economics

the government is responsible for ...sector provision

• private

• public

• foreign

• financial

The total remuneration that the owners of production factors receive is called national...

• production

• expenditure

• exports

• income

The exchange rate system used by South Africa is called the..exchange rate system

• fixed

• managed floating

• free -floating

• gold standard

An indication of long-term growth in the economy is referred to as the.........

• trend line

• amplitude

• length

• trough

The number of years that a new-born baby is likely to live is known a.......

• population

• nutrition

• life expectancy

• population growth

Households in South Africa spend most of their income on ..

• durable goods

• semi-durable goods

• non-durable goods

• services

The equilibrium price is always determined by the...

• government

• buyers

• sellers

• buyers and sellers together

Inflation is known as:

• a decrease in the price of goods and services.

• an increase in the price of good and services.

• a decision making strategy

• a step in the decision making process.

In the case of supply, as price increases

• the quantity supplied decrease

• the quantity supplied increases.

• the quantity supplied stays the same.

• the quantity supplied decreases then increases.

Economic demand for a product refers to how much of the product........

• is available for purchase from business at each price

• people are willing and able to buy at each price

• people want, whether they can buy it or not

• consumers can afford it