Economics N4 — Document
November 2018 — N4 — Economics
N4
2018
Nated Business
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Q1— Section header —
1.1Various options are given as possible answers to the following questions. Choose the answer and write only the letter (A D\ next to the question number (1.1.1
1.1.20\in the AN SWER BOOK.
1.1.1household interventions. government wastage. means. increasing prices.
1.1.2ONE of the following is NOT a factor of production
1.1.3Microeconomics studies the behaviour of individuals and firms in skills. food. resources. utilities.
1.1.4the quantity demanded. The price of the product The n umber of suppliers Elasticity of demand
1.1.5The law of demand states that as the price of goods or services increase. decre ase. remain the same.
1.1.6certain price within a particular period of time. Demand Industrialisation Production Supply
1.1.7Equilibrium p the quantity of goods supplied is greater than that of goods demanded. the
1.1.8When there is an increase in demand, the demand curve shifts to ide
1.1.9eq uilibrium in a market. Supply Surplus Marginal cost
1.1.10vailability of substitutes eather conditions
1.1.11ONE of the factors that influence the quantity supplied. Revenue Population Technology
1.1.12Return to scale refers to the change in output when all factors are increased in the same proportion in the lo increasing. constant. decreasing.
1.1.13In a perfectly competitive market, the marginal revenue (MR\ curve demand curve. average revenue curve. A and B supply cu
1.1.14The law of diminishing marginal utility states that as more of a increases. falls. remain
1.1.15on is reached by producing that quantity of output where marginal revenue equals marginal costs
1.1.16competition. oligopoly natural barrier A and B monopoly
1.1.17different value than its competitors at a lower price. the same value as its competitors at a lower price. different val
1.1.18Profit Wealth Investment Returns
1.1Supernormal profits through massive market power and high prices partnership
1.1.2differentiated homogen ous heterogen
1.2Indicate whether the following statements are TRUE or FALSE. Choose the answer an d write only True or
1.2.5\ the ANSWER BOOK.
1.2.1Mining is an example of a primary sector indus try.
1.2.2Marginal revenue is the total revenue that a firm receives when it sells its output.
1.2.3Consumer goods are goods that are used over and over and can satisfy human needs.
1.2.4The consumption possibility curve is sometimes ca lled the budget line.
1.2.550
Q2— Section header —
2.1Explain utility under the following headings:
2.1.1Definition (2\
2.1.2Marginal tility (2\
2.1.3Law of diminishing marginal utility (4\
2.2Illustrate marginal utility by means of a m arginal utility curve. (6\
2.3Explain the situation where a firm maximises its profit. (3\
2.4
2.5Study the graph below and answer the questions 27 Price and P1 25 Marginal Revenue P2 23 21
2.5.1How much does the firm receive per unit at QA? (2\
2.5.2Calculate the marginal revenue (MR\ if four units were sold at R25 per unit. (4\
2.5.3Calculate the marginal revenue (MR\ if four units were sold at R23 per unit. (4\
2.5.4Calculate the total loss in revenue for the amounts yo u got in QUESTION 2. .2 and 2.
2.6
2.7
2.8Complete the following sentences by filling in the missing words. Write only the word next to the question number (2. .1 2. \the ANSWER BOOK.
2.8.1es all factors of productio including himself /herself in order to establish or maintain a business
2.8.2the price thereof.
2.8.350
Q3— Section header —
3.1Choose a descripti on from COLUMN B that matches a word/term in COLUMN A. Write only the letter (A J\ next to the question number (3.1.1
3.1.10\the ANSWER BOOK. COLUMN A COL UMN B
3.1.10Economics Needs Production Opportunity cost Natural resources Households Demand Supply curve Substitute goods
3.2
3.3
3.4Refer to the table below and answer the questions based on the cost of production. NUMBER OF WORKERS TOTAL QUANTITY OF PRODUCTION
3.4.1Calculate the values of (a\ (b\ (c\ (d\nd (e\ (10\
3.4.2What is the average total cost of producing 35 products? (4\ [50]50
Q4— Section header —
4.1Indicate whether the following statements are TRUE or FALSE. Choose the nswer and write only True or False
4.1.5\ the ANSWER BOOK.
4.1.5Marketing is based on thinking about the business in terms of customer needs and their sa tisfaction. Price does not affect the quantity of goods demanded. The supply curve slopes downwards from left to right.
4.2Choose the correct word(s\ from those given in brackets. Write only the word(s\ next to the question number (4.2.1
4.2.5\the ANSWER BOOK.
4.2.5The equilibriu m price is where quantity demanded (equals/exceeds\ quantity supplied. (Furniture/Mining\n example of a primary sector industry. VAT Value Added Tax
4.3Briefly describe the following concepts:
4.3.4
4.4Use the table below to answer the questions PRICE DEMAND SUPPLY 50 500 100
4.4.1Draw the demand and supply curves. (8\
4.4.2Indicate at what quantit y and price are the two curves at equilibrium. (2\
4.4.3From the demand and supply curves you have drawn, indicate at what price and quantity the firm will have a surplus. (4\
4.550
Q5— Section header —
5.1Indicate whether the following are characteristi cs of CAPITALISM or SOCIALISM. Choose the answer and w rite only Capitalism or
5.1.5\the ANSWER BOOK.
5.1.5
5.2
5.3Use the information provided in the indifference curve below to draw a sched ule for combination of A, B and C in relation to products A and B. Product A 20 15 10
5.4The following table represent the total revenue of a firm. Study the table and answer the questions. QUANTITY (Units\ PRICE (R\
5.4.1Calculate the marginal revenue of the quantity of nits 13 and 14. (6\
5.4.2How much is the marginal revenue for every extra additional unit of product sold? (2\
5.4.3Explain the term saving. (2\
5.4.4Give any FOUR reasons why households save money. (4 2\ (8\ [50] TOTAL SECT ION B: GRAND TOTAL:50
Topics Identified
2
MicroeconomicsMacroeconomics
Mark Allocation
Total150 marks
Sections50 + 50 + 50 + 50 + 50 = 250 marks
Paper information
TitleDocument
SubjectEconomics
LevelN4
Document typeQuestion paper
Year2018
MonthNovember
Pages13
Downloads5
Examination context
Decade2010s
Years ago8y
SeasonSpring (SH)
Start dayThursday
Exam periodNovember 2018
Days since exam2,901
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