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QUESTION 1 choose the most correct answer from the following multiple choice questions and write only the alphabet (20) next to the question number. E.g. 1.20. A 1.1 Economics concerns itself with: L. services. A systematic understanding of patterns of production, consumption and distribution of goods and A study of money, banking, capital formation and wealth. i. A study of how limited resources are used to satisfy unlimited human wants. iv. The study of the application of scarce means to a multitude of human wants. a) None of them. which of the above statements can be associated with the broad subject matter studied in economics? b) All of them. Only statements i, ii and iii. d) Only statements i, ill and iv. 1.2 The basic economic problems faced by a socialist economy are: a) Different from those faced by a mixed economy. b) Different from those faced by a market economy, but the same as those faced by a mixed economy. ) Similar to those faced by both a market and a mixed economy. d) Different from those faced by a market economy. 1.3 GDP at prices will usually be greater than GDP at prices because of a) constant; current; inflation b) current; constant; inflation c) constant; current; depreciation d) current; constant; depreciation 1.4 Which one of the following is the essential function of money? a) Medium of exchange (or means of payment). b) Store of value. c) Factor of production. Source of income. 1.5 When the inflation rate is expected to exceed the target rate by a significant margin, the South Africa Reserve Bank (SARB) will tend to: a) Reduce the cost of credit to the banks. b) Increase the repurchase rate (repo rate). c) Purchase government bonds on the open market. d) Decrease the repurchase rate (repo rate)