Nov P2 Hard

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What is the primary characteristic of economic integration in globalization?

Limited global relationships and cultural exchange
Reduced investment in international business
Increase in tariffs and other trade barriers
Removal of trade barriers and standardization of laws (correct)

Which of the following is NOT a cause of globalization?

Capital movement
Trade liberalization
Protectionism (correct)
Technological advances

What is the result of technological convergence in globalization?

Reduced innovation
Limited global relationships
Increased cost of operations
Rapid advancements in technology (correct)

Which of the following is an advantage of globalization?

Economic growth (B) Signup and view all the answers

What is the primary effect of multinational corporations on globalization?

Exploitation of geographic advantages (A) Signup and view all the answers

Which of the following is a characteristic of cultural exchange in globalization?

Increased exchange of cultural ideas and practices (C) Signup and view all the answers

What is the primary reason for the free movement of resources across borders in globalization?

Capital movement (B) Signup and view all the answers

Which of the following is a definition of globalization?

The process by which businesses develop international influence (B) Signup and view all the answers

What is the primary objective of most businesses?

Profit maximization (D) Signup and view all the answers

Which of the following is a correct definition of relative prices?

The cost of one good or service in terms of another (A) Signup and view all the answers

What is the main goal of national and international cooperation in environmental sustainability?

To reduce environmental pollution and degradation (A) Signup and view all the answers

Which market structure is most influenced by the dynamics of other markets?

Factor markets (C) Signup and view all the answers

What is the primary effect of higher prices on supply in a market?

Increased supply (A) Signup and view all the answers

Which of the following is an example of a community involvement approach to sustainability?

Engaging local communities in conservation efforts (D) Signup and view all the answers

What is the main impact of mining and industrial activities on the environment?

Significant environmental pollution and health issues (B) Signup and view all the answers

Which of the following is a correct statement about demand and supply relationships?

An increase in the price of one good can boost demand for a cheaper alternative (C) Signup and view all the answers

What is the primary impact of agricultural practices on the environment?

Overgrazing and improper land use exacerbate land degradation (A) Signup and view all the answers

Which of the following is an example of a public awareness initiative to reduce emissions?

Utilizing social media to raise awareness (B) Signup and view all the answers

What is the price elasticity of demand if a 10% increase in price leads to a 25% decrease in quantity demanded?

1.25 (D) Signup and view all the answers

Which of the following is an example of an inferior good?

Generic brands (B) Signup and view all the answers

What is the primary difference between price elasticity of demand and cross elasticity of demand?

One measures response to price change of a good, while the other measures response to price change of another good (D) Signup and view all the answers

A firm finds that a 5% increase in price leads to a 15% increase in quantity supplied. What is the price elasticity of supply?

1.5 (C) Signup and view all the answers

Which of the following factors tends to make demand more inelastic?

Necessity of the good (B) Signup and view all the answers

What is the purpose of understanding cross elasticity of demand?

To identify complementary or substitute goods (B) Signup and view all the answers

Which of the following is an example of a normal good?

Quality clothing (A) Signup and view all the answers

What is the primary difference between income elasticity of demand and price elasticity of demand?

One measures response to price change, while the other measures response to income change (A) Signup and view all the answers

What is a potential consequence of globalization on local cultures?

Cultural erosion and loss of diversity (C) Signup and view all the answers

Which of the following factors tends to make supply more elastic?

Higher mobility of resources (B) Signup and view all the answers

What is the primary difference between absolute and comparative advantage?

Absolute advantage is based on efficiency, while comparative advantage is based on opportunity cost (D) Signup and view all the answers

What is the main practical application of understanding the concepts of elasticity?

Making informed decisions on pricing strategies and production adjustments (C) Signup and view all the answers

What is a characteristic of the North-South Divide?

Developed countries tend to export high-value manufactured goods, while developing countries export raw materials (B) Signup and view all the answers

What is a major environmental challenge facing South Africa?

All of the above (D) Signup and view all the answers

What is a measure taken by South Africa to combat environmental degradation?

All of the above (D) Signup and view all the answers

What is a potential benefit of globalization?

Access to new markets and broadening of customer base (C) Signup and view all the answers

What is a consequence of the North-South Divide?

Aid from developed to developing countries often comes with strings attached (A) Signup and view all the answers

What is the main difference between accounting profit and economic profit?

Accounting profit does not account for implicit costs, while economic profit does. (D) Signup and view all the answers

What is a challenge to sustainable development in South Africa?

Environmental deterioration (D) Signup and view all the answers

What is the purpose of calculating the average fixed cost?

To identify the most efficient production level. (A) Signup and view all the answers

What is a consequence of labor market disruption due to globalization?

Job losses in developed countries due to outsourcing (A) Signup and view all the answers

What occurs when a firm experiences decreasing returns to scale?

Output increases by a smaller proportion than inputs. (D) Signup and view all the answers

What is the relationship between marginal revenue and marginal cost?

The point where marginal revenue equals marginal cost is the optimal production level. (D) Signup and view all the answers

What is a benefit of trade in terms of consumers?

Lower prices and more varied products (B) Signup and view all the answers

What is the definition of normal profit?

The break-even point where a business makes just enough profit to continue operating. (C) Signup and view all the answers

What is the purpose of calculating the total revenue?

To evaluate the effectiveness of a pricing strategy. (C) Signup and view all the answers

What is an economy of scale?

A decrease in the average cost of production due to an increase in scale. (A) Signup and view all the answers

What is the main difference between short-run and long-run costs?

Short-run costs are fixed, while long-run costs are variable. (D) Signup and view all the answers

What is the purpose of calculating the marginal cost?

To make decisions about production levels. (B) Signup and view all the answers

What is the relationship between total revenue and total cost?

Profit is calculated as total revenue minus total cost. (A) Signup and view all the answers

What is the primary difference between accounting profit and economic profit?

Accounting profit is calculated based on explicit costs, while economic profit is calculated based on implicit costs. (D) Signup and view all the answers

What is the purpose of calculating the average fixed cost?

To determine the fixed costs per unit of output. (C) Signup and view all the answers

What is an economy of scale?

A situation in which the average cost of production decreases as the quantity of output increases. (A) Signup and view all the answers

What is the relationship between marginal revenue and marginal cost?

Marginal revenue is equal to marginal cost at the optimal level of production. (A) Signup and view all the answers

What occurs when a firm experiences decreasing returns to scale?

The average cost of production increases as the quantity of output increases. (B) Signup and view all the answers

What is the primary difference between short-run and long-run costs?

Short-run costs are variable, while long-run costs are fixed. (C) Signup and view all the answers

What is the purpose of calculating the marginal cost?

To determine the optimal level of production. (C) Signup and view all the answers

What is the definition of normal profit?

The minimum profit required for a firm to continue operating in the market. (A) Signup and view all the answers

What is the purpose of calculating the total revenue?

To determine the revenue earned by a firm from selling its products. (C) Signup and view all the answers

What is the relationship between price elasticity of demand and revenue?

As price elasticity of demand increases, revenue increases. (A) Signup and view all the answers

What is the primary challenge to sustainable development in South Africa due to environmental degradation?

All of the above (D) Signup and view all the answers

Which of the following is a characteristic of the North-South Divide?

Economic disparities between developed and developing countries (C) Signup and view all the answers

What is the primary impact of labor market disruption due to globalization?

Job losses in developed countries (C) Signup and view all the answers

What is the primary benefit of trade in terms of consumers?

Increased variety of goods and services (D) Signup and view all the answers

What is the primary difference between absolute and comparative advantage?

Absolute advantage is based on efficiency, while comparative advantage is based on opportunity cost (C) Signup and view all the answers

What is the primary objective of South Africa's measures to protect the environment?

To reduce pollution and environmental degradation (A) Signup and view all the answers

What is the primary impact of globalization on cultural exchange?

Increased cultural diversity (B) Signup and view all the answers

What is the primary consequence of the North-South Divide?

Increased economic inequality between developed and developing countries (D) Signup and view all the answers

What is the primary benefit of globalization in terms of innovation?

Increased innovation and better products and services (A) Signup and view all the answers

What is the primary challenge to sustainable development in South Africa due to environmental degradation?

Energy crisis and environmental degradation (A) Signup and view all the answers

If a 20% increase in the price of a luxury good leads to a 40% decrease in quantity demanded, what can be said about the price elasticity of demand?

It is elastic (C) Signup and view all the answers

Which of the following factors tends to make the supply of a good more inelastic?

Low production capacity (D) Signup and view all the answers

What is the primary difference between income elasticity of demand and price elasticity of demand?

One measures response to price, the other to income (A) Signup and view all the answers

If two goods have a positive cross elasticity of demand, what can be said about them?

They are substitute goods (C) Signup and view all the answers

A firm finds that a 10% increase in price leads to a 5% decrease in quantity supplied. What can be said about the price elasticity of supply?

It is inelastic (C) Signup and view all the answers

What is the primary purpose of understanding the concepts of elasticity in business decision-making?

To set optimal prices and production levels (D) Signup and view all the answers

Which of the following goods tends to have an inelastic demand?

Essential medicine (A) Signup and view all the answers

What is the primary objective of sustainable environmental management?

To ensure natural resources are used in a manner that maintains their viability for future generations (D) Signup and view all the answers

What is the effect of a longer time period on the elasticity of demand?

It makes demand more elastic (A) Signup and view all the answers

If a good has a negative income elasticity of demand, what can be said about it?

It is an inferior good (D) Signup and view all the answers

What is the primary impact of national and international cooperation on environmental sustainability?

It promotes the integration of sustainable practices into various sectors of the economy (A) Signup and view all the answers

What is the primary difference between the price elasticity of demand and the cross elasticity of demand?

One measures response to price, the other to the price of another good (B) Signup and view all the answers

What is the primary effect of a higher price on demand in a market?

It decreases demand unless the good is inelastic (D) Signup and view all the answers

What is the primary role of relative prices in economics?

To influence consumer and producer decisions about what to buy or produce (D) Signup and view all the answers

What is the primary objective of most businesses in the economic framework?

To maximize profit and minimize costs (A) Signup and view all the answers

What is the primary effect of higher prices on supply in a market?

It increases supply (D) Signup and view all the answers

What is the primary role of the dynamics of markets in understanding economic dynamics?

To understand how changes in one market affect others (D) Signup and view all the answers

What is the primary impact of mining and industrial activities on the environment?

It leads to significant environmental pollution and health issues (B) Signup and view all the answers

What is the primary role of education and awareness in sustainable environmental management?

To promote sustainable practices through educational programs (C) Signup and view all the answers

What is the primary impact of community involvement on sustainable environmental management?

It engages local communities in conservation efforts and sustainable development projects (A) Signup and view all the answers

What is the primary consequence of the removal of trade barriers in globalization?

Easier international trade and investment (B) Signup and view all the answers

Which of the following is a primary effect of technological advancements in globalization?

Lowering of costs of operations and fostering innovation (D) Signup and view all the answers

What is the primary result of the standardization of laws and regulations in globalization?

Facilitation of international business operations (C) Signup and view all the answers

What is the primary consequence of the increased global relationships in globalization?

Exchange of cultural ideas and practices, influencing lifestyles and behaviors worldwide (C) Signup and view all the answers

What is the primary role of multinational corporations in globalization?

Exploiting geographic advantages (D) Signup and view all the answers

What is the primary effect of the free movement of resources across borders in globalization?

Integration of economic activities (D) Signup and view all the answers

What is the primary consequence of trade liberalization in globalization?

Encouragement of international trade and investment (C) Signup and view all the answers

What is the primary characteristic of economic integration in globalization?

Standardization of laws and regulations (D) Signup and view all the answers

What is the primary driver of economic growth in the context of globalization?

Increased investment and business opportunities (C) Signup and view all the answers

What is the outcome of the integration of economic activities in globalization?

Free movement of resources across borders (C) Signup and view all the answers

What is the primary reason for multinational corporations to operate in multiple countries?

To reduce labor costs and access raw materials (D) Signup and view all the answers

What is the outcome of technological convergence in globalization?

Rapid advancements in technology, leading to lower costs and increased innovation (C) Signup and view all the answers

What is the primary characteristic of cultural exchange in globalization?

Increased global relationships, leading to an exchange of cultural ideas and practices (C) Signup and view all the answers

What is the primary impact of trade liberalization on globalization?

Removal of trade barriers, encouraging international trade and investment (B) Signup and view all the answers

What is the primary cause of the increasing integration and interdependence of economic, cultural, and political systems across the globe?

Capital movement and technological advances (C) Signup and view all the answers

What is the primary outcome of the standardization of laws and regulations in globalization?

Removal of trade barriers, making it easier to buy and sell goods internationally (D) Signup and view all the answers

What is the primary objective of sustainable environmental management?

To maintain natural resources for future generations (D) Signup and view all the answers

What is the main impact of mining and industrial activities on the environment in South Africa?

Significant environmental pollution and health issues (D) Signup and view all the answers

What is the primary role of relative prices in microeconomics?

To influence consumer and producer decisions about what to buy or produce (C) Signup and view all the answers

What is the primary difference between short-run and long-run costs?

Short-run costs are variable, while long-run costs are fixed (C) Signup and view all the answers

What is the primary objective of national and international cooperation in environmental sustainability?

To integrate sustainable practices into various sectors of the economy (A) Signup and view all the answers

What is the primary effect of higher prices on supply in a market?

Higher prices increase supply (D) Signup and view all the answers

What is the primary goal of businesses in microeconomics?

To maximize profit (A) Signup and view all the answers

What is the primary impact of agricultural practices on the environment in South Africa?

Land degradation and water pollution (C) Signup and view all the answers

What is the primary difference between economic profit and accounting profit?

Economic profit considers opportunity costs, while accounting profit does not (C) Signup and view all the answers

What is the primary benefit of trade in terms of consumers?

Improved product quality and variety (B) Signup and view all the answers

What is the primary difference between accounting profit and economic profit?

Accounting profit excludes opportunity costs, while economic profit includes them. (A) Signup and view all the answers

What is the purpose of calculating the marginal cost?

To determine the optimal level of production. (D) Signup and view all the answers

What occurs when a firm experiences increasing returns to scale?

Output increases by a greater proportion than inputs. (D) Signup and view all the answers

What is the purpose of calculating the average total cost?

To compare the efficiency of different production levels. (B) Signup and view all the answers

What is the definition of normal profit?

The minimum profit needed for sustainability. (B) Signup and view all the answers

What is the relationship between marginal revenue and marginal cost?

Marginal revenue equals marginal cost at the optimal level of production. (B) Signup and view all the answers

What is an economy of scale?

A situation in which increasing the scale of production leads to a lower cost per unit. (A) Signup and view all the answers

What is the main difference between short-run and long-run costs?

Short-run costs are fixed, while long-run costs are variable. (B) Signup and view all the answers

What is the purpose of calculating the total revenue?

To calculate the profit. (B) Signup and view all the answers

What is the definition of marginal revenue?

The additional revenue from selling one more unit of output. (D) Signup and view all the answers

What is the primary implication of the North-South Divide in terms of trade patterns?

Developed nations tend to export high-value manufactured goods while importing raw materials from developing nations. (B) Signup and view all the answers

Which of the following is NOT a consequence of environmental degradation in South Africa?

Improved air quality and reduced pollution (B) Signup and view all the answers

What is the primary goal of measures taken by South Africa to combat environmental degradation?

To reduce pollution and protect the environment (B) Signup and view all the answers

Which of the following is a consequence of labor market disruption due to globalization?

Job losses in developed countries due to outsourcing (D) Signup and view all the answers

What is the primary advantage of comparative advantage over absolute advantage?

It promotes specialization and trade between countries (C) Signup and view all the answers

What is the primary reason for the environmental impact of globalization?

Increased industrial activity and resource exploitation (A) Signup and view all the answers

What is the primary goal of understanding the dynamics of globalization?

To manage the effects of globalization and ensure its benefits are widely distributed (D) Signup and view all the answers

Which of the following is NOT a characteristic of cultural exchange in globalization?

Reduces cultural diversity and promotes uniformity (A) Signup and view all the answers

What is the primary consequence of the North-South Divide in terms of economic disparities?

Increased income gap between developed and developing countries (A) Signup and view all the answers

What is the primary purpose of understanding the concepts of environmental sustainability?

To reduce environmental degradation and promote sustainable development (A) Signup and view all the answers

What is the primary objective of understanding the price elasticity of demand?

To determine the optimal pricing strategy for a business (C) Signup and view all the answers

Which of the following factors tends to make demand more elastic?

Availability of substitutes (B) Signup and view all the answers

What is the primary difference between price elasticity of demand and cross elasticity of demand?

The former measures responsiveness to price changes, while the latter measures responsiveness to price changes of other goods (D) Signup and view all the answers

A firm finds that a 10% increase in price leads to a 20% decrease in quantity demanded. What is the price elasticity of demand?

2 (D) Signup and view all the answers

Which of the following is an example of a complementary good?

Cars and fuel (D) Signup and view all the answers

What is the primary purpose of understanding the income elasticity of demand?

To predict how changes in consumer income will affect demand (D) Signup and view all the answers

A firm finds that a 5% increase in price leads to a 10% increase in quantity supplied. What is the price elasticity of supply?

2 (C) Signup and view all the answers

Which of the following is an example of a normal good?

Quality clothing (A) Signup and view all the answers

What is the primary difference between elastic and inelastic supply?

Elastic supply is more responsive to price changes, while inelastic supply is less responsive (C) Signup and view all the answers

Which of the following factors tends to make supply more elastic?

Availability of production resources (D) Signup and view all the answers

What is a primary concern regarding the environmental impact of globalization?

Loss of biodiversity and habitat destruction (C) Signup and view all the answers

Which of the following is a characteristic of cultural exchange in globalization?

Enhanced understanding and cooperation between different cultures (C) Signup and view all the answers

What is the primary advantage of trade based on comparative advantage?

Promotes efficiency and specialization (D) Signup and view all the answers

What is a consequence of the North-South Divide?

Increased economic disparities between developed and developing countries (D) Signup and view all the answers

What is a measure taken by South Africa to combat environmental degradation?

Legislation and policy measures, such as the National Environment Management Act (C) Signup and view all the answers

What is a primary challenge to sustainable development in South Africa?

Environmental degradation (A) Signup and view all the answers

What is a potential consequence of labor market disruption due to globalization?

Job losses in developed countries (D) Signup and view all the answers

What is a benefit of trade in terms of consumers?

Lower prices and more varied products (A) Signup and view all the answers

What is a characteristic of the North-South Divide?

Significant income gap between developed and developing countries (A) Signup and view all the answers

What is a primary impact of environmental deterioration on sustainable development?

Threatens ecological balance and public health (C) Signup and view all the answers

What is the primary difference between accounting profit and economic profit?

Accounting profit is calculated using explicit costs, while economic profit includes implicit costs (C) Signup and view all the answers

In the short run, what type of costs can be adjusted by a firm?

Variable costs (B) Signup and view all the answers

What is the purpose of calculating the average total cost?

To compare the costs of different production levels (D) Signup and view all the answers

What occurs when a firm experiences increasing returns to scale?

Output increases by a greater proportion than inputs (A) Signup and view all the answers

What is the relationship between marginal revenue and marginal cost?

Marginal revenue is equal to marginal cost at the profit-maximizing level of output (C) Signup and view all the answers

What is the definition of normal profit?

The minimum profit needed for sustainability (A) Signup and view all the answers

What is the purpose of calculating the marginal cost?

To make decisions about the level of production (D) Signup and view all the answers

What is the main difference between short-run and long-run costs?

In the short run, some costs are fixed, while in the long run, all costs are variable (B) Signup and view all the answers

What is an economy of scale?

A situation where a firm's cost per unit decreases as production increases (D) Signup and view all the answers

What is the purpose of calculating the total revenue?

To compare the revenue of different production levels (C) Signup and view all the answers

If the price elasticity of demand for a good is 0.8, which of the following statements is true?

A 10% decrease in price will result in an 8% increase in quantity demanded. (B) Signup and view all the answers

What is the primary reason why necessities tend to have inelastic demand?

Because they are essential for survival. (D) Signup and view all the answers

Which of the following statements is true about the price elasticity of supply?

It measures the responsiveness of quantity supplied to a change in price. (D) Signup and view all the answers

What is the cross elasticity of demand for two complementary goods?

Negative. (B) Signup and view all the answers

Which of the following goods would likely have a negative income elasticity of demand?

Generic brands. (A) Signup and view all the answers

What is the primary purpose of understanding the concept of elasticity in economics?

To make informed decisions regarding pricing strategies and production levels. (C) Signup and view all the answers

Which of the following factors tends to make supply more inelastic?

Limited time to respond to price changes. (A) Signup and view all the answers

What is the primary difference between price elasticity of demand and income elasticity of demand?

One measures responsiveness to price changes, while the other measures responsiveness to income changes. (C) Signup and view all the answers

Which of the following is an example of a unit elastic demand?

A 10% increase in price leads to a 10% decrease in quantity demanded. (C) Signup and view all the answers

What is the primary difference between elastic and inelastic supply?

Elastic supply is more responsive to price changes, while inelastic supply is less responsive. (C) Signup and view all the answers

Which of the following approaches to sustainability is most likely to involve the use of financial incentives?

Economic Measures (A) Signup and view all the answers

What is the primary effect of a decrease in the price of a good on the demand for its complement?

Increase in demand for the good (A) Signup and view all the answers

Which of the following is a characteristic of the dynamics of markets in terms of relative prices?

Relative prices are influenced by changes in supply and demand (B) Signup and view all the answers

What is the primary objective of most businesses in terms of profitability?

Profit maximization (A) Signup and view all the answers

Which of the following is an example of an environmental deterioration impact in South Africa?

Overgrazing and improper land use (A) Signup and view all the answers

What is the primary effect of higher prices on demand in a market?

Decrease in demand (C) Signup and view all the answers

Which of the following is an example of a public awareness initiative to reduce emissions?

Utilizing social media to raise awareness (B) Signup and view all the answers

What is the primary difference between the short-run and long-run perspectives in the dynamics of markets?

Short-run focuses on the immediate effects of changes, while long-run focuses on the long-term effects (C) Signup and view all the answers

Which of the following is a characteristic of the relationships between markets in terms of dynamics?

Changes in one market can have ripple effects on other markets (A) Signup and view all the answers

What is the primary purpose of understanding the relationships between markets in terms of dynamics?

To analyze how changes in one market affect others (B) Signup and view all the answers

What is the primary reason for the integration of economic activities across the globe?

To facilitate the movement of goods and services (C) Signup and view all the answers

What is the primary consequence of the removal of trade barriers in globalization?

Easier international trade and investment (D) Signup and view all the answers

What is the primary role of multinational corporations in globalization?

To exploit geographic advantages (C) Signup and view all the answers

What is the primary effect of technological advancements on globalization?

Lowering the cost of operations and fostering innovation (A) Signup and view all the answers

What is the primary characteristic of economic integration in globalization?

Standardization of laws and regulations (B) Signup and view all the answers

What is the primary advantage of globalization?

Increased investment and business opportunities (C) Signup and view all the answers

What is the primary factor that facilitates the free movement of resources across borders in globalization?

Capital movement (A) Signup and view all the answers

What is the primary result of the integration of economic activities across the globe?

Economic development (B) Signup and view all the answers

Nov P2 Hard

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Questions and Answers

What is the primary characteristic of economic integration in globalization?

Which of the following is NOT a cause of globalization?

What is the result of technological convergence in globalization?

Which of the following is an advantage of globalization?

What is the primary effect of multinational corporations on globalization?

Which of the following is a characteristic of cultural exchange in globalization?

What is the primary reason for the free movement of resources across borders in globalization?

Which of the following is a definition of globalization?

What is the primary objective of most businesses?

Which of the following is a correct definition of relative prices?

What is the main goal of national and international cooperation in environmental sustainability?

Which market structure is most influenced by the dynamics of other markets?

What is the primary effect of higher prices on supply in a market?

Which of the following is an example of a community involvement approach to sustainability?

What is the main impact of mining and industrial activities on the environment?

Which of the following is a correct statement about demand and supply relationships?

What is the primary impact of agricultural practices on the environment?

Which of the following is an example of a public awareness initiative to reduce emissions?

What is the price elasticity of demand if a 10% increase in price leads to a 25% decrease in quantity demanded?

Which of the following is an example of an inferior good?

What is the primary difference between price elasticity of demand and cross elasticity of demand?

A firm finds that a 5% increase in price leads to a 15% increase in quantity supplied. What is the price elasticity of supply?

Which of the following factors tends to make demand more inelastic?

What is the purpose of understanding cross elasticity of demand?

Which of the following is an example of a normal good?

What is the primary difference between income elasticity of demand and price elasticity of demand?

What is a potential consequence of globalization on local cultures?

Which of the following factors tends to make supply more elastic?

What is the primary difference between absolute and comparative advantage?

What is the main practical application of understanding the concepts of elasticity?

What is a characteristic of the North-South Divide?

What is a major environmental challenge facing South Africa?

What is a measure taken by South Africa to combat environmental degradation?

What is a potential benefit of globalization?

What is a consequence of the North-South Divide?

What is the main difference between accounting profit and economic profit?

What is a challenge to sustainable development in South Africa?

What is the purpose of calculating the average fixed cost?

What is a consequence of labor market disruption due to globalization?

What occurs when a firm experiences decreasing returns to scale?

What is the relationship between marginal revenue and marginal cost?

What is a benefit of trade in terms of consumers?

What is the definition of normal profit?

What is the purpose of calculating the total revenue?

What is an economy of scale?

What is the main difference between short-run and long-run costs?

What is the purpose of calculating the marginal cost?

What is the relationship between total revenue and total cost?

What is the primary difference between accounting profit and economic profit?

What is the purpose of calculating the average fixed cost?

What is an economy of scale?

What is the relationship between marginal revenue and marginal cost?

What occurs when a firm experiences decreasing returns to scale?

What is the primary difference between short-run and long-run costs?

What is the purpose of calculating the marginal cost?

What is the definition of normal profit?

What is the purpose of calculating the total revenue?

What is the relationship between price elasticity of demand and revenue?

What is the primary challenge to sustainable development in South Africa due to environmental degradation?

Which of the following is a characteristic of the North-South Divide?

What is the primary impact of labor market disruption due to globalization?

What is the primary benefit of trade in terms of consumers?

What is the primary difference between absolute and comparative advantage?

What is the primary objective of South Africa's measures to protect the environment?

What is the primary impact of globalization on cultural exchange?

What is the primary consequence of the North-South Divide?

What is the primary benefit of globalization in terms of innovation?

What is the primary challenge to sustainable development in South Africa due to environmental degradation?

If a 20% increase in the price of a luxury good leads to a 40% decrease in quantity demanded, what can be said about the price elasticity of demand?

Which of the following factors tends to make the supply of a good more inelastic?

What is the primary difference between income elasticity of demand and price elasticity of demand?

If two goods have a positive cross elasticity of demand, what can be said about them?

A firm finds that a 10% increase in price leads to a 5% decrease in quantity supplied. What can be said about the price elasticity of supply?

What is the primary purpose of understanding the concepts of elasticity in business decision-making?

Which of the following goods tends to have an inelastic demand?

What is the primary objective of sustainable environmental management?