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ECS1501-25-Y

ECS1501-25-Y

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Silica sand is an important input in the production of glass. If the price of silica sand decreases we would expect the supply of

glass to be unaffected.

glass to decrease.

silica sand to increase.

glass to increase.

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A decrease in the price of potatoes will result in a leftward (downward) movement along the supply curve (ie a decrease in the quantity of potatoes supplied).

True

False

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Which of the following would cause the demand curve to shift from Demand B to Demand C in the market for bubble gum?

a decrease in the price of bubble gum

an increase in the number of people visiting South Africa

a change in consumer preferences toward eating fruit rather than sweets

a decrease in the cost of dental procedures

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It is apparent from the figure that

the quantity demanded increases as income increase.

the demand for the good conforms to the law of demand.

the demand for the good decreases as income increases.

the good is inferior.

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Which of the following would cause the demand curve to shift from Demand A to Demand B in the market for oranges?

a technological advance that allows oranges to ripen faster

a decrease in the price of apples

a decrease in the price of oranges

an announcement by the Department of Health that oranges prevent Covid-19 infections

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If Consumer A and Consumer B are the only consumers in the market, then the market quantity demanded when the price is R6 is

4 units.

6 units.

12 units.

8 units.

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An increase in the income of households is one of the possible causes of a rightward shift of the demand curve for potatoes.

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Why is the GDP (the total value of all goods and services produced in a country during a specific period of time) considered a flow rather than a stock?

GDP is a fixed amount that does not change over time.

GDP measures a country's total wealth at a given time.

GDP is calculated based on economic activities occurring over a specific period.

GDP represents the total value of assets in an economy.

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4If a country's Gross Domestic Product (the total value of all goods and services produced in a country during a specific period of time), or GDP, increases by 5% over a year, which of the following best describes this change?

A decrease in the flow of government spending.

A decrease in the stock of national debt.

An increase in the flow of economic output.

An increase in the stock of national wealth.

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If workers in the factor market demand higher wages, how might firms respond in the goods market?

The goods market will see an immediate decrease in demand.

The factor market will collapse completely.

Firms will stop selling products in the goods market.

Firms may raise prices to cover higher wage costs.

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