EECF1614 - Economic Systems and Basic Microeconomics - QUIZ
EECF1614 · Economic Systems and Basic Microeconomics
University of the Free State
Questions
10 Questions
Practice 10 questions on EECF1614 - Economic Systems and Basic Microeconomics at University of the Free State. Free AI-generated quiz on uNotes — track your score, retake anytime.
Which of the following statements correctly identifies the relationship between two goods that are complements?
2If total utility is increasing, what must be true about marginal utility?
3An effective price ceiling must be set at a price level that is:
4According to the HRD materials, what are the primary differences between proactive and reactive training needs analysis?
5A firm produces 5 units with a Total Cost (TC) of R61. If the Total Cost at 0 units of output is R24, what is the Total Variable Cost (TVC) of producing 5 units?
6Which focus area of Training & Development (T&D) needs analysis examines tasks performed and competencies required to determine what employees must do to perform successfully?
7The marginal cost curve (MC) intersects which curves at their minimum points?
8When the marginal product of labour is less than the average product of labour, which of the following is true?
9Identify the correct phases in the dynamic training cycle as described in the course materials.
10If the price elasticity of demand for a product is 0.4 and the price is currently R10, by what percentage must the price increase to reduce the quantity demanded by 20%?
