STADIO SBS
by: MR Moloi K.M
, EXAMINATION PAPER:
Semester 2, 2024
Module name Economics for Managers 1
Module code MEC152
NQF level 5
Date 6 November 2024
Duration 3 Hours
Exam type Closed book
Marks 100
General instructions
1. Complete your personal information on the front cover of the STADIO Examination
Answer Booklet.
2. Ensure you number the answer booklets correctly, in the case where more than one
answer booklet is used, i.e. Book 1 of 2, etc.
3. Use only black or blue pen. Do not use a pencil to answer questions. Pencilled answers
will not be marked.
4. Answer all the questions unless otherwise instructed.
5. Read all questions carefully before attempting to answer.
6. Always number the answers and any sub-question answers the same as the question
numbers in the examination paper.
7. Rough work may be done at the back of the examination book only. All rough work
must be labelled as such.
8. By accepting this examination script, you agree to abide by the STADIO Examination
Rules and Regulations.
MEC152
©STADIO [ECONOMICS FOR MANAGERS 1 - MEC152] [Exam Paper - Semester 2, 2024]
Page 1 of 7
, Equipment (Closed book)
1. No documents, notes, files, study guides, textbooks, or other materials will be allowed
into the examination.
2. Calculators are permitted.
3. No mobile devices or electronic equipment including smart watches, laptops, iPads,
Kindles, etc. will be allowed on your person or at your desk during the examination.
4. No borrowing or lending of any examination material and/or stationery will be
permitted.
DO NOT TURN THIS PAGE UNTIL INSTRUCTED TO DO SO.
©STADIO [ECONOMICS FOR MANAGERS 1 - MEC152] [Exam Paper - Semester 2, 2024]
Page 2 of 7
, Question 1 (10 marks)
Multiple Choice Questions
Select the correct answer and write down only the sub-question number and next to it, the letter
that represents the answer you have selected. For example: 1.11 E.
1.1 Scarcity occurs in economics because resources are __________ and our wants
are_________.
A. Unlimited, limited
B. Limited, unlimited
C. Unlimited, unlimited
D. Limited, limited
1.2 Opportunity cost is best described as ____________.
A. The out-of-pocket money costs incurred when a decision is made.
B. The value of the next best alternative sacrificed when a choice is made.
C. The value of all the alternatives given up when a choice is made.
D. The value of time lost when a choice is made.
1.3 When the government decides to make bursaries available to low-income students only
in the future, this is an example of the following economic decision that is taken:
A. For whom the goods and services should be produced?
B. How should the goods and services be produced?
C. What goods and services are to be produced?
D. For whom and what to be produced?
1.4 If a household receives rent, what type of factor of production is the household selling on
the factor market?
A. Natural resources (Land)
B. Labour
C. Capital
D. Entrepreneurship
©STADIO [ECONOMICS FOR MANAGERS 1 - MEC152] [Exam Paper - Semester 2, 2024]
Page 3 of 7
by: MR Moloi K.M
, EXAMINATION PAPER:
Semester 2, 2024
Module name Economics for Managers 1
Module code MEC152
NQF level 5
Date 6 November 2024
Duration 3 Hours
Exam type Closed book
Marks 100
General instructions
1. Complete your personal information on the front cover of the STADIO Examination
Answer Booklet.
2. Ensure you number the answer booklets correctly, in the case where more than one
answer booklet is used, i.e. Book 1 of 2, etc.
3. Use only black or blue pen. Do not use a pencil to answer questions. Pencilled answers
will not be marked.
4. Answer all the questions unless otherwise instructed.
5. Read all questions carefully before attempting to answer.
6. Always number the answers and any sub-question answers the same as the question
numbers in the examination paper.
7. Rough work may be done at the back of the examination book only. All rough work
must be labelled as such.
8. By accepting this examination script, you agree to abide by the STADIO Examination
Rules and Regulations.
MEC152
©STADIO [ECONOMICS FOR MANAGERS 1 - MEC152] [Exam Paper - Semester 2, 2024]
Page 1 of 7
, Equipment (Closed book)
1. No documents, notes, files, study guides, textbooks, or other materials will be allowed
into the examination.
2. Calculators are permitted.
3. No mobile devices or electronic equipment including smart watches, laptops, iPads,
Kindles, etc. will be allowed on your person or at your desk during the examination.
4. No borrowing or lending of any examination material and/or stationery will be
permitted.
DO NOT TURN THIS PAGE UNTIL INSTRUCTED TO DO SO.
©STADIO [ECONOMICS FOR MANAGERS 1 - MEC152] [Exam Paper - Semester 2, 2024]
Page 2 of 7
, Question 1 (10 marks)
Multiple Choice Questions
Select the correct answer and write down only the sub-question number and next to it, the letter
that represents the answer you have selected. For example: 1.11 E.
1.1 Scarcity occurs in economics because resources are __________ and our wants
are_________.
A. Unlimited, limited
B. Limited, unlimited
C. Unlimited, unlimited
D. Limited, limited
1.2 Opportunity cost is best described as ____________.
A. The out-of-pocket money costs incurred when a decision is made.
B. The value of the next best alternative sacrificed when a choice is made.
C. The value of all the alternatives given up when a choice is made.
D. The value of time lost when a choice is made.
1.3 When the government decides to make bursaries available to low-income students only
in the future, this is an example of the following economic decision that is taken:
A. For whom the goods and services should be produced?
B. How should the goods and services be produced?
C. What goods and services are to be produced?
D. For whom and what to be produced?
1.4 If a household receives rent, what type of factor of production is the household selling on
the factor market?
A. Natural resources (Land)
B. Labour
C. Capital
D. Entrepreneurship
©STADIO [ECONOMICS FOR MANAGERS 1 - MEC152] [Exam Paper - Semester 2, 2024]
Page 3 of 7
