Exam (elaborations)
Economics 1A past paper June 2023
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ECONOMICS 1AFINAL ASSESSMENT
SCHOOL OF ECONOMICS
Date: June 2023
Marks: 116
Time: 2 hours
Assessors: Prof Baur, T Zwane, F Kirsten, T Kekaye,
Z Mkhize, P Nkosi, N Phiri
Moderator: Dr Maleka
1. The paper consists of four questions (including sub-sections).
2. Noiseless calculators may be used.
3. Answer all the questions.
Surname
Initials
Student number
Marks Total Marks Total
Q.1.1 [4] Q.3.6 [5]
Q.1.2 [3] Q.3.7 [3]
Q.1.3 [2] Q.3.8 [4]
Q.1.4 [5]
Q.1.5 [8] Q.4.1 [6]
Q.4.2 [8]
Q.2.1 [4] Q.4.3 [4]
Q.2.2 [4] Q.4.4 [3]
Q.2.3 [3] Q.4.5 [4]
Q.2.4 [3]
Q.2.5 [2] Q.5.1 [4]
Q.5.2 [7]
Q.3.1 [2] Q.5.3 [7]
Q.3.2 [2] Q.5.4 [7]
Q.3.3 [3] Q.5.5 [3]
Q.3.4 [3]
Q.3.5 [3]
TOTAL [116]
2
, Question 1: Economic concepts & basic economic concepts [22]
1.1 Indicate whether you agree or disagree with the following descriptions. (Use an X to indicate your
preferences). (4)
Description Agree Disagree
Real investment in economic terms refers to funds deposited in a savings
account.
If economists state that the unemployment rate of 27% is too high it can be
viewed as a normative economic statement.
The law of diminishing returns implies that at some point the addition to output
will become smaller.
Within the context of available incomes and options, the best choice is the one
that carries the highest opportunity cost – since this implies that it is the most
valuable.
1.2 Assume the following production possibilities curve. (3)
A d
b
c
a
B
Indicate which movement would represent opportunity costs.
Indicate which point would represent under-utilisation of resources.
Indicate which point would represent economic growth.
1.3 Link the applicable macroeconomic objectives to the following descriptions. (2)
Description Macroeconomic objective
The income tax brackets are adjusted for inflation.
It was announced that the rate of growth in the consumer price index
is above the 3-6% band.
1.4 Assume that you must relocate to another apartment during your studies. Assume that they have identified four
possible locations (Midrand, Braamfontein, Soweto, and West Dean). Two very important factors for you are the
monthly rental cost of a new apartment and the distance. They are also interested in combinations of three other
aspects, namely maintenance cost (MC), good area (GA), and the availability of amenities in the area (AM).
(5)
Assume the following consequence table.
3
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