Q1 MCQ Drill: 2021 Economics P2 (2021 NSC May/June Mid-Year 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 May/June Mid-Year 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

Costs of inputs that are owned by an entrepreneur and used during the production process are regarded as … costs.

A. explicit

B. fixed

C. variable

D. implicit

Question 2 of 8 2 Marks

A market structure where there are no barriers to entry is called a/an … market.

A. perfect

B. monopoly

C. oligopoly

D. monopolistic competitive

Question 3 of 8 2 Marks

When one dominant firm changes the price and others follow, it is regarded as price …

A. leadership.

B. taking.

C. differentiation.

D. discrimination.

Question 4 of 8 2 Marks

Collusion is an agreement among firms to … competition.

A. promote

B. match

C. regulate

D. limit

Question 5 of 8 2 Marks

A condition of low economic growth, high unemployment and high rates of inflation, is called …

A. hyperinflation.

B. headline inflation.

C. stagflation.

D. core inflation.

Question 6 of 8 2 Marks

The site that boasts five different eco-systems:

A. Vredefort Dome

B. iSimangaliso Wetland Park

C. Sterkfontein caves

D. uKhahlamba-Drakensberg Park

Question 7 of 8 2 Marks

Cost-push inflation could be the result of …

A. easy access to credit.

B. depreciation of the currency.

C. increased government spending.

D. reduction in taxes.

Question 8 of 8 2 Marks

A global problem that impacts the variation in weather patterns, is known as …

A. biodiversity loss.

B. chemical waste.

C. climate change.

D. hazardous waste.

Q1 MCQ Drill: 2021 Economics P2 (2021 NSC May/June Mid-Year Examination)

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