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ECS1500 EXAM PACK MEMOS
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ECS1500 EXAM PACK
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Contents
MAY/JUNE 2013............................................................................................................................................ 2
OCTOBER / NOVEMBER 2013 ..................................................................................................................... 11
MAY / JUNE 2014 ........................................................................................................................................ 19
NOVEMBER 2014 ........................................................................................................................................ 25
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MAY/JUNE 2013
1. The correct option is 4
If resources were available in unlimited quantities, then there would be no scarcity and
need to study economics.
2. The correct option is 2
Statement is the correct definition of opportunity cost.
3. The correct option is 3
The two alternatives she has are either to take a full time job where she will earn R175
000 or to work for herself as a private consultant.
If the chooses to work for herself, she will be giving up/ forgo the fulltime job, which
becomes her opportunity cost.
4. The correct option is 4
It is the most likely as all other options are obviously wrong.
5. The correct option is 3
In a price market, the forces of demand and supply determines the flow of goods and
services.
6. The correct option is 3
As it is the incorrect statement. In the circular flow, model, households are the owners of
factors of production such as labour and capital. In return households receive profits and
remuneration.
7. The correct option is 3
If the price is below market equilibrium, excess demand will exist as consumers demand
more goods (in this case 400) while suppliers are willing to supply loss (in this case 200).
Excess demand of 400-200=200 units will occur.
8. The correct option is 1
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