This multiple-choice examination paper consists of 20 pages plus instructions for the completion of a
mark-reading sheet.
The question paper consists of 70 multiple-choice questions that must all be answered on the markreading sheet, which is supplied. Carefully follow the instructions for the completion of the markreading sheet. Each question will be worth 1,4 marks, so that the paper carries a total of 100 marks.
NB! NB! NB!
Students registered for ECS1501 must use unique number 493377 on the mark-reading sheet.
Students registered for ECS1016 must use unique number 495965 on the mark-reading sheet.
Students registered for REC101X must use unique number 475751 on the mark-reading sheet.
Place the completed mark-reading sheet in your answer book. DO NOT STAPLE IT TO THE
ANSWER BOOK.
Please complete the attendance register on the back page, tear off and hand to the invigilator.
All students must ensure that the page numbers of this examination paper (pages 1–20) follow each
other correctly. Please report to the invigilator if your paper has any blank pages or if pages are
printed unclearly.
This examination paper remains the property of the University of South Africa and may
not be removed from the examination room.
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Page 2 of 20
1
Economics may be defined as
[1]
[2]
[3]
[4]
2
positive economics but not normative economics.
an overall view of the operation of the economic system.
the study of the demand, supply and prices of individual goods and services.
the combined decisions of all firms in South Africa.
The three major flows in the economy are
[1]
[2]
[3]
[4]
4
the empirical testing of value judgements through the use of logic.
the use of policy to refute facts and hypotheses.
the social science concerned with how society manages its scarce resources.
a study of how limited resources can be used to satisfy limited wants.
Microeconomics is concerned with
[1]
[2]
[3]
[4]
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ECS1501/ECS1016/REC101X
May/June 2011
total production, total investment and total spending.
total spending, total income and total production.
total production, total spending and total savings.
total income, total savings and total consumption.
Assume that your neighbour pays R5 000 per month for a personal loan while you pay R2 000
per month for yours. Suppose your neighbour’s instalment increases by 2 percent while yours
increases by 5 percent.
Which one of the following options is correct?
[1]
[2]
[3]
[4]
5
An economic system
[1]
[2]
[3]
[4]
6
Your neighbour’s instalment increase in rand terms is less than yours.
Your neighbour’s instalment increase in rand terms is more than yours.
Your neighbour’s instalment increase in rand terms is the same as yours.
None of the options is correct.
requires a grouping of private markets linked to one another.
is the organisation of production, consumption and distribution to answer the basic
economic questions.
requires a centralised authority (such as government) to coordinate economic activity.
is a plan or scheme which allows a firm to make profit at some other firm’s expense.
Opportunity cost is best defined as
[1]
[2]
[3]
[4]
the monetary price of any production resource.
the amount of labour that must be used to produce one unit of any product.
the ratio of the prices of goods imported to the prices of goods exported.
the amount of one product that must be given up to produce one more unit of another
product.
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ECS1501/ECS1016/REC101X
May/June 2011
Use Table 1 below to answer questions 7 and 8.
Table 1
Pencils
0
6
8
10
12
Combination
A
B
C
D
E
7
Assume that one pencil costs 25 cents and one pen costs 50 cents. The opportunity cost of
producing the eighth pencil in money terms when moving from combination B to C is
[1]
[2]
[3]
[4]
8
Pens
16
14
11
7
0
25 cents.
50 cents.
75 cents.
R1.
The opportunity cost of increasing the production of pens from 7 to 14 units is ________ pencils.
[1]
[2]
[3]
[4]
2
4
6
8
Use the production possibilities curve below to answer questions 9 and 10. Each question
starts with BB’ as the country’s production possibilities curve.
Figure 1
Production Possibilities: Capital and Consumer Goods
Capital Goods
C
•X
B
A
•Y
0
A’
B’
D’
C’
Consumer Goods
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Page 4 of 20
9
Assume that there is a major technological breakthrough in the consumer goods industry, and
the new technology is widely adopted. Which curve in the diagram would represent the new
production possibilities curve?
[1]
[2]
[3]
[4]
10
BD’
AA’
CC’
BB’
Assume that the government bans the use of technology and modern production techniques in
all industries. Which curve in the diagram would represent the new production possibilities
curve?
[1]
[2]
[3]
[4]
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ECS1501/ECS1016/REC101X
May/June 2011
BD’
AA’
CC’
BB’
The law of demand states that
[1]
[2]
[3]
[4]
prices and quantity demanded are inversely related, ceteris paribus.
the larger the number of buyers in the market, the lower the market price.
prices and quantity demanded are directly related.
consumers will buy more of a product at higher prices than at lower prices.
Use the graph below to answer questions 12 and 13.
Figure 2
Price in Rand
Supply
150
E
100
50
Demand
0
130
200
290
Quantity
12
At a price of R50 there will be
[1]
[2]
[3]
[4]
an excess demand of 290.
an excess supply of 130.
an excess demand of 160.
no excess demand or excess supply.
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Page 5 of 20
13
At equilibrium price and quantity, total consumption expenditure is
[1]
[2]
[3]
[4]
14
R13 000.
R20 000.
R29 000.
R30 000.
The supply of potatoes will decrease if there is
[1]
[2]
[3]
[4]
15
ECS1501/ECS1016/REC101X
May/June 2011
an improvement in farming technology.
a decrease in the wages of farm workers.
a removal of a subsidy paid by the government to farmers.
a decrease in the price of potatoes.
If the price of coffee, a substitute for tea in consumption, increases, we would expect the
equilibrium quantity of tea to
[1]
[2]
[3]
[4]
decrease.
increase.
stay the same.
be indeterminate.
Use the figure below to answer questions 16 and 17.
Figure 3
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Page 6 of 20
16
Suppose Figure 3 represents the market for oil. Because of the development of new deep-sea
drilling technology, the
[1]
[2]
[3]
[4]
17
[2]
[3]
[4]
the demand curve for French fries will shift from D2 to D1 while the supply curve of French
fries will not shift.
the demand curve for French fries will shift from D2 to D1 and the supply curve of French
fries will shift from S2 to S1.
the demand curve for French fries will shift from D2 to D1 and the supply curve of French
fries will shift from S1 to S2.
the demand curve for French fries will not shift and the supply curve of French fries will
shift from S1 to S2.
Which of the following is likely to occur if a market is not in equilibrium?
[1]
[2]
[3]
[4]
19
demand curve will shift from D1 to D2 while the supply curve will not shift.
demand curve will shift from D1 to D2 and the supply curve shift from S1 to S2.
demand curve will not shift, and the supply curve will shift from S2 to S1.
demand curve will not shift, and the supply curve will shift from S1 to S2.
Suppose Figure 3 represents the market for French fries in a fast-food shop. If the price of
potatoes rises and people become at the same time concerned that French fries can lead to an
increase in “bad” cholesterol, then
[1]
18
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May/June 2011
The demand curve will shift to bring the market to equilibrium.
The supply curve will shift to bring the market to equilibrium.
The price will adjust to bring the market to equilibrium.
Both [1] and [2] are correct.
In Figure 4, a price of R20 per dozen of roses would result in a ____ so that the price of roses
will have to ____.
[1]
[2]
[3]
[4]
surplus; rise
surplus; fall
shortage; rise
shortage; fall
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ECS1501/ECS1016/REC101X
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Figure 4
20
Suppose the price of a litre dairy milk falls, which one of the following could be a possible
cause?
[1]
[2]
[3]
[4]
21
Assume that beef and leather are complements in production. The price of beef increases
because of a decrease in the supply of beef, ceteris paribus.
[1]
[2]
[3]
[4]
22.
An increase in the price of soya milk, which is a substitute in consumption for dairy milk.
A discovery that dairy milk causes diabetes.
An increase in the income of the average household, with milk being a normal good.
A drought that reduces supplies of feed grains fed to cows that produce milk.
The demand curve and the supply curve of leather will shift.
The supply curve of leather will shift to the right with an accompanying decrease in the
equilibrium price and an increase in the equilibrium quantity of leather.
The supply curve of leather will shift to the left with an accompanying increase in the
equilibrium price and a decrease in the equilibrium quantity of leather.
The demand curve of leather will shift to the left with an accompanying increase in the
equilibrium price and a decrease in the equilibrium quantity of leather.
Assume that leather belts and leather shoes are substitutes in production. If people’s style
changes in favour of leather belts, the supply curve of leather shoes will shift
[1]
[2]
[3]
[4]
leftward and the equilibrium price of leather shoes will fall.
leftward and the equilibrium price of leather shoes will rise.
rightward and the equilibrium price of leather shoes will fall.
rightward and the equilibrium price of leather shoes will rise.
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Page 8 of 20
23
If the coefficient of the price elasticity of demand is 5,0, then a 10 percent increase in price will
result in a ____ decrease in the quantity demanded.
[1]
[2]
[3]
[4]
24
2 percent
5 percent
10 percent
50 percent
Suppose that the coefficient of the price elasticity of demand for cigarettes is 0,4. If government
wants to reduce smoking by 10 percent, by how much should it raise the price of cigarettes?
[1]
[2]
[3]
[4]
25
ECS1501/ECS1016/REC101X
May/June 2011
10 percent
20 percent
25 percent
50 percent
The demand curve in Figure 5 illustrates the demand for a product with
[1]
[2]
[3]
[4]
zero price elasticity of demand at all prices.
infinite price elasticity of demand.
unit price elasticity of demand at all prices.
a price elasticity of demand that is different at all prices.
Figure 5
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Page 9 of 20
ECS1501/ECS1016/REC101X
May/June 2011
Use the figure below to answer questions 26 and 27.
26
Figure 6 illustrates a linear demand curve. By comparing the price elasticity in the R2 to R4 price
range with the elasticity in the R8 to R10 range, you can conclude that the elasticity is
[1]
[2]
[3]
[4]
greater in the R8 to R10 range.
greater in the R2 to R4 range.
the same in both price ranges.
greater in the R8 to R10 range when the price rises, but greater in the R2 to R4 range
when the price falls.
Figure 6
27
If the price falls from R6 to R4,
[1]
[2]
[3]
[4]
28
total revenue will increase.
total revenue will decrease.
total revenue will remain unchanged.
quantity demanded will increase by more than 100 percent.
If OPEC increases prices in order to increase the total revenue, they know that the demand for
oil in the global market is
[1]
[2]
[3]
[4]
perfectly elastic.
unit elastic.
elastic.
inelastic.
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Page 10 of 20
29
The cross elasticity of demand between Coke and Pepsi is
[1]
[2]
[3]
[4]
30
represented by a vertical line.
represented by a horizontal line.
income elastic.
income inelastic.
The demand for BMW is probably
[1]
[2]
[3]
[4]
32
positive; that is, Coke and Pepsi are complements.
positive; that is, Coke and Pepsi are substitutes.
negative; that is, Coke and Pepsi are complements.
negative; that is, Coke and Pepsi are substitutes.
Mpho’s monthly income has just risen from R3 800 to R4 200. As a result, she decides to
increase the number of movies she watches each month by 5 percent. Her demand for movies is
[1]
[2]
[3]
[4]
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ECS1501/ECS1016/REC101X
May/June 2011
inelastic, but more elastic than the demand for automobiles.
elastic and more elastic than the demand for automobiles.
inelastic and less elastic than the demand for automobiles.
elastic, but less elastic than the demand for automobiles.
Which of the following statement/s is/are correct?
In any production process, the marginal product of labour is the
33
(a)
(b)
(c)
(d)
total output divided by total labour inputs.
total output minus the total capital stock.
change in total output resulting from a small change in the labour input.
total output produced by labour inputs.
[1]
[2]
[3]
[4]
Only a and b
Only b and c
Only c
Only b
Which of the followings statement/s is/are correct?
In the presence of diminishing returns, holding at least one factor of production constant,
(a)
(b)
(c)
(d)
the marginal product of a factor is positive and rising.
the marginal product of a factor is positive but falling.
the marginal product of a factor is falling and negative.
the marginal product of a factor is constant.
[1]
[2]
[3]
[4]
Only b and c
Only a and d
Only b
Only d
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34
Mpho produces 100 bottles of orange juice with an average total cost of 50 cents per glass and
an average variable cost of 40 cents per glass. What is her total fixed cost?
[1]
[2]
[3]
[4]
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ECS1501/ECS1016/REC101X
May/June 2011
R40
R0,10
R10
R12
Which one of the following will shift a firm’s average variable cost upwards?
(a)
(b)
(c)
(d)
An increase in the productivity of labour.
A decrease in the productivity of labour.
An increase in fixed costs.
A decrease in the demand for the goods the firm produces.
[1]
[2]
[3]
[4]
Only a
Only b
Only c
Only d
Table 2 below illustrates the total cost of production of umbrellas at Weather Protection Ltd. Use the
table to answer questions 36 and 37.
Table 2
Umbrellas
0
1
2
3
4
5
36
The total fixed cost of producing an umbrella is
[1]
[2]
[3]
[4]
37
Total costs
R10
R15
R24
R39
R60
R85
R3.
R5.
R10.
R15.
The marginal cost of producing the 4th umbrella is
[1]
[2]
[3]
[4]
R60.
R21.
R15.
R5.
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Page 12 of 20
ECS1501/ECS1016/REC101X
May/June 2011
Complete Table 3 below and use the information to answer questions 38 and 39.
38
Output
Total cost
0
1
2
3
4
5
6
7
8
30
41
Average
cost
56
64
76
Average
fixed cost
6
15
15
4
10
12
29
What is the average cost of producing the 2nd unit of output?
[1]
[2]
[3]
[4]
40
Marginal
cost
What is the marginal cost of producing the 8th unit of the good?
[1]
[2]
[3]
[4]
39
Fixed cost
Table 3
Variable
cost
0
10
18
22
5
24
4
2
The difference between average total cost and average variable cost
(a)
(b)
(c)
(d)
is constant.
is the total fixed cost.
gets smaller as output decreases.
is the average fixed cost.
[1]
[2]
[3]
[4]
Only b and c
Only c and d
Only d
Only a
A firm producing 7 units of output has an average total cost of R15 and has to pay R35 for its
fixed factors of production, irrespective of whether it produces or not. Given this information, how
much of the average total cost is made up of variable costs?
[1]
[2]
[3]
[4]
R20
R10
R30
R5
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42
In perfect competition, in the long run, some firms will exit the market if the price of the good
offered for sale is less than
[1]
[2]
[3]
[4]
43
44
the marginal revenue.
the marginal cost.
the average total costs.
the average revenue.
All of the following are correct characteristics of a perfectly competitive market except
(a)
(b)
(c)
(d)
that there are many buyers and sellers in the market.
the goods being sold are mostly the same.
that firms generate small but positive economic profits in the long run.
that firms can freely enter or exit the market.
[1]
[2]
[3]
[4]
Only a and d
Only b and c
Only b
Only c
A perfectly competitive firm maximises profits when it produces its output up to the point where
[1]
[2]
[3]
[4]
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ECS1501/ECS1016/REC101X
May/June 2011
price equals average variable cost.
marginal revenue equals average revenue.
marginal cost equals total revenue.
marginal cost equals marginal revenue.
Which of the following statement/s is/are correct?
In the long run equilibrium in a perfectly competitive market, firms are operating at
(a)
(b)
(c)
(d)
the minimum of their average variable curve.
zero economic profit.
the intersection of the marginal cost and average total cost curves.
supernormal profits.
[1]
[2]
[3]
[4]
All the statements are correct
Only a and d
Only c
Only b
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Page 14 of 20
46
Which of the following statements regarding a perfectly competitive firm are correct?
(a)
(b)
(c)
(d)
[1]
[2]
[3]
[4]
47
Only a and b
Only c and d
Only b and d
All the above statements are correct
enter, making zero economic profits.
exit, producing at the minimum part of their long run average cost curve.
exit, covering only their total fixed cost.
enter, making economic losses.
Sarah's business produces kids' toys. The market price of the toys is R10 each and Sarah
produces 100 toys. The marginal cost of producing each toy is R11. Given this information
[1]
[2]
[3]
[4]
49
Along the rising part of the marginal cost curve, the firm maximises its profits when
marginal cost equals marginal revenue.
As long as marginal revenue exceeds marginal costs, the firm should increase its output to
increase its profits.
As long as the marginal cost exceeds the marginal revenue, the firm should reduce its
output to maximise its profits.
If profits are defined in terms of per unit costs, then a perfectly competitive firm maximises
profit at the point where marginal revenue equals marginal costs.
If today, firms in a perfectly competitive industry are making an economic profit, then we know
that in the long run, firms will__________ the industry until all firms in that industry are ______
[1]
[2]
[3]
[4]
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ECS1501/ECS1016/REC101X
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Sarah will maximise her profit by producing fewer than 100 toys.
Sarah will maximise her profit if she reduces the price of each toy to R9.
Sarah is maximising her profits.
Sarah will maximise her profits by producing more than 100 toys.
Which of the following statement/s is/are correct?
In a perfectly competitive market, each firm
(a)
(b)
(c)
(d)
produces as much as it can.
is a price taker.
faces a perfectly inelastic demand for its product.
can influence the price of its product.
[1]
[2]
[3]
[4]
All of the above statements are correct
Only b
Only a and c
Only c
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Page 15 of 20
50
For a perfectly competitive firm, at short term equilibrium its marginal revenue
[1]
[2]
[3]
[4]
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ECS1501/ECS1016/REC101X
May/June 2011
is less than the market price.
exceeds the price it charges for its goods.
equals its normal profit.
equals the market price.
Delphine’s bakery is a perfectly competitive firm that bakes 20 kg doughnuts every evening.
Delphine’s marginal cost is less than the price she charges. Delphine can increase her profits if
she bakes
[1]
[2]
[3]
[4]
fewer than 20 kg doughnuts per evening.
20 kg doughnuts per evening but increases her price.
more than 20 kg doughnuts per evening.
more than 20 kg doughnuts per evening and charges a higher price.
Suppose Figure 7 below illustrates the chocolate market. Use Figure 7 to answer question 52.
52
If the chocolate market is perfectly competitive and the price of chocolate falls to R5 and the firm
decides to close down temporarily, the firm's total variable cost is ___________ and it incurs an
economic loss of _________
[1]
[2]
[3]
[4]
R5 a week; R8 a week.
R500 a week; R300 a week.
R800 a week; R500 a week.
R8 a week; R800 a week.
Figure 7
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Page 16 of 20
ECS1501/ECS1016/REC101X
May/June 2011
Use Figure 8 below to answer question 53 that follows.
53
Which one of the following statements is correct?
Assuming a perfectly competitive shoe market, in the short run, the shoe producer’s
supply curve is the curve running from
[1]
[2]
[3]
[4]
point b to e.
point a to e.
point c to e.
point d to e.
Figure 8
54
If the market price in a perfectly competitive industry exceeds the firm’s minimum average
variable cost, then the firm’s total revenue always exceeds its
[1]
[2]
[3]
[4]
55
total cost.
total variable cost.
marginal cost.
total fixed cost.
Which one of the following statements regarding the four market structures in the economy is
correct?
[1]
[2]
[3]
[4]
In a monopoly, the market participants have incomplete information about market
conditions.
Collusion is possible in monopolistic competition.
Firms under perfect competition have no scope for setting their own prices.
In an oligopoly, firms will in the long run only make a normal profit.
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56
In a monopoly, economic profit is possible in the long run because
[1]
[2]
[3]
[4]
57
the product sold is homogeneous.
there is no government intervention.
demand for the product is perfectly elastic.
there are barriers to entry.
Interdependence between the firms is a distinctive feature in
[1]
[2]
[3]
[4]
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ECS1501/ECS1016/REC101X
May/June 2011
oligopoly.
monopolistic competition.
perfect competition.
monopoly.
Firms operating under monopoly set their equilibrium price
[1]
[2]
[3]
[4]
below the average revenue.
equal to the marginal revenue.
above the marginal revenue.
equal to the marginal cost.
Figure 9 below relates to the short-run monopoly equilibrium. Use the figure to answer questions
59, 60 and 61.
Figure 9
59
The total profit of the monopoly is equal to
[1]
[2]
[3]
[4]
R28 000.
R46 000.
R18 000.
R25 000.
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Page 18 of 20
60
The monopolist profit per unit is equal to
[1]
[2]
[3]
[4]
61
Non-monetary factors are not important in the labour market.
In the labour market, labour is traded on a daily basis at the best wage.
Labour cannot be classified or standardised.
Labour services are transferrable to other people.
The real wage is defined as
[1]
[2]
[3]
[4]
65
Advertising
Product differentiation
Brand proliferation
Price competition
Which one of the features below is unique to the labour market?
[1]
[2]
[3]
[4]
64
R28 000.
R45 000.
R18 000.
R25 000.
Which one of the following is NOT a form of barrier to entry in oligopoly?
[1]
[2]
[3]
[4]
63
R100.
R250.
R280.
R460.
The total cost of the monopolist is equal to
[1]
[2]
[3]
[4]
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May/June 2011
the amount of money that is to be paid to a worker at a specific point in time.
the quantity of goods and services that can be purchased with the money wage.
the amount of money actually earned during a specific period, including bonuses.
the actual amount of money received by a worker per hour, day, week, month or year.
Suppose that the nominal wage increases by 4 percent while the price of goods and services
increases by 7 percent. The real wage will
[1]
[2]
[3]
[4]
increase by 11 percent.
decrease by 7 percent.
increase by 4 percent.
decrease by 3 percent.
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ECS1501/ECS1016/REC101X
May/June 2011
The figure below relates to the changes in labour market equilibrium. Use the figure below to answer
question 66.
Figure 10
S₁
Wage rate
S₀
W₁
W₀
D₀
0
66
N₀
Number of Workers
A shift of the labour supply curve from S0 to S1 could be due to
[1]
[2]
[3]
[4]
67
N₁
an increase in wages in other occupations.
a decrease in the price of a product for the market in question.
an increase in the price of a substitute factor of production.
a decrease in the number of firms supplying a product.
A decrease in the price of a complementary factor of production will result in
[1]
[2]
[3]
[4]
a leftward shift of the labour supply curve.
a rightward shift of the labour demand curve.
a leftward shift of the labour demand curve.
a rightward shift of the labour supply curve.
Table 4 below relates to profit maximisation in the labour market. Complete the table and answer
question 68.
Table 4
Marginal
Marginal
Number of
Total physical
physical
revenue
workers
product
product
Price per unit
product
0
0
20
1
15
20
2
23
20
3
29
20
4
34
20
5
36
20
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68
If the wage rate is R160, it would be profitable for the firm to employ………… worker(s).
[1]
[2]
[3]
[4]
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ECS1501/ECS1016/REC101X
May/June 2011
5
1
4
2
Trade unions can attempt to raise the wage rate by
[1]
[2]
[3]
[4]
encouraging an increase in labour supply.
assisting the firms to increase the supply of the product.
increasing the demand for the product of the industry.
enforcing a wage rate that is equal to the equilibrium wage rate.
Figure 11 below illustrates the imposition of a minimum wage in a perfectly competitive labour market.
Use the figure to answer question 70.
Figure 11
Wage rate
(Rands)
S
R1,000
R800
D
0
100
170
220
Number of Workers
70
If the minimum wage is set at R1 000, there will be
[1]
[2]
[3]
[4]
an excess demand for labour of 70 workers.
an increase in supply of labour of 70 workers.
an excess supply of labour of 120 workers.
a decrease in quantity of labour demanded of 50 workers.
TOTAL:
©
UNISA 2011
[100]
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