Q1 MCQ Drill: 2024 Economics P2 (2024 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 2024 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

A business that has no influence over the market price is called a price …

A. maker.

B. searcher.

C. taker.

D. setter.

Question 2 of 8 2 Marks

High development costs are frequently a reason for a/an … monopoly.

A. local

B. natural

C. artificial

D. geographical

Question 3 of 8 2 Marks

The shut-down point for a perfectly competitive firm is where the average revenue is equal to the … cost.

A. average variable

B. total variable

C. average

D. average fixed

Question 4 of 8 2 Marks

When the government passes laws to reduce market failures, it is referred to as …

A. indirect control.

B. taxation.

C. deregulation.

D. direct control.

Question 5 of 8 2 Marks

The inflation target range used by the South African Reserve Bank (SARB) is ...

A. 3%–6%.

B. 1%–3%.

C. 4%–6%.

D. 2%–6%.

Question 6 of 8 2 Marks

The minimum length of stay for tourism activities should be … day(s).

A. three

B. seven

C. five

D. one

Question 7 of 8 2 Marks

A sustained decrease in the prices of goods and services over a period of time is called …

A. disinflation.

B. deflation.

C. hyperinflation.

D. inflation.

Question 8 of 8 2 Marks

The process of removing trees from the land without replacing them, is known as …

A. soil erosion.

B. desertification.

C. deforestation.

D. land degradation.

Q1 MCQ Drill: 2024 Economics P2 (2024 NSC October/November National Examination)

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