Professional Documents
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QUESTION 1
Answer the following questions by only writing the question number and the correct
alternative in your script. Eg.1.8 g. Note that each question has only one correct
answer.
1.3 Which of the following is a monetary leakage from the circular flow of income and
expenditure in South Africa?
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1.4 If South Africa’s GDP is greater than its GNI, then the income earned by foreign
owners of companies and foreign workers in South Africa is ________ the
income earned by South Africans who have invested or who are working abroad.
a. greater than
b. added to
c. subtracted from
d. less than
e. deflated by
a. all sales and purchases of goods and services as well as income flows to and
from the rest of the world.
b. the value of exports, but not imports.
c. the change in the country’s gold and foreign exchange reserves.
d. all purely financial flows in and out of the country.
e. all of the above.
1.8 Which of the following is not a determinant of the price elasticity of supply?
i. Price expectations
ii. Definition of the product
iii. Excess capacity
iv. Availability of inputs
v. Degree of complementarity
a. Only iii
b. i, ii and iv
c. ii and v
d. Only v
e. None of the above
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1.9 Which of the following statements is incorrect?
a. As long as the price elasticity of demand is greater than one, the total
revenue of the seller will increase as the price increases.
b. Total revenue of the seller will remain unchanged when the price increases,
given that the price elasticity of demand is equal to one.
c. As long as the price elasticity of demand is less than one, the total revenue of
the seller will increase as the price increases.
d. Total revenue will remain unchanged if the price elasticity of demand is
negative.
e. Total revenue will increase if the price elasticity of demand is negative.
a. Increasing returns to scale and economies of scale are the same concepts.
b. An example of increasing returns to scale is where a doubling of inputs will
give rise to a doubling in output.
c. A firm experiences economies of scale if costs per unit of output increase as
the scale of production increases.
d. Economies of scope refer to the cost savings achieved by producing two
related products in two closely related firms, rather than in only one firm.
e. Economies of scope refer to the cost savings achieved by producing two
related products in the same firm, rather than in two closely related firms.
a. average cost (AC) and average fixed cost (AFC) curves at their minimum
points.
b. average cost (AC) and average variable cost (AVC) curves at their minimum
points.
c. average cost (AC) curve at its minimum point and the average variable cost
(AVC) curve at its maximum point.
d. total cost (TC) and total variable cost (TVC) curves at their minimum points.
e. average cost (AC), average variable cost (AVC) and average fixed cost
(AFC) curves at their minimum points.
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1.14 Which of the following characteristics would you not associate with perfect
competition?
QUESTION 2
Suppose that a farmer sells 10 tonnes of barley to a brewery for R1 000 per tonne. The
brewer produces beer using the barley, and sells it to a bottling plant for R18 000. The
bottling plant packages and labels the beer and then sells it to a bottle store. The bottle
store finally sells the beer to a group of celebratory EKN 110 students for R24 000.
2.1 Complete the table below using the following information. (Only write out the
corresponding letter in your answer book, along with the correct answer). (6)
2.2 Which of the columns above represents the “GDP” of this simple transaction?
(i.e. which total, c or f?). Name the official method for calculating national GDP
that this value represents. (2)
[8]
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QUESTION 3
3.1 Suppose the price of a product decreases from R100 to R200 but the quantity
remains unchanged at 400.
QUESTION 4
Graphically derive the demand curve, using the ordinal approach. [10]
QUESTION 5
QUESTION 6
6.1 Discuss and graphically illustrate the three possible short-run profit/loss
scenarios for a firm conducting business in a perfectly competitive market.
(12)
6.2 Discuss and graphically illustrate the social welfare costs of a monopoly. (6)
[18]
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QUESTION 7
You have been appointed as the economic advisor to the Minister of Agriculture. As a
result of the significant increase in the market price of maize to around R 1 700 per
tonne, the Minister is under pressure from various groups in society to introduce price
controls on maize and to set the price at around R 500 per tonne (i.e. a price ceiling).
7.1 Graphically illustrate the effect of the government’s intervention on the maize
market. (6)
7.2 What consequences do you expect this price ceiling will have on consumers and
on the economy as a whole? (4)
[10]
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UNIVERSITEIT VAN PRETORIA
FAKULTEIT EKONOMIESE EN BESTUURSWETENSKAPPE
DEPARTMENT EKONOMIE
EKONOMIE 110
JUNIE EKSAMEN
23 Mei 2008 Totaal: 100 punte
Tyd: 120 minute
VRAAG 1
Meervoudige keusevrae
Beantwoord die volgende vrae deur slegs die korrekte alternatief langs die
vraagnommer in jou antwoordboek neer te skryf. Bv.1.8 g. Let daarop dat elke vraag
slegs een korrekte antwoord het.
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1.4 As Suid-Afrika se BBP groter as sy BNI is, dan is/word die inkome wat verdien
word deur die buitelandse eienaars van maatskappye en deur buitelandse
werkers in Suid-Afrika ________ die inkome wat verdien word deur Suid-
Afrikaners wat in die buiteland geïnvesteer het of daar werksaam is.
a. meer as
b. toegevoeg aan
c. afgetrek van
d. minder as
e. gedefleer deur
1.5 In die lopende rekening van die betalingsbalans word die volgende opgeteken:
1.8 Watter van die volgende faktore is nie ‘n determinant van die pryselastisiteit van
aanbod nie?
i. Prysverwagtings
ii. Definisie van ‘n produk
iii. Oorskotkapasiteit
iv. Beskikbaarheid van insette
v. Graad van komplementariteit
a. Slegs iii
b. i, ii en iv
c. ii en v
d. Slegs v
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e. Geen van bogenoemde
a. Solank die pryselastisiteit van vraag groter is as een, sal die totale
ontvangste van die verkoper toeneem as die prys toeneem.
b. Totale ontvangste van die verkoper sal onveranderd bly as die prys toeneem,
gegewe dat die pryselastisiteit van vraag gelyk is aan een.
c. Solank die pryselastisiteit van vraag kleiner is as een, sal die totale
ontvangste van die verkoper toeneem as die prys toeneem.
d. Totale ontvangste sal onveranderd bly as die pryselastisiteit van vraag
negatief is.
e. Totale ontvangste sal toeneem as die pryselastisiteit van vraag negatief is.
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b. gemiddelde koste (AC) en die gemiddelde veranderlike kostekromme (AVC)
op hulle minimumpunte.
c. gemiddelde kostekromme (AC) op sy minimumpunt en die gemiddelde
veranderlike kostekromme (AVC) op sy maksimumpunt.
d. totale koste (TC) en totale veranderlike kostekromme (TVC) op hulle
minimumpunte.
e. gemiddelde kostekromme (AC), gemiddelde veranderlike kostekromme
(AVC) en die gemiddelde vastekostekromme (AFC) op hulle minimumpunte.
1.14 Watter van die volgende eienskappe sal jy nie met volmaakte mededinging
versoen nie?
a. i, ii, iii, iv en v
b. i, iv en v
c. ii, iv en v
d. i, ii, iii en v
e. i, ii, iv en v
1.15 Watter van die volgende is nie ‘n eienskap van ‘n oligopolie nie?
VRAAG 2
Veronderstel ‘n boer verkoop 10 ton gort aan ‘n brouery vir R1 000 per ton. Die brouer
gebruik die gort om bier te produseer en verkoop dit aan die Bottelleringsaanleg vir R18
000. Die Bottelleringsaanleg verpak dit en verkoop dit aan ‘n drankwinkel. Die
drankwinkel verkoop uitendelik die bier aan ‘n groep feesvierende EKN 110 studente vir
R24 000.
2.1 Voltooi die onderstaande tabel deur die volgende inligting te gebruik (Skryf slegs
die ooreenstemmende letter in jou antwoordboek neer, tesame met die korrekte
antwoord). (6)
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2.3 Watter van die volgende kolomme verteenwoordig die “BBP” van hierdie
eenvoudige transaksie? (i.e. watter totaal, c of f?). Noem die amptelike metode
vir die berekening van nasionale BBP wat hierdie waarde verteenwoordig.
(2)
[8]
VRAAG 3
3.1 Veronderstel die prys van ‘n produk neem toe vanaf R100 tot R200 maar die
hoeveelheid gevra bly onveranderd by 400.
VRAAG 4
Lei grafies die vraagkromme af deur die ordinale benadering te gebruik. [10]
VRAAG 5
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VRAAG 6
6.1 Bespreek en illustreer grafies drie moontlike korttermyn wins/verlies scenarios vir
‘n firma wat ‘n besigheid in ‘n volmaak mededingende mark bedryf. (12)
VRAAG 7
Jy is aangewys as ekonomiese adviseur vir die Minister van Landbou. As gevolg van die
aansienlike toename in die markprys van mielies tot ongeveer R1 700 per ton verkeer
die Minister onder druk van verskeie groepe in die samelewing om prysbeheer in te stel
en die prys te bepaal op ongeveer R500 per ton (i.e. ‘n prysplafon).
7.1 Illustreer grafies wat die effek van owerheidsinmenging op die mark vir mielies
wees. (6)
7.2 Watter gevolge verwag jy sal die prysplafon op verbruiker en die algemene
ekonomie veroorsaak? (4)
[10]