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Questions and Answers

What is the primary focus of economics as a social science?

  • The study of how to allocate abundant resources to satisfy limited wants and needs.
  • The study of how to prioritize unlimited resources to satisfy limited wants and needs.
  • The study of how to eliminate scarcity in an economy.
  • The study of how individuals, businesses, governments, and other organizations make decisions to allocate scarce resources to satisfy their unlimited wants and needs. (correct)

What is the core challenge in economics?

  • Unlimited resources
  • Abundant resources
  • Scarcity (correct)
  • Limited wants

What is one of the primary economic questions?

  • How to eliminate scarcity?
  • How to allocate abundant resources?
  • What to produce? (correct)
  • How to prioritize unlimited resources?

Which branch of economics focuses on the overall functioning of an economy?

<p>Macroeconomics (D)</p> Signup and view all the answers

What is the main difference between microeconomics and macroeconomics?

<p>Microeconomics focuses on individual decisions, while macroeconomics focuses on the overall functioning of an economy. (D)</p> Signup and view all the answers

What is the fundamental economic problem?

<p>How to distribute limited resources efficiently to satisfy unlimited wants and needs. (D)</p> Signup and view all the answers

What is an example of a decision that individuals, governments, and societies must make?

<p>How to balance the fulfillment of diverse needs such as education, healthcare, and public safety against available financial capacities. (B)</p> Signup and view all the answers

What is the outcome of the dichotomy between infinite desires and finite means?

<p>Scarcity (B)</p> Signup and view all the answers

What is the primary function of financial institutions in an economy?

<p>To facilitate savings and provide loans (C)</p> Signup and view all the answers

What is the main difference between the goods market and the factor market?

<p>The goods market is where goods and services are exchanged, while the factor market is where factors of production are traded (C)</p> Signup and view all the answers

What is the formula for calculating GDP using the Expenditure Approach?

<p>GDP = C + I + G + (X - M) (B)</p> Signup and view all the answers

What is the main limitation of GDP as a measure of economic activity?

<p>It does not account for the distribution of income among the population (D)</p> Signup and view all the answers

What is the primary difference between GDP and GNI?

<p>GDP measures production within the country, while GNI measures production by nationals anywhere (D)</p> Signup and view all the answers

What is the purpose of per capita income calculation?

<p>To calculate the average income per person (D)</p> Signup and view all the answers

What is the characteristic of leading indicators in business cycles?

<p>They signal future economic changes before they occur (A)</p> Signup and view all the answers

What is the purpose of time series data in business cycles?

<p>To analyze changes in economic indicators over time (D)</p> Signup and view all the answers

What is the characteristic of procyclical indicators in business cycles?

<p>They move in the same direction as the economy (D)</p> Signup and view all the answers

What is the definition of business cycles?

<p>The natural fluctuations in economic activity that occur over time (B)</p> Signup and view all the answers

What is the main focus of Monetary Economics?

<p>The role of money in the economy (C)</p> Signup and view all the answers

Which approach involves value judgments and subjective perspectives on what the economy should be like?

<p>Normative Economics (C)</p> Signup and view all the answers

What is the main challenge in Economic Research?

<p>The difficulty of predicting human behavior (A)</p> Signup and view all the answers

What is the fundamental economic challenge that compels individuals and societies to make choices?

<p>The problem of scarcity (B)</p> Signup and view all the answers

What is the term for the foregone benefit of the next best alternative when a choice is made?

<p>Opportunity cost (A)</p> Signup and view all the answers

What type of scarcity occurs when resources are insufficient to produce a good despite its availability?

<p>Absolute scarcity (A)</p> Signup and view all the answers

What is the term for goods that are naturally available without cost?

<p>Free goods (C)</p> Signup and view all the answers

What is the main focus of Developmental Economics?

<p>The study of economic development in less developed countries (D)</p> Signup and view all the answers

What is the main focus of Environmental Economics?

<p>The economic issues with environmental implications (B)</p> Signup and view all the answers

What is the term for the simplified representations of complex economic activities?

<p>Economic models (D)</p> Signup and view all the answers

What is the primary purpose of budget allocations in a government?

<p>To provide public services (D)</p> Signup and view all the answers

What is an example of the primary sector?

<p>Extracting natural resources (A)</p> Signup and view all the answers

What is the term for the portion of income available for spending or saving after taxes?

<p>Disposable Income (B)</p> Signup and view all the answers

What is the main goal of sustainable development?

<p>To conduct economic growth without depleting natural resources (C)</p> Signup and view all the answers

What is the term for tools, machinery, and buildings used to produce goods and services?

<p>Capital (C)</p> Signup and view all the answers

What is the term for the unregistered businesses that are not included in official economic statistics?

<p>Informal Sector (B)</p> Signup and view all the answers

What is the term for long-lasting goods like appliances and vehicles?

<p>Durable Goods (C)</p> Signup and view all the answers

What is the main role of households in the economy?

<p>To provide labor and receive income (C)</p> Signup and view all the answers

What is the term for the rate at which one currency can be exchanged for another?

<p>Exchange Rate (B)</p> Signup and view all the answers

What is the term for the sector that provides services rather than goods?

<p>Tertiary Sector (C)</p> Signup and view all the answers

What is the primary function of taxation in the economy?

<p>To fund public services and infrastructure (C)</p> Signup and view all the answers

What is the characteristic of a mixed economy?

<p>It combines elements of free markets and government control (B)</p> Signup and view all the answers

What is the effect of mechanization on employment patterns?

<p>It has decreased employment opportunities (B)</p> Signup and view all the answers

What is the primary driver of urban growth?

<p>Industrialization (C)</p> Signup and view all the answers

What is the primary function of limited liability companies?

<p>To protect investors from losing more than their investment (C)</p> Signup and view all the answers

What is the primary role of financial institutions in the economy?

<p>To manage savings and provide loans (D)</p> Signup and view all the answers

What is the impact of globalization on developing countries?

<p>It has perpetuated economic imbalances (B)</p> Signup and view all the answers

What is the primary goal of the World Trade Organization (WTO)?

<p>To promote fair global trade practices (B)</p> Signup and view all the answers

What is the characteristic of the early agricultural history of South Africa?

<p>It was characterized by minimal trade and subsistence farming (D)</p> Signup and view all the answers

What is the primary driver of industrial development in South Africa?

<p>All of the above (D)</p> Signup and view all the answers

What is the phase of the business cycle characterized by high economic activity and increasing employment?

<p>Prosperity (C)</p> Signup and view all the answers

What is the main factor that affects the exchange rate according to the business cycle?

<p>Economic strength or weakness (D)</p> Signup and view all the answers

Which of the following is an exogenous reason for business cycles?

<p>Natural disasters (B)</p> Signup and view all the answers

What is the term for the total demand for goods and services in the economy?

<p>Aggregate Demand (C)</p> Signup and view all the answers

Which phase of the business cycle is characterized by a gradual improvement in economic conditions?

<p>Recovery (A)</p> Signup and view all the answers

What is the primary reason economically vulnerable groups suffer the most during economic downturns?

<p>Reduced income and higher unemployment rates (A)</p> Signup and view all the answers

What was the primary mode of exchange in early societies before the advent of money?

<p>Bartering (B)</p> Signup and view all the answers

What was the significant impact of industrialization on economies?

<p>Transformation from agrarian to industrial (C)</p> Signup and view all the answers

What is the primary reason for the growth of towns and cities?

<p>Industrial opportunities (A)</p> Signup and view all the answers

What is the primary consequence of specialization of labor?

<p>Fostered growth of markets and trade (C)</p> Signup and view all the answers

What has driven the growth of the service sector in South Africa's economy since 1994?

<p>Globalization, technological advancements, and infrastructure improvements (B)</p> Signup and view all the answers

What is a major challenge facing South Africa's economy?

<p>Both A and B (A)</p> Signup and view all the answers

What has been the impact of HIV/AIDS on South Africa's population growth rate?

<p>It has slowed down the population growth rate (A)</p> Signup and view all the answers

What is a significant challenge facing the South African labour force?

<p>Youth unemployment (C)</p> Signup and view all the answers

What is the trend in South Africa's labour force?

<p>Shift from primary sectors to services and finance (C)</p> Signup and view all the answers

What is a challenge facing employment in South Africa?

<p>All of the above (D)</p> Signup and view all the answers

What is a policy implication for addressing South Africa's economic challenges?

<p>Enhancing education and skills training (D)</p> Signup and view all the answers

What is the impact of urbanization on South Africa's economy?

<p>It has put pressure on social services and infrastructure (A)</p> Signup and view all the answers

What is a characteristic of South Africa's population growth?

<p>Rapid growth (C)</p> Signup and view all the answers

What is a factor influencing population growth in South Africa?

<p>All of the above (D)</p> Signup and view all the answers

What is the main reason why individuals, governments, and societies must make decisions about resource allocation?

<p>Because human wants are unlimited and resources are finite. (C)</p> Signup and view all the answers

What is the scope of microeconomics?

<p>It examines the decisions of individuals and firms. (C)</p> Signup and view all the answers

What is the primary economic question that determines who will receive the products and services created?

<p>For whom to produce? (A)</p> Signup and view all the answers

What is the outcome of the dichotomy between infinite desires and finite means?

<p>Scarcity (B)</p> Signup and view all the answers

What is the branch of economics that studies the overall functioning of an economy?

<p>Macroeconomics (D)</p> Signup and view all the answers

What is the reason why individuals, governments, and societies must continuously make decisions about resource allocation?

<p>Because resources are finite and human wants are infinite. (C)</p> Signup and view all the answers

What is the primary function of entrepreneurship in an economy?

<p>To combine the other three factors of production (B)</p> Signup and view all the answers

What is the primary economic question that determines the methods and technologies for production?

<p>How to produce? (B)</p> Signup and view all the answers

What is the fundamental economic problem that arises from the scarcity of resources?

<p>How to make decisions about resource allocation. (D)</p> Signup and view all the answers

Which sector of the economy involves manufacturing and processing activities?

<p>Secondary Sector (B)</p> Signup and view all the answers

What is the term for unregistered businesses that are not included in official economic statistics?

<p>Informal Sector (C)</p> Signup and view all the answers

What is the primary goal of sustainable development?

<p>Economic growth without depleting natural resources or harming human and environmental health (C)</p> Signup and view all the answers

Which type of goods are long-lasting, such as appliances and vehicles?

<p>Durable Goods (D)</p> Signup and view all the answers

What is the term for the rate at which one currency can be exchanged for another?

<p>Exchange Rate (B)</p> Signup and view all the answers

Which sector provides services rather than goods?

<p>Tertiary Sector (B)</p> Signup and view all the answers

What is the term for tools, machinery, and buildings used to produce goods and services?

<p>Capital (D)</p> Signup and view all the answers

What is the primary role of households in the economy?

<p>To provide labor and receive income (B)</p> Signup and view all the answers

What is the term for the portion of income available for spending or saving after taxes?

<p>Disposable Income (A)</p> Signup and view all the answers

What is the phase of the business cycle characterized by decreasing economic growth, output, and employment?

<p>Recession (C)</p> Signup and view all the answers

What is the total demand for goods and services in the economy?

<p>Aggregate Demand (C)</p> Signup and view all the answers

What are the factors that influence the economy from outside?

<p>Exogenous Reasons (D)</p> Signup and view all the answers

What is the outcome of economic cycles on economically vulnerable populations?

<p>They suffer the most during economic downturns (D)</p> Signup and view all the answers

What is the term for the growth of towns and cities as trade expands?

<p>Urbanization (C)</p> Signup and view all the answers

What is the primary focus of understanding business cycles?

<p>To anticipate economic changes (D)</p> Signup and view all the answers

What is the phase of the business cycle characterized by gradual improvement in economic conditions?

<p>Recovery (C)</p> Signup and view all the answers

What is the term for the total supply of goods and services available in the economy?

<p>Aggregate Supply (A)</p> Signup and view all the answers

What is the impact of business cycles on economic growth?

<p>Business cycles lead to fluctuations in economic growth (D)</p> Signup and view all the answers

What is the term for the establishment of structured communities and leadership hierarchies?

<p>Accumulation of Wealth and Power (C)</p> Signup and view all the answers

What is the primary focus of Labour Economics?

<p>The supply and demand for labour and its effect on wage levels and employment (B)</p> Signup and view all the answers

Which approach involves developing hypotheses based on existing theories and testing them against empirical data?

<p>Deductive reasoning (C)</p> Signup and view all the answers

What is the primary goal of economic models?

<p>To describe and predict economic phenomena (D)</p> Signup and view all the answers

What is the main challenge in economic research?

<p>Dealing with human behaviors that are diverse and difficult to predict (D)</p> Signup and view all the answers

What is the term for the goods that are naturally available without cost?

<p>Free Goods (D)</p> Signup and view all the answers

What is the primary focus of International Economics?

<p>International trade and finance (B)</p> Signup and view all the answers

What is the term for the simplified representations of complex economic activities?

<p>Economic Models (D)</p> Signup and view all the answers

What is the term for the foregone benefit of the next best alternative when a choice is made?

<p>Opportunity Cost (D)</p> Signup and view all the answers

What is the primary focus of Public Sector Economics?

<p>The economic activities of government and its role in the economy (C)</p> Signup and view all the answers

Which branch of economics focuses on the economic issues with environmental implications?

<p>Environmental Economics (B)</p> Signup and view all the answers

What is the main purpose of the Foreign Sector in the economy?

<p>To engage in trade, affecting imports and exports (C)</p> Signup and view all the answers

What is the movement of goods and services referred to as?

<p>Real Flow (A)</p> Signup and view all the answers

Which approach to calculating GDP involves summing up all outputs produced?

<p>Product Approach (A)</p> Signup and view all the answers

What is the primary limitation of GDP as a measure of economic activity?

<p>It does not account for the distribution of income among the population (C)</p> Signup and view all the answers

What is the purpose of calculating per capita income?

<p>To understand the economic well-being of the average citizen (A)</p> Signup and view all the answers

What is the characteristic of coincident indicators in business cycles?

<p>They move in the same direction as the economy (B)</p> Signup and view all the answers

What is the primary purpose of time series data in business cycles?

<p>To track economic changes over successive time intervals (A)</p> Signup and view all the answers

What is the characteristic of procyclical indicators in business cycles?

<p>They move in the same direction as the economy (D)</p> Signup and view all the answers

What is the primary focus of business cycles?

<p>To analyze the natural fluctuations in economic activity (D)</p> Signup and view all the answers

What is the primary limitation of GNI as a measure of economic activity?

<p>It ignores non-monetary transactions and informal economic activities (C)</p> Signup and view all the answers

What is the primary role of governments in the economy?

<p>To fund public services and infrastructure through taxation (B)</p> Signup and view all the answers

What is the outcome of mechanization in production processes?

<p>Increased output but also replacement of labor (C)</p> Signup and view all the answers

What is the primary driver of urban growth?

<p>Industrialization (B)</p> Signup and view all the answers

What is the primary function of limited liability companies?

<p>To protect investors from losing more than their investment (A)</p> Signup and view all the answers

What is the impact of globalization on developing countries?

<p>It has widened the economic disparities between developed and developing nations (A)</p> Signup and view all the answers

What is the primary goal of the World Trade Organization (WTO)?

<p>To promote fair global trade practices (D)</p> Signup and view all the answers

What is the characteristic of the mixed economy?

<p>It combines elements of free markets and government control (A)</p> Signup and view all the answers

What is the primary driver of industrial development in South Africa?

<p>Government policies and entrepreneurial immigrants (A)</p> Signup and view all the answers

What is the characteristic of the early agricultural history of South Africa?

<p>It was characterized by subsistence farming and minimal trade (B)</p> Signup and view all the answers

What is the primary role of financial institutions in the economy?

<p>To manage savings, provide loans, and support transactions (C)</p> Signup and view all the answers

What has driven the growth of the service sector in South Africa since 1994?

<p>Globalization, technological advancements, and infrastructure improvements (A)</p> Signup and view all the answers

What is the primary factor influencing population growth in South Africa?

<p>Fertility rates and migration (C)</p> Signup and view all the answers

What is the result of the HIV/AIDS epidemic on South Africa's population?

<p>Slowed population growth rate (B)</p> Signup and view all the answers

What is the main challenge facing the South African labour force?

<p>Inadequate education and skills training (D)</p> Signup and view all the answers

What has been the outcome of the shift from primary sectors to services and finance?

<p>Increased demand for skilled workers in services and finance (B)</p> Signup and view all the answers

What is the primary challenge facing the informal sector in South Africa?

<p>Limited development and support (C)</p> Signup and view all the answers

What is the primary policy implication for addressing the challenges facing the South African economy?

<p>Enhanced education and skills training (C)</p> Signup and view all the answers

What is the main impact of urbanization on South Africa's social services and infrastructure?

<p>Increased demand for services (D)</p> Signup and view all the answers

What is the primary factor influencing the distribution of employment opportunities in South Africa?

<p>Provincial disparities (A)</p> Signup and view all the answers

What is the primary challenge facing the youthful labour force in South Africa?

<p>Underutilization and high unemployment (A)</p> Signup and view all the answers

What is the underlying reason for the existence of the economic problem?

<p>The limited availability of resources (A)</p> Signup and view all the answers

Which of the following is NOT one of the primary economic questions?

<p>When to produce? (D)</p> Signup and view all the answers

What is the key difference between microeconomics and macroeconomics?

<p>Microeconomics focuses on individual markets, while macroeconomics focuses on the entire economy (D)</p> Signup and view all the answers

Why do individuals, governments, and societies need to make decisions about resource allocation?

<p>Because resources are scarce (A)</p> Signup and view all the answers

What is the fundamental economic problem related to?

<p>The allocation of resources (A)</p> Signup and view all the answers

What do microeconomics and macroeconomics have in common?

<p>They both examine the allocation of resources (B)</p> Signup and view all the answers

What is the primary concern of economics as a social science?

<p>How to allocate resources efficiently (A)</p> Signup and view all the answers

Why is the economic problem considered a fundamental challenge?

<p>Because it arises from the mismatch between limitless wants and finite resources (A)</p> Signup and view all the answers

What is the term for the creation of goods and services by combining land, labor, capital, and entrepreneurship?

<p>Production (A)</p> Signup and view all the answers

Which sector of the economy provides services rather than goods?

<p>Tertiary Sector (C)</p> Signup and view all the answers

What is the term for the portion of income available for spending or saving after taxes?

<p>Disposable Income (A)</p> Signup and view all the answers

What is the goal of sustainable development?

<p>Conducting economic growth without depleting natural resources or harming human and environmental health (A)</p> Signup and view all the answers

What is the term for unregistered businesses that are not included in official economic statistics?

<p>Informal Sector (C)</p> Signup and view all the answers

What is the term for long-lasting goods like appliances and vehicles?

<p>Durable Goods (A)</p> Signup and view all the answers

What is the main role of households in the economy?

<p>Purchasing goods and services (B)</p> Signup and view all the answers

What is the term for the rate at which one currency can be exchanged for another?

<p>Exchange Rate (A)</p> Signup and view all the answers

What is the term for the process of creating goods and services?

<p>Production (A)</p> Signup and view all the answers

What is the term for individuals who combine the four factors of production to create goods and services?

<p>Entrepreneurs (C)</p> Signup and view all the answers

What is the main function of the goods market in the economy?

<p>To facilitate the exchange of goods and services (B)</p> Signup and view all the answers

What is the significance of the Expenditure Approach in calculating GDP?

<p>It represents the total spending on final goods and services (D)</p> Signup and view all the answers

Why is GNI a more comprehensive measure of a country's economic activity than GDP?

<p>Because it accounts for income earned by nationals abroad (A)</p> Signup and view all the answers

What is the primary problem with using GDP as a measure of economic activity?

<p>All of the above (D)</p> Signup and view all the answers

What is the purpose of per capita income calculation?

<p>To calculate the average income per person in a country (C)</p> Signup and view all the answers

What is the characteristic of leading indicators in business cycles?

<p>They signal future economic changes before they occur (C)</p> Signup and view all the answers

What is the primary function of time series data in business cycles?

<p>To track economic indicators over time (D)</p> Signup and view all the answers

What is the characteristic of procyclical indicators in business cycles?

<p>They move in the same direction as the economy (B)</p> Signup and view all the answers

What are business cycles characterized by?

<p>Alternating periods of expansion and contraction (A)</p> Signup and view all the answers

Why are economic indicators important in understanding business cycles?

<p>They provide insights into the current phase of the business cycle (D)</p> Signup and view all the answers

What is the primary focus of Labour Economics?

<p>The supply and demand for labour and its effects on wage levels and employment (C)</p> Signup and view all the answers

What is the main difference between positive and normative economics?

<p>Positive economics focuses on describing and predicting economic phenomena, while normative economics involves value judgments (A)</p> Signup and view all the answers

Which of the following is an example of an economic model?

<p>A mathematical equation representing the economy (C)</p> Signup and view all the answers

What is the main challenge faced by economists in conducting research?

<p>The difficulty in controlling variables and conducting experiments (B)</p> Signup and view all the answers

What is the term for the limited availability of resources that leads to the necessity of making choices?

<p>Scarcity (D)</p> Signup and view all the answers

What is the primary focus of International Economics?

<p>International trade and finance, studying how countries interact economically (A)</p> Signup and view all the answers

Which approach involves developing hypotheses based on existing theories and testing them against empirical data?

<p>Deductive reasoning (A)</p> Signup and view all the answers

What is the term for the benefit that is given up when a choice is made?

<p>Opportunity cost (D)</p> Signup and view all the answers

What is the primary focus of Environmental Economics?

<p>Economic issues with environmental implications (B)</p> Signup and view all the answers

What is the term for the goods that are naturally available without cost?

<p>Free goods (B)</p> Signup and view all the answers

What is the primary reason for government intervention in the economy through taxation?

<p>To fund public services and infrastructure (D)</p> Signup and view all the answers

What is the primary characteristic of a mixed economy?

<p>Combination of free market and government control (A)</p> Signup and view all the answers

What is the primary effect of mechanization on employment patterns?

<p>Decreased employment opportunities (D)</p> Signup and view all the answers

What is the primary driver of urban growth?

<p>Migration trends (B)</p> Signup and view all the answers

What is the primary function of limited liability companies?

<p>To protect investors from losing more than their investment (D)</p> Signup and view all the answers

What is the primary impact of globalization on developing countries?

<p>Contributed to economic disparities (D)</p> Signup and view all the answers

What is the primary goal of the World Trade Organization (WTO)?

<p>To promote fair global trade practices (B)</p> Signup and view all the answers

What is the characteristic of the early agricultural history of South Africa?

<p>Predominantly agrarian economy with minimal trade (D)</p> Signup and view all the answers

What is the primary driver of industrial development in South Africa?

<p>Immigration and entrepreneurial immigrants (D)</p> Signup and view all the answers

What is the primary role of financial institutions in the economy?

<p>To facilitate economic growth by managing savings and providing loans (A)</p> Signup and view all the answers

What is the primary driver of urbanization in South Africa?

<p>Economic development leading to better employment opportunities (A)</p> Signup and view all the answers

What is the impact of the HIV/AIDS epidemic on South Africa's population growth rate?

<p>It has slowed down the population growth rate due to increased mortality (C)</p> Signup and view all the answers

What is the primary challenge facing the South African labour force?

<p>Inadequate education and skills training (D)</p> Signup and view all the answers

What is the main focus of policy implications in addressing South Africa's economic challenges?

<p>Improving education and skills training (C)</p> Signup and view all the answers

What is the characteristic of South Africa's demographic profile?

<p>Transitioning through various stages of demographic transition (B)</p> Signup and view all the answers

What is the primary reason for the shift from primary sectors to services and finance?

<p>Globalization and technological advancements (C)</p> Signup and view all the answers

What is the main challenge facing the informal sector in South Africa?

<p>Limited development and low entrepreneurial rates (C)</p> Signup and view all the answers

What is the primary factor influencing population growth in South Africa?

<p>All of the above (D)</p> Signup and view all the answers

What is the characteristic of the youth labour force in South Africa?

<p>Underutilized and facing high unemployment rates (C)</p> Signup and view all the answers

What is the primary goal of urban planning and infrastructure development in South Africa?

<p>Reducing urban sprawl and improving service delivery (C)</p> Signup and view all the answers

What is the primary impact of business cycles on economically vulnerable populations?

<p>Reduced income and higher unemployment rates (B)</p> Signup and view all the answers

Which of the following is an exogenous reason for business cycles?

<p>Natural disasters (B)</p> Signup and view all the answers

What is the phase of the business cycle characterized by a gradual improvement in economic conditions?

<p>Recovery (B)</p> Signup and view all the answers

What is the term for the total demand for goods and services in the economy?

<p>Aggregate Demand (C)</p> Signup and view all the answers

What is the primary driver of urban growth according to the evolution of markets?

<p>Industrialization (A)</p> Signup and view all the answers

What is the outcome of the phase of the business cycle characterized by high economic activity and increasing employment?

<p>Economic growth (C)</p> Signup and view all the answers

What is the primary focus of understanding business cycles?

<p>Anticipating economic changes and implementing measures to mitigate adverse effects (C)</p> Signup and view all the answers

What is the term for the total supply of goods and services available in the economy?

<p>Aggregate Supply (C)</p> Signup and view all the answers

What is the primary impact of business cycles on employment?

<p>Increased employment during booms and decreased employment during recessions (A)</p> Signup and view all the answers

What is the primary reason for the growth of towns and mercantile law?

<p>Expansion of trade and commerce (B)</p> Signup and view all the answers

What is the primary reason why individuals, businesses, governments, and other organizations make decisions about resource allocation?

<p>Because human wants are limitless, yet resources are limited (A)</p> Signup and view all the answers

What is the primary concern of microeconomics?

<p>The decisions of individuals and firms (C)</p> Signup and view all the answers

What is the primary goal of resource allocation?

<p>To distribute resources efficiently (C)</p> Signup and view all the answers

What is the primary reason why economics is a social science?

<p>It studies the behavior of individuals and societies (D)</p> Signup and view all the answers

What is the primary concern of macroeconomics?

<p>The overall functioning of an economy (C)</p> Signup and view all the answers

What is the primary economic problem that arises from the dichotomy between infinite desires and finite means?

<p>How to distribute limited resources efficiently (D)</p> Signup and view all the answers

What is the primary reason why economics is divided into different branches?

<p>To focus on different aspects of economic analysis (A)</p> Signup and view all the answers

What is the primary outcome of the economic problem of scarcity?

<p>The need to make choices about resource allocation (C)</p> Signup and view all the answers

What is the primary function of entrepreneurship in the production of goods and services?

<p>To combine the other three factors of production to create goods and services (C)</p> Signup and view all the answers

What is the main difference between the primary sector and the secondary sector?

<p>The primary sector involves extraction of natural resources, while the secondary sector involves manufacturing and processing (C)</p> Signup and view all the answers

What is the main goal of sustainable development?

<p>To promote economic growth without depleting natural resources or harming human and environmental health (C)</p> Signup and view all the answers

What is the main difference between the public sector and the private sector?

<p>The public sector is owned by the government, while the private sector is owned by individuals or corporations (C)</p> Signup and view all the answers

What is the main characteristic of the formal sector?

<p>It includes all registered businesses whose activities are measured in official statistics (D)</p> Signup and view all the answers

What is the main purpose of exchange rates in international trade?

<p>To facilitate the exchange of one currency for another, enabling international trade (C)</p> Signup and view all the answers

What is the main characteristic of durable goods?

<p>They are long-lasting goods like appliances and vehicles (C)</p> Signup and view all the answers

What is the main role of households in the economy?

<p>To provide labor and receive income used to purchase goods and services (A)</p> Signup and view all the answers

What is the main challenge to achieving sustainable development?

<p>Issues like pollution, greenhouse effects, and exploitation of labor (C)</p> Signup and view all the answers

What is the primary function of capital in the production of goods and services?

<p>To provide tools, machinery, and buildings used to produce goods and services (B)</p> Signup and view all the answers

What is the primary characteristic of the prosperity phase of a business cycle?

<p>High economic activity, increasing employment, and wages (D)</p> Signup and view all the answers

What is the main factor that influences the aggregate demand in an economy?

<p>Changes in investment and savings levels (B)</p> Signup and view all the answers

Which of the following is a consequence of business cycles on economically vulnerable populations?

<p>Reduced income and higher unemployment rates (B)</p> Signup and view all the answers

What is the primary role of government and social services during economic downturns?

<p>To provide support to economically vulnerable populations (C)</p> Signup and view all the answers

What is the primary consequence of urbanization on economic development?

<p>Growth of modern cities and economic hubs (B)</p> Signup and view all the answers

What is the primary characteristic of industrialization?

<p>Significant advances in manufacturing and mechanization (C)</p> Signup and view all the answers

What is the primary factor that influences the exchange rate according to the business cycle?

<p>Economic strength or weakness (C)</p> Signup and view all the answers

What is the primary consequence of specialization of labor on economic development?

<p>Improved efficiency and productivity (A)</p> Signup and view all the answers

What is the primary role of language skills and learning in the development of trade and commerce?

<p>To record transactions and transmit knowledge (A)</p> Signup and view all the answers

What is the primary characteristic of the recovery phase of a business cycle?

<p>Gradual improvement in economic conditions (C)</p> Signup and view all the answers

What is the primary function of the Foreign Sector in the economy?

<p>To engage in trade, affecting imports and exports (B)</p> Signup and view all the answers

What represents the total market value of all final goods and services produced within a country's borders?

<p>Gross Domestic Product (GDP) (C)</p> Signup and view all the answers

What is the main difference between the Product Approach and the Expenditure Approach to calculating GDP?

<p>The Product Approach focuses on production, while the Expenditure Approach focuses on spending (B)</p> Signup and view all the answers

What does GNI measure?

<p>The total income earned by a country's nationals, including production inside and outside the country (A)</p> Signup and view all the answers

What is the main limitation of using GDP as a measure of economic activity?

<p>All of the above (D)</p> Signup and view all the answers

What is the purpose of per capita income calculation?

<p>To understand the economic well-being of the average citizen (C)</p> Signup and view all the answers

What is the characteristic of leading indicators in business cycles?

<p>They signal future economic changes before they occur (D)</p> Signup and view all the answers

What is the purpose of time series data in business cycles?

<p>To track changes in the economy over time (D)</p> Signup and view all the answers

What is the characteristic of procyclical indicators in business cycles?

<p>They move in the same direction as the economy (C)</p> Signup and view all the answers

What is the main focus of understanding business cycles?

<p>To understand the natural fluctuations in economic activity (B)</p> Signup and view all the answers

What is the primary purpose of taxation in a mixed economy?

<p>To fund public services and infrastructure (A)</p> Signup and view all the answers

What is the primary driver of industrial development in South Africa?

<p>Global technological advances (C)</p> Signup and view all the answers

What is the primary effect of mechanization on employment patterns?

<p>Replacement of labor (C)</p> Signup and view all the answers

What is the primary role of limited liability companies?

<p>To protect investors from losing more than their investment (C)</p> Signup and view all the answers

What is the primary goal of the World Trade Organization (WTO)?

<p>To promote fair global trade practices (D)</p> Signup and view all the answers

What is the characteristic of the early agricultural history of South Africa?

<p>Predominantly agrarian with minimal trade (D)</p> Signup and view all the answers

What is the primary impact of globalization on developing countries?

<p>Economic disparities between developed and developing nations (D)</p> Signup and view all the answers

What is the primary driver of urban growth?

<p>Migration trends (C)</p> Signup and view all the answers

What is the primary function of financial institutions in the economy?

<p>To manage savings and provide loans (B)</p> Signup and view all the answers

What is the primary role of trade unions?

<p>To improve working conditions and negotiate fair wages (D)</p> Signup and view all the answers

What is the primary focus of Labour Economics?

<p>The supply and demand for labour (B)</p> Signup and view all the answers

Which of the following approaches involves forming hypotheses based on existing theories and testing them against empirical data?

<p>Deductive reasoning (B)</p> Signup and view all the answers

What is the primary purpose of economic models?

<p>To describe and predict economic phenomena (A)</p> Signup and view all the answers

What is the term for the branch of economics that focuses on international trade and finance?

<p>International Economics (C)</p> Signup and view all the answers

What is the primary challenge faced by economists in conducting research?

<p>All of the above (D)</p> Signup and view all the answers

What is the term for the goods that are naturally available without cost?

<p>Free Goods (D)</p> Signup and view all the answers

What is the term for the foregone benefit of the next best alternative when a choice is made?

<p>Opportunity Cost (B)</p> Signup and view all the answers

Which of the following is an example of relative scarcity?

<p>A lack of access to goods due to economic constraints (A)</p> Signup and view all the answers

What is the primary focus of Environmental Economics?

<p>The economic issues with environmental implications (C)</p> Signup and view all the answers

Which of the following approaches focuses on describing and predicting economic phenomena without judgment?

<p>Positive Economics (B)</p> Signup and view all the answers

What is the primary driver of South Africa's economic growth since 1994?

<p>Globalization and technological advancements (B)</p> Signup and view all the answers

What is the main challenge facing South Africa's service sector?

<p>Brain drain and crime (B)</p> Signup and view all the answers

What is the estimated population of South Africa by 2010?

<p>50 million (D)</p> Signup and view all the answers

What is the primary factor influencing population growth in South Africa?

<p>All of the above (D)</p> Signup and view all the answers

What is the primary impact of HIV/AIDS on South Africa's population?

<p>Reduced population growth rate (A)</p> Signup and view all the answers

What is the primary challenge facing South Africa's youth?

<p>All of the above (D)</p> Signup and view all the answers

What is the primary sector that has driven economic growth in South Africa?

<p>Services (D)</p> Signup and view all the answers

What is the primary policy implication of South Africa's demographic and labour force trends?

<p>All of the above (D)</p> Signup and view all the answers

What is the primary impact of urbanization on South Africa's cities?

<p>Increased challenges of urban overcrowding and service delivery (D)</p> Signup and view all the answers

What is the primary challenge facing South Africa's labour market?

<p>All of the above (D)</p> Signup and view all the answers

What is the primary reason why individuals, governments, and societies must continuously make decisions about resource allocation?

<p>Because of the scarcity of resources (A)</p> Signup and view all the answers

Which of the following is NOT a primary economic question?

<p>Why to produce? (C)</p> Signup and view all the answers

Which branch of economics examines the overall functioning of an economy, including issues like unemployment, inflation, and economic growth?

<p>Macroeconomics (A)</p> Signup and view all the answers

What is the outcome of the dichotomy between infinite desires and finite means?

<p>Scarcity (D)</p> Signup and view all the answers

Which of the following is a characteristic of microeconomics?

<p>Examines the decisions of individuals and firms (C)</p> Signup and view all the answers

What is the main challenge that arises from the scarcity of resources?

<p>Deciding which needs to prioritize and which to forgo (A)</p> Signup and view all the answers

Which of the following is a consequence of the fundamental economic problem?

<p>The need to make choices about resource allocation (D)</p> Signup and view all the answers

What is the primary goal of economics as a social science?

<p>To study how individuals, businesses, governments, and other organizations make decisions to allocate scarce resources (C)</p> Signup and view all the answers

What is the primary function of the foreign sector in the economy?

<p>To engage in trade, affecting imports and exports (A)</p> Signup and view all the answers

What is the main difference between the real flow and monetary flow?

<p>The real flow involves the exchange of goods and services, while the monetary flow involves the exchange of money (D)</p> Signup and view all the answers

What is the primary limitation of using GDP as a measure of economic activity?

<p>It does not account for the distribution of income among the population (B)</p> Signup and view all the answers

What is the primary difference between GDP and GNI?

<p>GDP focuses on production within the country, while GNI focuses on income earned by nationals (A)</p> Signup and view all the answers

What is the primary purpose of per capita income calculation?

<p>To calculate the average income per person (A)</p> Signup and view all the answers

What is the characteristic of leading indicators in business cycles?

<p>They signal future economic changes before they occur (D)</p> Signup and view all the answers

What is the primary purpose of time series data in business cycles?

<p>To analyze changes in the business cycle (D)</p> Signup and view all the answers

What is the characteristic of procyclical indicators in business cycles?

<p>They move in the same direction as the economy (C)</p> Signup and view all the answers

What is the primary focus of business cycle analysis?

<p>To analyze changes in the business cycle (C)</p> Signup and view all the answers

What is the primary limitation of using economic indicators in business cycle analysis?

<p>They are often lagging and do not signal future changes (C)</p> Signup and view all the answers

What is the primary reason why economically vulnerable populations are disproportionately affected by business cycles?

<p>They are more susceptible to changes in aggregate demand and supply (C)</p> Signup and view all the answers

What is the phase of the business cycle characterized by decreasing economic growth, output, and employment?

<p>Recession (C)</p> Signup and view all the answers

What is the term for the total demand for goods and services in the economy?

<p>Aggregate Demand (B)</p> Signup and view all the answers

What is the primary factor that influences the emergence of trade in early societies?

<p>Self-sufficiency and bartering (D)</p> Signup and view all the answers

What is the term for the growth of markets and trade resulting from specialization of labor?

<p>Market Development (B)</p> Signup and view all the answers

What is the primary impact of business cycles on economically vulnerable populations?

<p>Reduced income and higher unemployment rates (D)</p> Signup and view all the answers

What is the primary focus of economic planning and policymaking?

<p>Anticipating economic changes and implementing measures to mitigate the adverse effects (D)</p> Signup and view all the answers

What is the primary characteristic of procyclical indicators in business cycles?

<p>They move in the same direction as the business cycle (A)</p> Signup and view all the answers

What is the primary driver of urban growth?

<p>Industrialization and urbanization (C)</p> Signup and view all the answers

What is the primary role of government and social services in supporting economically vulnerable populations?

<p>Supporting them especially during economic downturns (C)</p> Signup and view all the answers

What is the primary function of entrepreneurship in the production of goods and services?

<p>To combine the other three factors of production to create goods and services (C)</p> Signup and view all the answers

Which sector of the economy is responsible for providing public services and infrastructure?

<p>Public Sector (A)</p> Signup and view all the answers

What is the main difference between durable and non-durable goods?

<p>Durable goods are long-lasting, while non-durable goods are consumed immediately (C)</p> Signup and view all the answers

What is the primary goal of sustainable development?

<p>To achieve economic growth without depleting natural resources or harming human and environmental health (D)</p> Signup and view all the answers

What is the primary focus of Labour Economics?

<p>The supply and demand for labour and its effects on wage levels and employment (D)</p> Signup and view all the answers

What is the term for the portion of income available for spending or saving after taxes?

<p>Disposable income (C)</p> Signup and view all the answers

Which of the following approaches involves developing hypotheses based on existing theories and testing them against empirical data?

<p>Deductive reasoning (C)</p> Signup and view all the answers

What is the primary purpose of economic models in economics?

<p>To describe and predict economic phenomena without judgment (A)</p> Signup and view all the answers

Which sector of the economy is responsible for extracting natural resources?

<p>Primary Sector (C)</p> Signup and view all the answers

What is the primary role of regulatory measures in promoting sustainable development?

<p>To ban environmentally harmful activities (C)</p> Signup and view all the answers

Which of the following is an example of relative scarcity?

<p>Goods being plentiful but unaffordable for the majority in developing nations (B)</p> Signup and view all the answers

What is the term for the benefit of the next best alternative when a choice is not made?

<p>Sunk cost (C)</p> Signup and view all the answers

What is the term for the rate at which one currency can be exchanged for another?

<p>Exchange rate (A)</p> Signup and view all the answers

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

<p>Sunlight (B)</p> Signup and view all the answers

Which sector of the economy is responsible for providing services rather than goods?

<p>Tertiary Sector (A)</p> Signup and view all the answers

What is the primary function of government in the economy?

<p>To provide public goods and services (B)</p> Signup and view all the answers

What is the primary focus of International Economics?

<p>International trade and finance, studying how countries interact economically (C)</p> Signup and view all the answers

Which of the following approaches is used in economics to develop new theories based on data?

<p>Inductive reasoning (C)</p> Signup and view all the answers

What is the primary challenge in Economic Research?

<p>Dealing with human behaviours that are diverse and difficult to predict (C)</p> Signup and view all the answers

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

<p>A packet of rice (C)</p> Signup and view all the answers

What is the primary function of taxation in a mixed economy?

<p>To fund public services and infrastructure, influencing economic activities (A)</p> Signup and view all the answers

How does mechanization affect employment patterns?

<p>It replaces labor with machinery, affecting employment patterns (B)</p> Signup and view all the answers

What is the primary goal of the World Trade Organization (WTO)?

<p>To balance the interests of rich and poor nations in global trade (D)</p> Signup and view all the answers

What is the characteristic of a mixed economy?

<p>It combines elements of free markets and government control to balance growth and social welfare (B)</p> Signup and view all the answers

What is the primary driver of urban growth during industrialization?

<p>The migration of people from rural areas to cities (D)</p> Signup and view all the answers

What is the primary function of financial institutions in an economy?

<p>To manage savings, provide loans, and support transactions (D)</p> Signup and view all the answers

What is the impact of globalization on developing countries?

<p>It perpetuates economic imbalances by creating unequal trade relationships (C)</p> Signup and view all the answers

What is the primary role of limited liability companies?

<p>To promote entrepreneurship and investment by protecting investors from losing more than their investment (A)</p> Signup and view all the answers

What is the characteristic of the early agricultural history of South Africa?

<p>It was characterized by subsistence farming, limited markets, and reliance on manual labor and basic tools (A)</p> Signup and view all the answers

What is the primary driver of industrial development in South Africa?

<p>The discovery of diamonds and gold (A)</p> Signup and view all the answers

What is the primary reason for South Africa's economic transformation from an agrarian base to a complex industrial and service-oriented economy?

<p>Globalization and technological advancements (D)</p> Signup and view all the answers

What is the main challenge facing the South African labour force?

<p>Inadequate education and skills training (C)</p> Signup and view all the answers

What is the primary impact of HIV/AIDS on South Africa's demographic patterns?

<p>Slowed population growth rate (C)</p> Signup and view all the answers

What is the primary driver of urban growth in South Africa?

<p>Economic development (D)</p> Signup and view all the answers

What is the primary policy implication for addressing the challenges in South Africa's labour force?

<p>Enhancing education and skills training (D)</p> Signup and view all the answers

What is the primary characteristic of South Africa's demographic cycle?

<p>Transitioning through various stages of demographic transition (D)</p> Signup and view all the answers

What is the primary challenge facing the South African economy?

<p>Inequality and resource distribution (A)</p> Signup and view all the answers

What is the primary impact of inadequate education and skills training on South Africa's labour force?

<p>High unemployment rates among the youth (C)</p> Signup and view all the answers

What is the primary driver of the shift from primary sectors to services and finance in South Africa's economy?

<p>Economic development and changing skill sets (A)</p> Signup and view all the answers

What is the primary policy implication for addressing the challenges of urbanization in South Africa?

<p>Improving urban planning and infrastructure (C)</p> Signup and view all the answers

In which branch of economics would the study of the effects of climate change on the economy fall?

<p>Environmental Economics (D)</p> Signup and view all the answers

What type of reasoning involves observing data to develop new theories?

<p>Inductive reasoning (D)</p> Signup and view all the answers

What is the primary purpose of economic models?

<p>To understand and predict the interactions and outcomes of economic actions (D)</p> Signup and view all the answers

Which approach involves value judgments and subjective perspectives on what the economy should be like?

<p>Normative economics (B)</p> Signup and view all the answers

What is the main challenge in conducting economic research?

<p>Dealing with human behaviors that are diverse and difficult to predict (C)</p> Signup and view all the answers

What is the term for the goods that require scarce resources to produce?

<p>Economic goods (C)</p> Signup and view all the answers

What is the outcome of the trade-off between infinite desires and finite means?

<p>Opportunity cost (C)</p> Signup and view all the answers

What is the primary reason why individuals and governments must continuously make decisions about resource allocation?

<p>To balance the fulfillment of diverse needs against available financial capacities (D)</p> Signup and view all the answers

Which branch of economics focuses on the economic activities of government and its role in the economy?

<p>Public Sector Economics (D)</p> Signup and view all the answers

Which of the following is an example of a microeconomic decision?

<p>Deciding the production level of a firm (D)</p> Signup and view all the answers

What is the primary focus of Labour Economics?

<p>The supply and demand for labour (B)</p> Signup and view all the answers

What is the term for the simplified representations of complex economic activities?

<p>Economic models (C)</p> Signup and view all the answers

What is the relationship between human wants and resources in the context of economics?

<p>Human wants are infinite, while resources are finite (D)</p> Signup and view all the answers

What is the primary objective of economic analysis in the context of resource allocation?

<p>To distribute resources efficiently (B)</p> Signup and view all the answers

Which of the following is a characteristic of macroeconomic analysis?

<p>Examines the overall functioning of an economy (C)</p> Signup and view all the answers

What is the primary challenge that arises from the dichotomy between infinite desires and finite means?

<p>The need to make choices about resource allocation (A)</p> Signup and view all the answers

What is the primary role of economic questions in the context of resource allocation?

<p>To guide decision-making about resource allocation (B)</p> Signup and view all the answers

What is the primary goal of economic analysis in the context of resource allocation?

<p>To distribute resources efficiently to meet the needs of individuals and societies (B)</p> Signup and view all the answers

What is the primary role of entrepreneurship in the economy?

<p>To combine the other three factors of production to create goods and services (C)</p> Signup and view all the answers

Which sector of the economy involves the extraction of natural resources?

<p>Primary sector (C)</p> Signup and view all the answers

What is the term for the portion of income available for spending or saving after taxes?

<p>Disposable income (A)</p> Signup and view all the answers

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

<p>Vehicle (B)</p> Signup and view all the answers

Which sector of the economy provides services rather than goods?

<p>Tertiary sector (C)</p> Signup and view all the answers

What is the term for the rate at which one currency can be exchanged for another?

<p>Exchange rate (C)</p> Signup and view all the answers

What is the primary role of government in the economy?

<p>To provide public goods and services (D)</p> Signup and view all the answers

Which of the following is an example of a semi-durable good?

<p>Clothing (C)</p> Signup and view all the answers

What is the term for unregistered businesses that are not included in official economic statistics?

<p>Informal sector (A)</p> Signup and view all the answers

What is the primary function of markets in the economy?

<p>To enable the exchange of goods and services (C)</p> Signup and view all the answers

Which of the following is a limitation of using GDP as a measure of economic activity?

<p>It does not account for income distribution (A)</p> Signup and view all the answers

What is the primary difference between GDP and GNI?

<p>GDP measures domestic production, while GNI measures national income (D)</p> Signup and view all the answers

Which of the following is a characteristic of a business cycle?

<p>It is a natural fluctuation in economic activity (B)</p> Signup and view all the answers

What is the purpose of calculating per capita income?

<p>To measure the average income of a person in a country (B)</p> Signup and view all the answers

Which of the following is a type of economic indicator?

<p>All of the above (D)</p> Signup and view all the answers

What is the primary function of the foreign sector in the economy?

<p>To engage in international trade and investment (A)</p> Signup and view all the answers

Which of the following is a characteristic of leading indicators?

<p>They signal future economic changes (D)</p> Signup and view all the answers

What is the purpose of time series data in business cycles?

<p>To track economic changes over time (D)</p> Signup and view all the answers

Which of the following is a limitation of using GNI as a measure of economic activity?

<p>It does not account for production by foreign entities (C)</p> Signup and view all the answers

What is the primary cause of economic downturns in business cycles?

<p>Endogenous factors such as fluctuations in investment and technological changes (D)</p> Signup and view all the answers

What is the impact of business cycles on economically vulnerable populations?

<p>They are more affected by economic downturns due to reduced income and higher unemployment rates (D)</p> Signup and view all the answers

What is the primary purpose of understanding business cycles?

<p>To anticipate economic changes and implement measures to mitigate the adverse effects on the population (B)</p> Signup and view all the answers

What is the primary characteristic of the boom phase of the business cycle?

<p>Peak economic performance before a potential downturn (C)</p> Signup and view all the answers

What is the primary factor that influences the exchange rate?

<p>Business cycles (D)</p> Signup and view all the answers

What is the primary consequence of urbanization on economic growth?

<p>It leads to an increase in economic growth (D)</p> Signup and view all the answers

What is the primary driver of market development?

<p>Specialization of labor (D)</p> Signup and view all the answers

What is the primary characteristic of the recovery phase of the business cycle?

<p>Gradual improvement in economic conditions (C)</p> Signup and view all the answers

What is the primary impact of business cycles on employment?

<p>Job creation increases during booms and decreases during recessions (A)</p> Signup and view all the answers

What is the primary factor that influences the price levels in an economy?

<p>Aggregate demand and supply (C)</p> Signup and view all the answers

What is the primary factor that has driven the growth of the service sector in South Africa since 1994?

<p>Globalization and technological advancements (A)</p> Signup and view all the answers

What is the primary challenge facing the South African economy in terms of inequality?

<p>Resource distribution (C)</p> Signup and view all the answers

What is the primary factor that has influenced population growth in South Africa?

<p>All of the above (D)</p> Signup and view all the answers

What is the primary stage of demographic transition that South Africa is currently experiencing?

<p>Lower birth and death rates (B)</p> Signup and view all the answers

What is the primary impact of HIV/AIDS on life expectancy in South Africa?

<p>Decreased life expectancy (A)</p> Signup and view all the answers

What is the primary challenge facing the South African labour force in terms of education?

<p>All of the above (D)</p> Signup and view all the answers

What is the primary sector that has seen a shift in the South African labour force?

<p>Services (D)</p> Signup and view all the answers

What is the primary challenge facing entrepreneurship in South Africa?

<p>All of the above (D)</p> Signup and view all the answers

What is the primary policy implication for addressing the challenges in the South African labour force?

<p>Enhancing education and skills training (B)</p> Signup and view all the answers

What is the primary challenge facing urban planning and infrastructure in South Africa?

<p>All of the above (D)</p> Signup and view all the answers

What is the primary purpose of governments' use of taxation in the economy?

<p>To influence economic activities and fund public services (D)</p> Signup and view all the answers

What is the primary characteristic of a mixed economy?

<p>A balance between the elements of free markets and government control to promote growth and social welfare (C)</p> Signup and view all the answers

What is the primary impact of mechanization on employment patterns?

<p>An increase in labor productivity and a decrease in the need for manual labor (C)</p> Signup and view all the answers

What is the primary driver of urban growth?

<p>Industrialization and the concentration of economic activity and resources in urban areas (D)</p> Signup and view all the answers

What is the primary function of limited liability companies?

<p>To protect investors from losing more than their investment and encourage entrepreneurship (B)</p> Signup and view all the answers

What is the primary impact of globalization on developing countries?

<p>The perpetuation of economic imbalances, with developing countries exporting raw materials and importing high-value finished goods (D)</p> Signup and view all the answers

What is the primary goal of the World Trade Organization (WTO)?

<p>To promote fair global trade practices and balance the interests of rich and poor nations (D)</p> Signup and view all the answers

What is the primary characteristic of the early agricultural history of South Africa?

<p>The economy was predominantly agrarian with minimal trade, characterized by subsistence farming and limited markets (B)</p> Signup and view all the answers

What is the primary driver of industrial development in South Africa?

<p>The discovery of diamonds and gold and the attraction of immigrants (C)</p> Signup and view all the answers

What is the primary factor that shapes the global economic landscape?

<p>The understanding of the historical context and current dynamics of global economies (A)</p> Signup and view all the answers

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