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ECS1501-25-EX10B

ECS1501-25-EX10B

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If Donald earns a nominal wage of R25 000 and he receives an increase in salary of R2 000, which of the following is true if the inflation rate is 9%?

Donald receives a decrease in nominal wage and an increase in his real wage.

Donald receives an increase in nominal wage and a decrease in his real wage.

Donald receives an increase in both nominal and real wage.

Donald receives a decrease in both nominal and real wage.

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This question is based on the following diagram.

Refiloe

is one of 10 vendors who sell game-day T-shirts at soccer games in a perfectly

competitive market. His costs are identical to the costs of the other 9

vendors. Refiloe's economic profit, in the long run, is

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The short-run supply curve for a perfectly competitive firm is its

demand curve above its marginal revenue curve.

marginal revenue curve to the right of its marginal cost curve.

average total cost curve below its marginal cost curve.

marginal cost curve above its average variable cost curve.

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Theo derives more utility from spending an additional rand on boots than on red berets. We can assume that

the marginal utility per rand spent on boots is less than the marginal utility per rand spent on red berets.

the marginal utility per rand spent on boots is equal to the marginal utility per rand spent on red berets.

boots cost less than red berets.

the marginal utility per rand spent on boots is greater than the marginal utility per rand spent on red berets.

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On a labour market graph, if the minimum wage is imposed above the equilibrium, which of the following best describes the labour surplus?

Vertical distance between demand and supply curves

Distance from origin to equilibrium

The wage rate set by the government

Horizontal gap between Ns (labour supplied) and Nd (labour demanded) at the minimum wage

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In the long run

at least one input is free.

the firm has time to change the level of all inputs.

inputs are neither variable nor fixed.

all inputs are more expensive.

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When Celia's dress factory hires two workers, the total product is 50 dresses. When she hires three workers, total product is 48, and when she hires four workers, total product is 45. The marginal product of the third and fourth workers is

decreasing and positive.

increasing and positive.

increasing and negative.

decreasing and negative.

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A minimum wage in a perfectly competitive labour market

will normally be imposed below the equilibrium wage.

can be instituted in an attempt to exploit low-wage workers and to depress their living standards even further.

which is imposed above the equilibrium wage, will lead to an excess demand of labour.

which is set above the equilibrium wage, will lead to unemployment.

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Tiisetso

grows marog near the Caledon River. The market for marog is perfectly

competitive. The market price of a bunch of marog leaves is R14.

Tiisetso's

total cost at the profit-maximizing number of bunches is

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This question is based on the following diagram.

Identify the area or areas that represent the gain in consumer surplus when the price falls from P1 to P2.

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