
- •Summative assessment 4 economics Grade 11
- •Please select the best answer and record your answers on the answer sheet provided. Multiple choice
- •U se Table 10.6 to respond to questions 11 to 12
- •11. If a firm is hiring labor in the perfectly competitive labor market, the wage and employment are:
- •12. If a firm hires labor in a monopsony labor market, the wage and employment are:
- •Rent is:
- •Most protected from inflation are:
- •Limited resources - a problem which is:
Rent is:
Criteria A |
1 point |
income earned on the share;
rent equipment;
income earned on the loan capital;
income of the landlord;
income earned on trading capital
Criteria D |
1 point |
Most protected from inflation are:
owners of real estate;
owners of large amounts;
household;
persons with fixed incomes;
demand accounts
Criteria D
1 point
Salary of general manager of the company.
Amount of time.
The cost of education of the average entrepreneur.
The maximum profit that can be obtained.
Costs entrepreneur working capital.
Limited resources - a problem which is:
Criteria D |
1 point |
a. is in all people and societies;
never occurs in the rich;
exists only in poor countries;
never occurs in rich countries;
Criteria D
1 point
piece rates;
premium;
hourly wages;
percentage of the profits;
dividend.