Question 7
Question 7 of 30
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No letter options?
Older MCQs might not have the typical A, B, C, D choices. They have choices 1, 2, 3, and a combination of them is the answer. Below is the key that maps such combinations to the answer.
A 1, 2 and 3 are correct
B 1 and 2 only are correct
C 2 and 3 only are correct
D 1 only is correct
Topics Tested
2. The allocation of reso...
2.6. Price changes

Demand and supply diagrams to be used to illustrate these changes in market conditions and their consequences for equilibrium price and sales.

3. Microeconomic decision...
3.3. Workers

How changes in demand and supply, relative bargaining strengths, discrimination and government policy can all influence differences in earnings between workers whether they are: skilled/unskilled; primary/secondary/tertiary; male/female; private sector/public sector. Definition, drawing and interpretation of diagrams that illustrate the effects of changes in demand and supply in the labour market.

2. The allocation of reso...
2.2. The role of markets in allocat...

How a market system works; including buyers, sellers, allocation of scarce resources, market equilibrium, and market disequilibrium.