Economics 2023 May/June Paper2 SECTION A 1.1

QUESTION 1
1.1 Various options are provided as possible answers to the following questions.
Choose the answer and write only the letter (A–D) next to the question
numbers (1.1.1 to 1.1.8) in the ANSWER BOOK, e.g. 1.1.9 D.

This is how your instructions will be in the exam, for this exam practice, just select the correct answer.

1.1.1 The amount by which total cost increases when one extra product
is produced is known as … cost.

1.1.2 The process during which a business makes itself known to the
public is known as …

1.1.3 When the business does not produce at the lowest possible cost, it
is said to be … inefficient.

1.1.4 In a perfect market normal profit is achieved when total revenue is
equal to …

1.1.5 The prices set or controlled by government are called … prices.

1.1.6 The activity of people travelling through South Africa using air,
road, water or rail transport to get to another destination is known
as … tourism.

1.1.7 The introduction of harmful substances into the atmosphere is
called … pollution.

1.1.8 The Command and Control (CAC) that focuses on the
environmental impact of the pollution emitted is called … standard.