[TURN OVER] This examination paper consists of 12 pages plus instructions for the completion of a mark-reading sheet. The paper comprises of ONE SECTION. Section A consists of 50 questions and count 100 marks (50 x 2 = 100 marks).
PRIM059May/June 2019 [TURN OVER]2SECTION A: MULTIPLE-CHOICE QUESTIONS [50x2=100 Marks] (The correct answers to these questions must be indicated on the mark-reading sheet provided.) 1. The economic problem arises from the coexistence of  limited wants and unlimited resources.  unlimited wants and limited money in circulation.  limited wants and limited resources.  unlimited wants and limited resources. 2. Microeconomics is a branch of economics that studies 3. Opportunity cost is best defined as 4. The diagram below shows a society’s production possibility frontier for coffee mugs and calculators.
PRIM059May/June 2019 34. The opportunity cost of producing an additional coffee mug would be lowest at  A.  B.  C.  D. 5. Economics can be classified as  a social science.  a natural science.  an exact science.  an objective science. 6. What type of statement is the following: “Leonardo DiCaprio won the Oscar for Best Actor in 2016”?  7. In the South African economy, the problem of “what to produce” is solved primarily by 8. In economics, the “how” or input question refers to