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ECS1501-26-EX10C
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“On November 26, 2018, South African President Cyril Ramaphosa signed into law the National Minimum Wage Bill (now the National Minimum Wage Act), which the National Assembly and the National Council of Provinces, the two houses of the country’s Parliament, passed on May 29 and August 21, 2018, respectively. (South Africa’s Ramaphosa Signs Minimum Wage Bill into Law, REUTERS (Nov. 26, 2018); National Minimum Wage Bill (B31-2017): Bill History, PARLIAMENTARY MONITORING GROUP (last visited Nov. 26, 2018); National Minimum Wage Act (NMWA), Act No. 9 of 2018, GOVERNMENT GAZETTE (Nov. 27, 2018).) According to the memorandum accompanying the Bill, the “main object of the Bill is to provide for a national minimum wage in order to advance economic development and social justice by improving the wages of lowest paid workers, protecting workers from unreasonably low wages and promoting collective bargaining and supporting economic policy.” (National Minimum Wage Bill, B 31B—2017, Memorandum on the Objects of the National Minimum Wage Bill, 2017, at 11.)” (Hanibal, 2018). Use this scenario to answer the following question. Which of the following is correct about the demand for labour?
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Which relationship in the circular flow model is correctly matched?
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The basic circular flow model consists of households and firms.
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The general fuel levy and Road Accident Fund (RAF) levy added to the price of petrol in South Africa are examples of:
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A firm observes that when it increases the price of its product by 12%, quantity demanded decreases by 18%. The firm's manager states that demand is inelastic because consumers continue purchasing the product even after the price increase. The manager also argues that total revenue will increase following the price increase. Is the manager's statement True or False?
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Suppose that Thabo has a budget of about R15,000 and must decide whether to spend it on a new laptop or a game for his PlayStation. Use this scenario to answer the following question. Which statement best explains the concept of scarcity?
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Which of the following is NOT one of the three basic economic questions every economic system must answer?
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“On November 26, 2018, South African President Cyril Ramaphosa signed into law the National Minimum Wage Bill (now the National Minimum Wage Act), which the National Assembly and the National Council of Provinces, the two houses of the country’s Parliament, passed on May 29 and August 21, 2018, respectively. (South Africa’s Ramaphosa Signs Minimum Wage Bill into Law, REUTERS (Nov. 26, 2018); National Minimum Wage Bill (B31-2017): Bill History, PARLIAMENTARY MONITORING GROUP (last visited Nov. 26, 2018); National Minimum Wage Act (NMWA), Act No. 9 of 2018, GOVERNMENT GAZETTE (Nov. 27, 2018).) According to the memorandum accompanying the Bill, the “main object of the Bill is to provide for a national minimum wage in order to advance economic development and social justice by improving the wages of lowest paid workers, protecting workers from unreasonably low wages and promoting collective bargaining and supporting economic policy.” (National Minimum Wage Bill, B 31B—2017, Memorandum on the Objects of the National Minimum Wage Bill, 2017, at 11.)” (Hanibal, 2018). Use this scenario to answer the following question. Based on this situation, which statement correctly analyses the effect on the supply of labour?
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A country can produce two goods, laptops and mobile phones (both in thousands). The possible combinations are: Point A = 5 laptops and 0 mobile phones; Point B = 4 laptops and 10 mobile phones; Point C = 3 laptops and 18 mobile phones; Point D = 2 laptops and 24 mobile phones; Point E = 1 laptop and 28 mobile phones; Point F = 0 laptops and 30 mobile phones. What is the opportunity cost of moving from Point C to Point D?
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A student argues that the circular flow model is useful because it demonstrates the interdependence of households and firms. How would you assess this argument?
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