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ECS1501-25-Y
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Opportunity cost is the cost to produce goods and services.
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A government in a command economy is trying to balance rapid industrial development with the equitable distribution of resources among its citizens. Which strategy best applies command economic principles to achieve both objectives?
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How might a government in a mixed economic system respond to market failures, such as high unemployment or environmental damage?
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For a market to exist there must be physical contact between the prospective buyers and the prospective sellers of the good or service in question.
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Traditional economic systems are most often found in which type of communities?
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An increase in the price of tomatoes is a macroeconomic issue.
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Which of the following is the most accurate statement about economic models?
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“Unemployment is the only important economic problem in South Africa” is an example of a normative statement.
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The total production of beer in South Africa is a macroeconomic issue.
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The analysis of the behaviour of individual decision-making units is the definition of
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