Exam (elaborations)
ECS1500 Assignment 1 Semester 1 2023 Solutions
- Course
- Institution
This document consists of the feasible solutions for ECS1500 Assignment 1 and the expected questions for assignment 1. (100% guaranteed)
[Show more]
Seller
Follow
DoncabeIntelligentAcademy
Reviews received
Content preview
ECS1500 Assignment 1 MemoECS1500 ASSIGNMENT ONE SEMESTER ONE 2023 MEMO
Started on Wednesday, 15 February
2023, 6:56 PM
State Finished
Completed on Wednesday, 15 February
2023, 7:56 PM
Time taken 1 hour
Marks 40.00/40.00
Grade 100.00 out of 100.00
Feedback Well done! It is clear that
you understand the content
of Learning Units 1 and 2.
Question 1
Correct
Mark 2.00 out of 2.00
Flag question
Economic choices are influenced by the availability of factors of production.
Select one:
a. True
b. False
Feedback
Your answer is correct! Well done!
The statement is true. The problem of choice arises from unlimited wants, which have to be
satisfied with limited means. The limited means refer to limited factors of production that
are available to produce goods and services. Depending on the availability of these factors
Written by: Doncabe Intelligent Academy WhatsApp us on: 078 599 7418
,ECS1500 Assignment 1 Memo
of production, choices have to be made about what, for whom and how goods should be
produced. See section 1.1 of the study guide.
The correct answer is: True
Question 2
Correct
Mark 2.00 out of 2.00
Flag question
If Peter decides to go to the cinema instead of studying, the time that he could have been
studying should be included in the opportunity cost of going to the cinema.
Select one:
a. True
b. False
Feedback
Your answer is correct. Well done!
The statement is true. Opportunity cost is discussed in section 1.1.2. Opportunity cost means
including the cost of the next best foregone opportunity that is not chosen. In this case,
Peter went to the cinema, so he did not study, which we assume was the next best thing to
do.
The correct answer is: True
Question 3
Correct
Mark 2.00 out of 2.00
Flag question
When the government has to decide whether to allocate funds to education or health
expenditure, they are dealing with the scarcity problem in the economy.
Select one:
a. True
Written by: Doncabe Intelligent Academy WhatsApp us on: 078 599 7418
, ECS1500 Assignment 1 Memo
b. False
Feedback
Your answer is correct. Well done!
The statement is true. Due to the problem of scarcity, the government, and all participants
in the economy, have to make choices. All wants and needs cannot be satisfied due to a
scarcity of resources. See section 1.1 of the study guide.
The correct answer is: True
Question 4
Correct
Mark 2.00 out of 2.00
Flag question
Markets have the following functions:
Select one or more:
a. showing how supply affects demand
b. determining market prices
c. ensuring a fair allocation of goods and services
d. revealing the preferences of consumers for goods
Feedback
Your answer is correct.
Supply does not affect demand. A change in supply may affect the price and therefore the
quantity demanded. However, demand is determined by factors other than those that
determine supply.
When consumers come to the market with the desire to buy goods and services, they come
with an asking price (demand). On the other hand, suppliers come to the market to meet
the desires of consumers with a selling price (supply). When these two forces of supply and
demand interact, a market equilibrium price is thus determined.
The market mechanism is used to allocate goods and services; however, this process is not
always fair. Those who do not have the necessary buying power are excluded from the
market.
Written by: Doncabe Intelligent Academy WhatsApp us on: 078 599 7418
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 DoncabeIntelligentAcademy. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $4.85. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
71184 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now