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Ecs1501 Assignment 2 semester 2 2023
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UNISA 2023 ECS1501-23-S2 Assessments Assessment 2QUIZ
Started on Tuesday, 15 August 2023, 9:37 AM
State Finished
Completed on Tuesday, 15 August 2023, 10:54 AM
Time taken
Marks
out of 100.00
Question 1
Complete
Not graded
I con rm
that this assessment will be my own individual work;
that I will not communicate with anyone else in any way during the completion of
this assessment;
that I will not cheat in any way in completing and submitting this assessment.
I con rm.
I do not con rm.
, Question 2
Complete
Mark 1.00 out of 1.00
The production possibilities curve shifts as
the money supply grows or shrinks.
the unemployment rate changes.
tastes and preferences change.
technology changes.
The Production Possibilities Curve (PPC) shifts if there are changes in the factors
that determine an economy's production capabilities. A shift in the PPC indicates a
change in an economy's potential to produce goods and services, usually due to
changes in resources, technology, or skills levels. For example,
If an economy experiences technological progress, it can produce more output with
the same amount of resources or if an economy gains access to additional
resources, such as new sources of raw materials or an increase in labour force, its
production potential expands. A better-skilled and educated workforce can enhance
an economy's productivity and production capabilities. This can cause the PPC to
shift outward.
Question 3
Complete
Mark 1.00 out of 1.00
Economic growth is the result of all of the following EXCEPT
opportunity cost.
technological change.
investment in human capital.
capital accumulation.
Economic growth can be a result of improved investment in human capital,
technological change or capital accumulation, but not opportunity cost. Opportunity
cost refers to the value of the next best alternative that you give up when you choose
one option over another. It's the cost of forgoing the bene ts of the option not
chosen.
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