OVER 70 QUESTIONS WITH ANSWERS, THE ULTIMATE GUIDE TO ACING YOUR ECS1601, POST A PICTURE OF ANY QUESTION YOU CANT SOLVE IN THE NUMBER PROVIDED IN THE DOCUMENT
Started on Wednesday, 15 March 2023, 7:50 AM
State Finished
Completed on Wednesday, 15 March 2023, 8:26 AM
Time taken 36 mins 54 secs
Marks 15.00/18.00
Grade 83.33 out of 100.00
Question 1
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What is the correct definition of the opportunity cost of a choice?
a. the monetary value to the decision-maker of the choice made.
b. the cost of the alternative.
c. the opportunity to make a different choice.
d. the monetary value of the best alternative that was chosen instead of the alternative.
e. the value to the decision-maker of the alternative that could have been chosen.
Every time a choice is made, opportunity cost is incurred; and economists always measure cost in terms of opportunity cost. The cost of
using a resource is measured by determining how it could have been used alternatively, not necessarily what it cost to purchase. See
page 2 of the prescribed book.
Question 2
Correct
Mark 1.00 out of 1.00
The circular flow model reveals that a decrease in South African imports will … .
a. increase output and income in the rest of the world
b. decrease South African imports
c. increase revenue to foreign firms
d. increase revenue and domestic production in South Africa
In South Africa, this will encourage firms to produce locally without depending on foreign imported inputs material.
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Question 2
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Identify the various leakages and injections into the circular flow of income and spending. a) Leakages: imports, savings b) Injection:
Dashboard
exports, / My courses
investment / ECS1601-23-S1
c) Injection: / Online
X + I + G d) Leakages: S+assessments
Z / Assessment 1
a. b, c and d
b. b and c
c. a, b, c and d
d. a and b
leakages are imports, savings, and taxes. Injections are exports, investment, government spending and household consumption.
Question 3
Correct
Mark 1.00 out of 1.00
In the circular flow of income and spending in South Africa, spending by firms in the factor market becomes ________ households, while
________ households in the goods market becomes ________.
a. income to; income to; spending by firms
b. spending by; spending by; income to firms
c. income to; spending by; income to firms
d. spending by; income to; income to firms.
Firms are primarily engaged in production. Therefore, firms will have to purchase the factors of production from households in the factor
market. Households need to be remunerated for the factors of production in the form of different types of income. This income of
households is then used to purchase goods and services in the goods market from firms, which then becomes income for firms. Exports an
addition or injection into the circular flow of income and spending in the domestic economy. See pages 6 and 7 in the prescribed book.
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