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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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