Exam (elaborations)
Exam (elaborations) Economics 1501 (ECS1501)
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Assessment, ECS Assessment questions and answers. An explanation is provided in the feedback.
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ECS1501 – SEMESTER 1 – 2022ASSESSMENT 1
Started on Monday, 14 February 2022, 11:37 AM
State Finished
Completed on Monday, 14 February 2022, 12:04 PM
Time taken 26 mins 37 secs
Marks 25.00/25.00
Grade 100.00 out of 100.00
Question 1
Correct
Mark 2.00 out of 2.00
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Question text
In every economic system, choices must be made because resources are ________ and wants
are ________ .
Select one:
unlimited; limited
limited; unlimited
limited; limited
unlimited; unlimited
Feedback
The correct answer is: limited; unlimited
,Question 2
Correct
Mark 2.00 out of 2.00
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Question text
When a farmer in Limpopo Province decides to harvest lettuce by the use of machines
instead of by migrant workers, the farmer is answering the question.
Select one:
"What?"
"How?"
"For whom?"
Feedback
The correct answer is: "How?"
Question 3
Correct
Mark 2.00 out of 2.00
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Question text
Economics is
a sub-discipline of business management.
the study of direct and indirect relationships between inputs and outputs in various
production methods.
a study of the ethics of making money.
,the study of how scarce resources are allocated in an attempt to satisfy unlimited wants.
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The correct answer is: the study of how scarce resources are allocated in an attempt to
satisfy unlimited wants.
Question 4
Correct
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Question text
Economists classify resources into the following categories
land, labour, capital and entrepreneurship.
natural, imported, limitless and personal.
artificial, financial, human and manufactured.
available, scarce, expensive and natural.
Feedback
The correct answer is: land, labour, capital and entrepreneurship.
Question 5
Correct
Mark 2.00 out of 2.00
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Question text
What type of remuneration will John receive if he sells his capital to firms on the factor
market?
, interest.
profit.
rent.
a wage.
Feedback
The correct answer is: interest.
Question 6
Correct
Mark 2.00 out of 2.00
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Question text
According to economists, one reason why few professional athletes have PhDs is that the
___________ of going to university is too high.
comparative cost
marginal benefit
marginal cost
opportunity cost
Feedback
The correct answer is: opportunity cost
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