Exam (elaborations)

ECS1501-Multiple Choice (Questions & Answers)

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ECS1501

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ECS1501

ECS1501 – E-tutor/F2F Pre-screening Exercise (This exercise consists of 70 multiple-choice questions that must be answered using the table provided on page 22 of this document). ECS 1501 - MULTIPLE CHOICE (QUESTIONS AND ANSWERS) Page 2 of 22 1. Which one of the following statements about eco...

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Uploaded on February 16, 2022
Number of pages 22
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Type Exam (elaborations)
Contains Questions & answers

ecs1501 multiple choice questions amp answers
ecs1501 – e tutorf2f pre screening exercise this exercise consists of 70 multiple choice questions that must be answered using the table provided on

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ECS 1501 - MULTIPLE CHOICE (QUESTIONS AND ANSWERS)

ECS1501 – E-tutor/F2F Pre-screening Exercise

(This exercise consists of 70 multiple-choice questions that must be answered using the table
provided on page 22 of this document).

, Page 2 of 22

1. Which one of the following statements about economics is incorrect?

[1] The term economics is derived from the Greek words oikos and némein.
[2] Economics is a natural science.
[3] Economics studies the choices we need to make due to scarcity.
[4] Everyone, even wealthy people, experience scarcity.

The following graph shows the production possibility curve (PPC) for NASA. NASA has limited
resources to build new telescopes or to send spaceships into space. Use the following graph to
answer questions 2, 3 and 4.

0

2. Assume NASA is currently on PPC1, which of the points (A, B, C or D) can possibly be reached
but will be an ineffective use of resources?

[1] point A
[2] point B
[3] point C
[4] point D

3. Which of the following could have been a cause for the PPC of NASA to shift from PPC1 to
PPC2?

[1] There was an increase in the minimum wages for all the workers at NASA.
[2] The government decreased funding for NASA.
[3] A new material is found that will make spaceships more durable and cheaper to produce.
[4] NASA starts to collaborate with Televue, one of the leading companies in telescope
production.

, Page 3 of 22

4. After the PPC of NASA shifts from PPC1 to PPC2, point ____ becomes attainable, point____
shows an effective use of resources and point ____ is unattainable.

[1] B; B; A
[2] A; C; D
[3] B; C; A
[4] A; B; D

5. Which of the following is a normative statement?

[1] New Zealand won the Rugby World Cup in 2015.
[2] South Africa should have won the Rugby World Cup in 2015.
[3] Wayde van Niekerk was the South African Sport Star of the Year of 2015.
[4] The South African soccer team is called Bafana Bafana.

6. Which of the following economic systems are concerned with addressing the fundamental
economic questions?

i. the traditional system
ii. the command system
iii. the market system
iv. a mixed economy

[1] only iv
[2] iii and iv
[3] ii, iii and iv
[4] i, ii, iii and iv

7. Which one of the following is an example of an economy operating under a command system?

[1] A son that takes over the family business.
[2] A shopper that goes out to buy something she likes.
[3] The government delivers all necessities to a citizen.
[4] The government collects tax and only provides public goods.

8. Choose the statement that does not describe the term “market”.

[1] The Johannesburg Security Exchange (JSE) is a type of market.
[2] It is a physical place where vendors set up shops and shoppers visit.
[3] It is a charity that gives clothes to the poor.
[4] It is an online store, where consumers can buy online.

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