Economics N4 — Document

November 2019 — N4 — Economics

N4 2019 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

1.1.5\n the ANSWER BOOK.

1.1.1The most important indicator that is constantly measured to assess the health of the economy. GNP GDE GDP

1.1.2Factors of production ar e ow ed by the sector.

1.1.3A condition where market forces do not allocate resources efficiently arket power

1.1.4a variable input (labour\ is the additional units of output that can be produced by employing an additional unit of labour. arginal product

1.1.5ent ages

1.2Indicate whether the following statements are TRUE or FALSE. Choose the answer and write only True or False

1.2.5the ANSWER BOOK.

1.2.1Product differentiation and advertising play an important role in non price competition.

1.2.2Business es that cannot influence prices are price makers.

1.2.3Scarcity affect only the poor est of the poor.

1.2.4Saving is affected by disposable income.

1.2.5Micro economics is price theory. (5 2\ (10\

1.3Complete the following sentence by filling in the missing word or word Write only the word or words

1.3.5\i n the ANSWER BOOK.

1.3.1If the consumer's demand for tea increases because of an increase products.

1.3.2Macro economics stud ies

1.3.3A measure used by oligopolies to increase their market share is

1.3.4The concept of opportunity cost can be applied to the analysis of

1.3.5input is added to a fixed input, returns from the variable input will decrease. (5 2\ (10\

1.4Choose the correct word or words from those given in brackets. Write only the word or words next to the question number (1. 4. 1. 4. \in the ANSWER

1.4.1 A firm will stop existing only when marginal revenue is (equal to /different from average revenue

1.4.2Opportunity cost refers to the (value/quantity\f the best activity.

1.4.3The process of interaction among the countries of the world t bring their economies closer together is called (industriali ation/globali ation\

1.4.4(Multinational companies/National companies\produce or distribute goods and services in more than one country, usually throughout the world.

1.4.5he extra cost of producing one additional unit is referred to as (average variable cost/marginal cost\ (5 2\ (10\

1.5Choose a description from COLUMN B that matches a term in COLUMN A. Write only the letter (A \next to the question number (

1.5.5\in the ANSWER BOOK. COLUMN A COLUMN B

1.5.5Economic growth Market skimming pricing Average income Indifference curve Recession

2.1Give FIVE factors that determine the quantity demanded. (5 2\ (10\

2.2What to buy and how much to spend depends on consumer behaviour Discuss FIVE factors that influence the consumer's buying behaviour (5 3\

2.3Discuss oligop oly under the following headings

2.3.1Definition (3\

2.3.2Characteristics (6\

2.4Potential competition is ONE of the points that limit the power of the monopolist. List any FIVE other limits to the power of the monopolist industry. (5 2\

2.5Explain any THREE characteristics of perfect competition. (3 2\ (6\ [50]50

Q3— Section header —

3.1Indicate whether the following are characteristics of a PERFECTLY COMPETITIVE MARKET or MONOPOLY . Write only ' erfectly competi tive market' or '

3.1.5\in the ANSWER BOOK.

3.1.1What may be sold or bought is determined by well defined property rights.

3.1.2When exchanging products, neither buyers nor sellers incur additional costs.

3.1.3Price is determined by the supplier in order to maximize profit.

3.1.4Both buyers and sellers know everything that is going on in the industry.

3.1.5There are numerous barriers to entry and exit. (5 2\ (10\ 22020034

3.4The following table represents the total revenue of a firm. St udy the table and answer the questions QUANTITY (units\ PRICE (R\ TOTAL REVENUE MARGINAL

3.4.1Calculate the marginal revenue of the quantity of units 15 and 16 (6\

3.4.2How much is the marginal revenue for every extra additional unit of product sold? (2\

3.4.3Explain the term consumer spending (2\

3.4.4Name FOUR factors that determine what and how much households choose to consume. (4 2\ (8\ [50]50

Q4— Section header —

4.1Explain each of the following terms:

4.1.1Equilibrium point

4.1.2Local monopoly

4.1.3Production

4.1.4Target market

4.1.5Diseconomies of scale (5 2\ (10\

4.2State FIVE economic pro blems faced by South Africa. (5 2\ (10\

4.3Give any THREE types of elasticity of demand. (3 2\ (6\

4.4Nam e the FIVE factors that will influence the quantity of goods which business can supply at a particular period. (5 2\

4.5Refer to the table below and answer the questions NUMBER OF WORKERS TOTAL QUANTITY OF PRODUCTION TOTAL

4.5.1Calculate the values of (a\b\(c\, (d\nd (e\. (10\

4.5.2What is the average total cost of producing 23 products? (4\ [50]50

Q5— Section header —

5.1Explain the erfect lastic emand with the aid of a graph. Also indicate whether the

5.2Give TWO constraints that limit the firm from achieving its highe st level of output. (2 2\ (4\

5.3Discuss the FOUR factors of production. (4 3\ (12\

5.4In tabular form, indicate the FOUR differences between apitalism and ocialism. (4 4\ (16\

5.5Which economic system is being used in South Africa? (2\ [50] TOTAL SECTION B: 150 GRAND TOTAL: 20050

Topics Identified

MicroeconomicsMacroeconomics

Mark Allocation

Total200 marks

Sections50 + 50 + 50 + 50 + 50 = 250 marks

Paper information

TitleDocument

SubjectEconomics

LevelN4

Document typeQuestion paper

Year2019

MonthNovember

Pages9

Downloads7

Examination context

Decade2010s

Years ago7y

SeasonSpring (SH)

Start dayFriday

Exam periodNovember 2019

Days since exam2,537

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