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Home Question Bank Economics Archive 2025 January 19

Economics Questions from Jan 19,2025

Browse the Economics Q&A Archive for Jan 19,2025, featuring a collection of homework questions and answers from this day. Find detailed solutions to enhance your understanding.

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ANALYZING ISSUES Is it possible in the real world for an entrepreneur to operate a business in which all of the factors of production are always fully employed? Why or why not? CITING TEXT EVIDENCE How did Adam Smith describe workers as a part of the free enterprise system? 1. Specialization and production possibilities Suppose the Netherlands produces only bikes and scooters. The resources that are used in the production of these two goods are not specialized-that is, the same set of resources is equally effective at producing both scooters and bikes. The shape of the Netherlands's production possibilities frontier (PPF) should reflect the fact that as the Netherlands produces more scooters and fewer bikes, the opportunity cost of producing each additional scooter ANALYZING ISSUES Analyze and explain the paradox of value as it relates to two products: bread, which has low monetary value, and a ticket to a concert by a popular band, which has a high monetary value. (1DENTIFYING CONNECTIONS Why would expanding the nation's communications network be considered an increase in wealth, while improving the education of its people would not be considered an increase in wealth? Dn 31 st December 2015 the GBP/USD exchange rate was 1.47360 . On 31 st December 2016 it was 1.23321 . Calculate th gercentage change in the exchange rate. Round your answer to the nearest whole percent 4.1 Record the given transaction for October 2024 in the following subsidiary booka. 4.1.1 Debtors Journal (3) 4.1.2 Cash Receipts Joumal (11) 4.1.3 Cash Payments Journal (11) 4.1.4 Creditors Journal (7) TRANSACTIONS: OCTOBER 2024 1 The owner, D. Gumede depositod R10 000 into the business's bank account, increasing his capital contribution. Issued receipt 211. 2 Recelved an EFT from P. Mavuso in payment of his account, R800. 5 Purchased trading stock on credit of R4 500 from Happy Dealers. The invoice was numbered 133. 8 Goods supplied to M. Mvuzo on credit, R360, cost of sales R180. Issued invoice 341. 15 Withdrawn cash for the weekly wage, R1 200 and for cash float, R500. 18 Paid an EFT to J. David, a supplier, in payment of an outstanding account, R3 680. 21 Paid Lots-of-Goods by EFT for merchandise bought, R6 720. 23 Received a credit invoice for R1 560, from JJ Suppliers for stationery, R940 and packing material purchased. 25 Cash sales R6 890. Cost of sales. R3 445. Africa Traders received R5 000 EFT, for rent from Z. Zondo. Issue a receipt. 28 Paid R2 300 to BBR Municipality for electricity account of the owner. 3.1 Choose the correct word in brackets to make the statement true Write only answer next to the number ( \( 3.1 .1-3.1 \) A) in the ANSWFRR BOOK 3.1.1 Trading stock in the business storeroom is classified as (aseets ) equity) 3.1.2 The (selling price \( / \) cost of sales) is the cost price of goods that been sold. 3.1.3 The document issued for credit purchases is an original (rece 3.1.4 All income and expenses are (nominal / balance sheet) acco QUESTION 2 2.1 State whether the following statements are True or False Witie only your answer next to the number \( (2.1 .1-2.1 .4) \) in the ANSWER BOOK. 2.1 .1 The Creditors Joumal is used to record all credit purchases. 2.1 .2 Incomes are recorded on the credit column in the Trial Balance. 2.1 .3 Expenses increases owner's equity. 2.1 .4 Debtors are the people who owes the business money. QUESTION 3 5. Saad invested Rs. 12000 for 7 years. Return on investment is \( 12 \% \) for the first 3 years and 15 percent for the rest of the period. Calculate the total interest received by Saad under simple interest. \( \begin{array}{llll}\text { A) Rs. } 16320 & \text { B) Rs. } 16112 & \text { C) Rs. } 18520 & \text { D) Rs. } 11520\end{array} \) 6. A business requires a minimum expected rate of return of \( 12 \% \) on its investments. Present value at \( 10 \% \) is +2057 and Present value at \( 15 \% \) is \( (5920) \). Find IRR \( \begin{array}{llll}\text { A) } 12 \% & \text { B) } 11.3 \% & \text { C) } 11.9 \% & \text { D) } 14 \%\end{array} \)
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