Q1 MCQ Drill: 2022 Economics P2 (2022 NSC October/November National 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 2022 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 7 2 Marks

A firm will shut down if it cannot cover the … costs.

A. explicit

B. marginal

C. fixed

D. variable

Question 2 of 7 2 Marks

The demand curve that is relatively elastic relates to a … market.

A. monopoly

B. perfect

C. oligopoly

D. monopolistic

Question 3 of 7 2 Marks

In the oligopoly market, the firm will make a/an … in the long run.

A. normal profit

B. economic profit

C. economic loss

D. zero profit

Question 4 of 7 2 Marks

When a business fails to produce the optimum output at the lowest possible cost, it is known as … inefficiency.

A. productive

B. allocative

C. consumer

D. Pareto

Question 5 of 7 2 Marks

Tourists who engage in activities in the natural environment of the place that they visit, is called … tourism.

A. foreign

B. outbound

C. eco-

D. domestic

Question 6 of 7 2 Marks

Measures taken to ensure that non-renewable resources are not threatened by extinction are known as …

A. preservation.

B. intervention.

C. accumulation.

D. conservation.

Question 7 of 7 2 Marks

The international agreement that manages the disposal of chemical waste is called the …

A. Basel Convention.

B. Kyoto Protocol.

C. Stockholm Protocol.

D. Convention of International Trade in Endangered Species.

Q1 MCQ Drill: 2022 Economics P2 (2022 NSC October/November National Examination)

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