Q1 MCQ Drill: 2024 Economics P2 (2024 NSC May/June Supplementary Examination)

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

11:00

7 multiple-choice questions taken verbatim from Section A of the official 2024 NSC May/June Supplementary 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 7 2 Marks

The value of inputs that are owned by an entrepreneur and used in the production process is called … cost.

A. explicit

B. implicit

C. total

D. average

Question 2 of 7 2 Marks

When average revenue is greater than average cost, the firm makes an/a ...

A. economic loss.

B. normal profit.

C. total loss.

D. economic profit.

Question 3 of 7 2 Marks

A market that is dominated by two producers is known as a/an …

A. duopoly.

B. monopoly.

C. oligopoly.

D. trigopoly.

Question 4 of 7 2 Marks

When the market fails to supply the product combination that is needed by consumers, it is called … inefficiency.

A. pareto

B. productive

C. allocative

D. technical

Question 5 of 7 2 Marks

An index that measures prices of imported goods as they enter the country is known as … price index.

A. consumer

B. basket

C. market

D. producer

Question 6 of 7 2 Marks

Religious events form part of … tourism.

A. cultural

B. inclusive

C. paleo

D. local

Question 7 of 7 2 Marks

Natural resources that are managed in such a way that they are available for present and future generations are referred to as …

A. pollution.

B. conservation.

C. preservation.

D. renewable.

Q1 MCQ Drill: 2024 Economics P2 (2024 NSC May/June Supplementary Examination)

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