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Which factor of production involves the risk of starting and running a business?

What is the remuneration for labor in the factors of production?

Which of the following is NOT a characteristic of natural resources as a factor of production?

Which factor most directly compensates for the use of machinery in a manufacturing plant?

Why is the distinction between final and intermediate goods important when calculating GDP?

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

In the circular flow model, what role do households play?

Which component is used to calculate GDP using the expenditure method?

What is the primary difference between GDP and GNI?

In a centrally planned economy, who primarily determines production and distribution decisions?

Which of the following is an advantage of a market economy?

What is a key characteristic of a mixed economy?

Which economic system is characterized by state ownership of resources and centralized planning?

What is a potential disadvantage of a market economy?

Which of the following is a social service typically provided by the government in a mixed economy?

The South African government's role in supporting local businesses and facilitating international trade falls under which category?

What is the primary focus of the primary sector?

Which sector involves the transformation of raw materials into finished goods?

What type of industry is included in South Africa's primary sector?

How do transport networks contribute to a country's GDP?

What is the primary source of remuneration of Natural Resources?

What is an example of capital widening?

In a circular flow of goods and services, which is an example of investment (I)?

Which of the following is considered an intermediate good?

What is the role of entrepreneurs in an economic system?

Which of the following statements BEST describes the impact of apartheid on South Africa's economic structure?

What is the main goal of Black Economic Empowerment (BEE) in South Africa?

How does a country benefit by decreasing the value of it's currency?

Consider a scenario where a country's GDP increases significantly, but its GNI remains relatively stagnant. What could this indicate?

A country is experiencing high GDP growth driven primarily by consumption (C) and government expenditure (G), with relatively low investment (I) and a negative trade balance (X-Z). What potential long-term economic challenges might this country face?

An economist observes that in a mixed economy, increased government intervention in key industries leads to decreased efficiency and innovation but also results in more equitable income distribution and better social services. What economic trade-off is BEST exemplified by this situation?

How would you estimate the value of someone's contribution to Gross Domestic Product?

Which of the following factors of production is inherently nonstorable?

If a government increases spending without an equivalent increase in taxes, what factor is most likely to increase as the government borrows to cover the difference?

What are the BRICS nations?

Two economists are debating South Africa's economic policy. Economist A argues for increased privatization and deregulation to boost efficiency and attract foreign investment. Economist B advocates for stronger state intervention to address inequality and ensure social welfare. Assuming both economists have valid points, under which economic system would their policy recommendations likely converge?

A company's bookkeeper is calculating Gross Fixed Capital Formation. Which is the most difficult to estimate? (All are difficult for various reasons, choose the MOST difficult.)

Which factor of production encompasses all manufactured resources used in the production of goods and services?

What form of compensation is typically associated with the use of natural resources in production?

Which of the following best describes the role of entrepreneurs in the factors of production?

Which factor influences the remuneration for capital?

What is the primary goal of excluding intermediate goods when calculating GDP?

Which of the following is an example of an expenditure that would be included in the 'Investment' (I) component of GDP?

What role does the foreign sector play in the circular flow of goods and services?

In calculating GDP using the expenditure method, which formula is used?

How does GNI differ from GDP?

Which of the following is a key characteristic of a centrally planned economy?

What best characterizes a mixed economy?

Which of the following is an advantage typically associated with a centrally planned economy?

In a mixed economy, what is a potential drawback of significant government intervention?

Which of the following activities falls under the umbrella of economic services provided by the South African government?

What is the primary focus of the secondary sector in an economy?

Industries like finance, insurance, and real estate are categorized under which sector?

Which of the following is a defining trait of labor as a factor of production?

Which economic concept is exemplified by investing in new robots to maintain the current level of output as the existing machinery depreciates?

What is a primary function of entrepreneurs in an economic system?

Which of the following best represents government expenditure (G) in the circular flow model?

In South Africa, which legislative measure addresses historical economic inequalities by promoting broader participation of black individuals in the economy?

Which economic system is most likely to exhibit shortages of goods and limited consumer choice?

Which initiative aims to enhance South Africa's economic growth, competitiveness, and employment?

What historical factor significantly restricted black South Africans' opportunities in farming and mining?

Which of the following is a key characteristic of the primary sector?

Which sector is dominant in most developed economies in terms of GDP contribution?

Effective communication systems are most vital for:

What is the purpose of the Land Redistribution Programme?

South Africa aims to enhance its global market position by:

The government taxes a pack of playing cards. Why is this considered a regressive tax?

A nation boasts a high GDP but a significantly lower GNI. Considering the components that differentiate the two, what is the most probable cause?

Assume a country implements a new policy that drastically reduces environmental regulations to boost its manufacturing output. While GDP increases due to higher production, the costs of pollution-related health issues also rise significantly; however, these costs are not factored into GDP calculations. What is the MOST ACCURATE conclusion?

Country A and Country B both have a GDP of $1 trillion. Country A has a GNI of $1.2 trillion, while Country B has a GNI of $0.8 trillion. Assuming all else is equal, what is the most accurate comparative conclusion?

An economy comprises only two individuals: Amy, a skilled engineer, and Ben, an unskilled laborer. Amy earns $100,000 annually, while Ben earns $20,000. If a new progressive tax system is introduced, which of the following scenarios is MOST LIKELY to occur?

A country has flexible exchange rates. If the central bank wants to depreciate the currency and increase exports, which action is MOST likely to work?

Given the same inflation within the borders of two countries, what is the MOST likely outcome of enhanced infrastructure, such as roadways and rail, in one country to transport goods, relative to a second country that did not?

Two isolated islands, each with unique economies and no prior interaction, are suddenly connected by a bridge. Island A's economy is heavily reliant on agriculture and labor, while Island B's economy revolves around technology and capital. Both islands have a different currency tied to their respective GDP, and free trade is immediately established. Which of those currencies is MOST likely to increase in value?

Which factor of production is MOST associated with the payment of rent?

Which of the following BEST exemplifies skilled labor as a factor of production?

Which factor directly affects the level of wages paid to labor?

Which BEST describes 'capital deepening'?

What is the MOST direct incentive for entrepreneurs to take risks in a market economy?

Which of the following would be considered a final good in GDP calculation?

What role do businesses play in the circular flow of goods and services?

In GDP calculation using the expenditure method, what does 'I' represent?

Which transaction is included in the calculation of Gross National Income (GNI) but not in Gross Domestic Product (GDP)?

In a centrally planned economy, what is the PRIMARY mechanism for determining the prices of goods and services?

What is considered to be a chief advantage of a market economy?

Which characteristic is MOST indicative of a mixed economy?

In a purely centrally planned economy, what entity typically owns the natural resources?

What is a potential drawback of relying solely on a market economy?

Which social service is generally provided by the government in a mixed economy?

ASGISA and the New Economic Growth Path are South African initiatives aimed at:

Which economic activity is PRIMARILY associated with the primary sector?

What is a key characteristic of the secondary sector of an economy?

Which of the following sectors includes the finance industry?

What role do transport networks play in a country's economy?

If a country's GDP is increasing, but its GNI is decreasing, what can be inferred?

An economy experiences a surge in consumer spending and a boom in the housing market, leading to rapid GDP growth. However, this growth is fueled by debt and unsustainable consumption patterns. What are the potential long-term economic challenges this country might face?

A government increases taxes on the wealthy to fund extensive social programs and reduce income inequality. However, this leads to decreased investment and slower economic growth. What economic trade-off is BEST exemplified by this situation?

What constitutes a regressive tax?

A country's government decides to implement policies that heavily favor domestic industries by imposing high tariffs on imported goods and providing subsidies to local producers. While this approach leads to increased domestic production and employment in the short term, what potential long-term economic consequences could this country face?

After a natural disaster decimates an island nation, international organizations and foreign governments flood the country with aid in the form of goods, services, and financial assistance. While GDP surges due to reconstruction efforts, the GNI remains stagnant, and unemployment rates stay persistently high. What is the BEST conclusion?

Two countries, Alpha and Beta, have similar GDPs. Alpha's GNI is significantly higher than its GDP, whereas Beta's GNI is almost identical to its GDP. Which conclusion is MOST likely?

In a country, the government decides to heavily subsidize the electric car industry, making electric cars far cheaper than gasoline powered ones. What is most likely to happen?

Country A and Country B, similar in size and population, are trading partners. Country A invests heavily in infrastructure (roads, ports) and streamlines its customs processes, significantly reducing trade costs. All else being equal, which outcome is MOST likely?

Two countries, Econia and Stagnia, both produce smartphones. Econia invests heavily in R&D and automation, leading to higher productivity and lower production costs. Stagnia relies on traditional methods and lower wages. Assuming wages remain similar from generation to generation, what is the MOST likely long-term outcome?

Black Economic Empowerment (BEE) initiatives in South Africa primarily aim to:

How did historical apartheid policies affect land ownership and economic opportunities for black South Africans?

Which program aims to address land inequalities in South Africa after apartheid?

What is a challenge South Africa faces regarding its infrastructure?

What is a result of restricted training and job opportunities for black individuals in South Africa's secondary sector during apartheid?

What is the MOST likely initial impact if a government rapidly increases the minimum wage?

Why might a strong currency actually HARM a nation?

In an economy, the velocity of money increases sharply due to technological advancements in payment systems. Assuming the money supply remains constant, what is MOST likely to occur, according to the quantity theory of money?