Economics Answers

Determine the volume of a cube with sides 50 𝑚𝑚 long. Give the answer in 𝑐𝑚3 . [1] 125 𝑐𝑚3 [2] 125000 𝑐𝑚3 [3] 12500 𝑐𝑚3 [4] 150 𝑐𝑚3

Determine the volume of a prism with l = 0.15 𝑚, b = 40 𝑚𝑚 and h = 20 𝑐𝑚. Your answer must be converted to litres, rounded to one decimal digit. [1] 120,0 ℓ [2] 1,2 ℓ [3] 1 200,0 ℓ [4] 12,0 ℓ

The area of a rectangle is 96 𝑐𝑚2 . If the breadth of the rectangle is 8 𝑐𝑚, find its perimeter. [1] 20 𝑐𝑚 [2] 48 𝑐𝑚 [3] 32 𝑐𝑚 [4] 40 𝑐�

4. A firm operates in a perfectly competitive market. The market price of its product is 4 birr and the total cost function is given by 𝑇𝐶=13𝑄3−5𝑄2+20𝑄+50, where TC is the total cost and Q is the level of output.

a) What level of output should the firm produce to maximize its profit?

b) Determine the level of profit at equilibrium.

c) What minimum price is required by the firm to stay in the market?

Select the correct answer for the perimeter of a rectangle with a length of 16 𝑚 and a width of 4 𝑚. [1] 20 𝑚 [2] 40 𝑚 [3] 64 𝑚 [4] 80 𝑚 

Economic theory suggests that two countries can benefit from trade even if one country is more efficient at producing everything. What concept does this theory describe?

What are the advantages and disadvantages of conceiving sustainable development as a dialogue of values?

International economic development does not affect the South African economy?

A bus company operates two routes. On route 1, research suggests that the price elasticity is -0.8 and on the other route -1.3. The company has decided to revise fares upwards on both routes by 10% this year. Comment on the decision. What alternative pricing strategy would you suggest? 

Suppose that the monetary base increased by $1.1 billion. If Required reserve ratio and currency deposit ratio called by the public was 20% and 15% respectively. Calculate the increase in money supply.