10 There are several economic systems in the world. The country of Utopia allows and encourages all members of the community to
Correct possess houses and to earn profits on them by renting the houses out to overseas tourists. Clothing and food are allocated based on free-
Mark 1.00 out market demand and are not controlled by the government. All residents of Utopia are allowed to choose which careers they want to follow.
of 1.00 Which economic system does Utopia use?
Flag
question a. Free market
b. Command economy
c. Socialism
d. Communism
Your answer is correct.
The correct answer is:
Free market
Question 11 Dominique started a small business that produces woollen products, such as jerseys, scarves and socks, in Bloemfontein in the Free
Correct State. She needs to be able to position her business holistically and know where it fits in the marketplace. Which skills does Dominique
Mark 1.00 out need?
of 1.00
Flag a. management skills
question
b. strategic thinking skills
c. planning skills
d. marketing skills
, Your answer is correct.
Strategic thinking skills are essential to positioning a business in a competitive environment. Dominique needs to be able to view her
company holistically to see where it fits in the marketplace and whether it can deliver value efficiently and effectively to its customers
compared to competitors. (See 2.4, lesson 2.)
The correct answer is:
strategic thinking skills
Question 12 Gloria and Busi are chefs who worked for Southern Sun Hotels in Rustenburg. They resigned from their jobs at Southern Sun Hotels to
Correct open a restaurant in Sandton. They are both passionate about their offering and customer satisfaction. They want to attract more
Mark 1.00 out customers to their restaurant. Which one of the following options represents the most applicable management skills that they require to
of 1.00 attract more customers?
Flag
question a. marketing skills
b. project management skills
c. planning skills
d. human relations skills
Your answer is correct.
Marketing skills involve evaluating the relevance of a business’s products or services in the target market. The entrepreneur should have
an idea of whom to sell the products or services to and be able to create and satisfy the needs and wants of the identified market. For the
business to be sustainable, the entrepreneur should understand what attracts the customers to the offering and the target market's
changing needs and wants. The entrepreneur should also consider promoting his/her products or services, which includes considerations
related to distribution. (See 2.4, lesson 2.)
The correct answer is:
marketing skills
Question 13 The Fourth Industrial Revolution (4IR) has fundamentally changed how we relate, work and live at various levels. It brings a speed of change
Correct and disruption at an unprecedented rate, with new inventions transforming industries at a pace we cannot avoid. Which one of the
Mark 1.00 out
following statements is not correct about the 4IR?
of 1.00
Flag a. Businesses may be left behind as they cannot adapt their operations quickly.
question
b. Governments may struggle to regulate this revolution as power shifts to innovators.
c. Governments may fail to embrace innovative technologies, thus losing out on the benefits and the opportunities that these
technologies bring.
d. Inequalities in communities may decrease as more people embrace technology.
Your answer is correct.
Businesses may be left behind if they are unable to adapt their operations quickly. Governments may fail to embrace innovative
technologies, thus losing out on the benefits and the opportunities that these technologies bring. Governments may also struggle to
regulate this new revolution as the power shifts away from them to the innovators. Inequalities may grow; only those with the means
would embrace the opportunities that innovative technologies bring, thus increasing disparities in communities. (See 2.7, lesson 2.)
The correct answer is:
Inequalities in communities may decrease as more people embrace technology.
Question 14 Which of the following options represent characteristics that define an entrepreneur?
Correct
a. An entrepreneur starts a new venture.
Mark 1.00 out
of 1.00 b. An entrepreneur takes financial risks.
Flag c. An entrepreneur accepts full responsibility for the outcome of the business.
question
d. An entrepreneur harnesses factors of production to generate products.
e. An entrepreneur consistently earns a profit.
a. b; c; d; e
b. a; c; d; e
c. a; d; b; e
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller oscardiura. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $3.42. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75632 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now