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3.Which of the following is not a problem expirienced by the traditional command based(communism) economic systems

A. Shortages

B. Surpluses

C. Low quality output

D. High unemployment

E. Unmotivated workers

Choose best answer

1.a

2.b&c

3.a,b,c

4.d

5.a,b,c,& e

4.Which of the following statements are correct

A. Market describes behavior of people

B. Every society is confronted by three fundamental economic issues.

C. Price stability is one of the objectives of an economic system

D. South Africa is a country that is a closed economy

E. Function only consists of dependent variables

1.a&b

2.a,b&c

3.c,d&e

4.d&e

5.all of the above


6.the supply curve of gasoline will shift rightward in response to all of the following except

A. An increase in the availability of crude oil

B. Seller expectations of the development of gasoline conserving automobiles

C. Technological improvements in the production of gasoline

D. Lower prices of labour and capital used in gasoline production

E. Increase in the price for gasoline

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