Q1 MCQ Drill: 2021 Economics P2 (2021 NSC October/November National Examination)

Economics Past Paper Question 1 Drill Level 1: Knowledge & Recall

12:00

8 multiple-choice questions taken verbatim from Section A of the official 2021 NSC October/November National Examination Economics Paper 2, auto-marked against the official marking guideline. Questions that rely on diagrams or graphs are excluded - see the full paper for those.

Question 1 of 8 2 Marks

The value of skills owned by the entrepreneur and used in the production process is called ... cost.

A. explicit

B. marginal

C. implicit

D. average

Question 2 of 8 2 Marks

A situation where it is impossible to increase the welfare of one individual without making another worse off is called … efficiency.

A. allocative

B. technical

C. Pareto

D. market

Question 3 of 8 2 Marks

The demand curve for an oligopolist is …

A. positive sloping.

B. kinked.

C. horizontal.

D. upward sloping.

Question 4 of 8 2 Marks

Income enjoyed by producers of goods is known as … benefit.

A. private

B. external

C. social

D. public

Question 5 of 8 2 Marks

An inflation rate that excludes items with highly volatile prices is called … inflation.

A. administered

B. headline

C. inclusive

D. core

Question 6 of 8 2 Marks

Religious events are included under … tourism.

A. paleo

B. cultural

C. local

D. eco-

Question 7 of 8 2 Marks

The process of converting waste material into economic goods is known as…

A. recycling.

B. re-using.

C. restoring.

D. inventing

Question 8 of 8 2 Marks

Public sector intervention that allows businesses to sell their licences to other businesses is called …

A. granting property rights.

B. environmental subsidies.

C. environmental taxes.

D. marketable permits.

Q1 MCQ Drill: 2021 Economics P2 (2021 NSC October/November National Examination)

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