Exam (elaborations)
Exam (elaborations) Economics 1501 (ECS1501)
- Course
- Institution
Assessment, ECS Assessment questions and answers. An explanation is provided in the feedback.
[Show more]
Seller
Follow
langam306
Content preview
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
Flag question
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
Flag question
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
Flag question
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.
Feedback
The correct answer is: the study of how scarce resources are allocated in an attempt to
satisfy unlimited wants.
Question 4
Correct
Mark 2.00 out of 2.00
Flag question
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
Flag question
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
Flag question
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller langam306. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $5.63. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67474 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now