ECS1501 - Economics IA (Principles of Microeconomics) - QUIZ
ECS1501 · Economics IA (Principles of Microeconomics)
University of South Africa
Questions
10 Questions
Practice 10 questions on ECS1501 - Economics IA (Principles of Microeconomics) at University of South Africa. Free AI-generated quiz on uNotes — track your score, retake anytime.
Based on the definition of economics provided in the course material, which of the following best describes the discipline?
2A Production Possibility Curve (PPC) illustrates several economic concepts. Which of the following statements regarding the PPC are correct?
3Calculate the equilibrium price (P) using the following market equations: Quantity Demanded (Qd) = 100 - 3P and Quantity Supplied (Qs) = 50 + 2P.
4If the price of a hamburger decreases from R40 to R35 and the quantity demanded increases from 800 to 1150, what is the calculated price elasticity of demand (using the simple percentage change method relative to the original values)?
5In the context of the circular flow of income and expenditure, which of the following is considered a factor of production?
6What type of remuneration is received by owners of natural resources in the factor market?
7According to the Law of Diminishing Marginal Utility, what happens as a consumer consumes more units of a specific product consecutively?
8A firm in a perfectly competitive market is characterized by which of the following?
9What is the primary consequence of a government imposing a minimum wage (Wm) that is set above the market equilibrium wage in a perfectly competitive labour market?
10If Sophie's income increases from R12,000 to R16,000 and her demand for petrol increases from 40 to 45 litres, what is the income elasticity of demand and how is the good classified?
