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ECS1501-25-Y
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For a particular group of 10 people, their ordering by height (shortest to tallest) is exactly the same as their ordering by weight (lightest to heaviest). Within this group of people, height and weight are
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In respect of the motorcar industry, microeconomics is only concerned with the output of a specific factory (e.g. the Volkswagen factory in Uitenhage).
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Which of the following is an example of an application of the ''ceteris paribus " assumption?
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Which of the following would be a positive economic statement?
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Positive economics
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The ceteris paribus assumption means “all other things equal”.
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Scarcity exists
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Scarcity is what Economics is all about.
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Economists work on the premise that
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In professional sport, a soccer ball is a capital good.
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