Semester Test 1 Question Paper.pdf - Surname Name_1 Student number ATTENDANCE SLIP TEAR OFF THIS PAGE AND HAND IN STUDENT NUMBER SURNAME INITIAL MOBILE

Semester Test 1 Question Paper.pdf - Surname Name_1 Student...

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Surname, Name___________________________________________________1Student number____________________________________________________ATTENDANCE SLIP TEAR OFF THIS PAGE AND HAND IN ____________________________________________________ STUDENT NUMBERSURNAME, INITIALMOBILE NO.SIGNATUREDATEMODULE CODE
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Surname, Name___________________________________________________2Student number____________________________________________________UNIVERSITY OF JOHANNESBURG DEPARTMENT OF ECONOMICSSemester Test 1: Memo March 2015 Course : Economics 3A Time: 80 minutes Examiners : Dr T Greyling Marks: 80 : Ms B Maphela Internal Moderator : Dr P Baur External Moderator: Mrs A Kafayat 1. Answer the multiple choice on the last page of the question paper 2. Answer all questions on the booklet provided. 3. This question paper consists of 15 pages MARK ALLOCATION QuestionMarkMarkAudit11021437475146872
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Surname, Name___________________________________________________3Student number____________________________________________________QUESTION 1 (10 MARKS) Define the following terms: 818Total80TERMDEFINITIONStolper Samuelson Theorem (3)) Factor abundance (scarcity): (2) Rybczinski Theorem (3)
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Surname, Name___________________________________________________4Student number____________________________________________________QUESTION 2 (14 MARKS) 2.1Study figure 1. Name all the graphs (number 9) and axes (numbers 5, 6, 7, 8). Also give explanatory labels to each quadrant in the figure (numbers 2, 3, 4). Use the numbers given on the figure and write the corresponding label next to it in the Table given below. (8) FIGURE 1 Factor price equalization theorem (2) Number on figureLabel1 Production function for food (Example)2 3 4 5 6 7 8 9
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Surname, Name___________________________________________________5Student number____________________________________________________2.2 Shortly explain how the PPF is derived in figure 1. (6)
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Surname, Name___________________________________________________6Student number____________________________________________________QUESTION 3 (7 MARKS) The table given above shows the number of labour hours required to produce 1 litre of wine and 1 kg of cheese in South Africa and the Netherlands. Show all calculations when answering the questions below. 3.1 What is the relative price of cheese (the price of cheese in terms of wine) in Netherlands under no trade situation? (2) 3.2What is the opportunity cost of producing cheese in South Africa? (2) 3.3
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