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ECS1501-25-Y
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To an economist, a positive statement
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“The official South African unemployment rate was 31,9% in the fourth quarter of 2024” is an example of a positive statement.
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An economist claims that "the evidence suggests that high rates of inflation are associated with slow long-term economic growth." This is an example of
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A good economic model
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Wages and salaries are earned by the production factor labour.
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Rich people do not experience opportunity costs.
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Scarcity and choice are central elements of economics.
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The N3 highway connecting Johannesburg and Durban is an example of a capital good.
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Wants are unlimited, needs are limited and demand must be backed by purchasing power.
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This question is based on the following diagram.
The outward shift of the PPC from AD to DG could arise from a reallocation of resources from the production of tables to the production of chairs.
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