Exam (elaborations)
Ecs1501 Assignment 3 Semester 2 2023
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8/27/23, 10:19 PM Assessment 3 (page 2 of 12)UNISA 2023 ECS1501-23-S2 Assessments Assessment 3
QUIZ
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Question 2
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Because households have limited incomes, they must
save for the future
allocate their spending carefully
rarely take vacations
live below the poverty line
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Question 3
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Economics is
exclusively the study of business rms
the study of choice under conditions of scarcity
the study of the markets for stocks and bonds
fundamentally the same as sociology
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https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=12710347&cmid=622800&page=1 1/1
,8/27/23, 10:21 PM Assessment 3 (page 3 of 12)
UNISA 2023 ECS1501-23-S2 Assessments Assessment 3
QUIZ
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Question 4
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Money costs and opportunity costs are concepts that are
used by tax accountants.
not related in any meaningful way.
used by economists to learn the most e cient level of output.
related through relative prices of goods and services.
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Question 5
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In economics, the necessity for choice arises from
high incomes and many goods.
scarcity of economic means for satisfying economic wants.
scarcity of time and knowledge, and numerous similar goods.
limited means to satisfy limited wants.
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,8/27/23, 10:22 PM Assessment 3 (page 4 of 12)
UNISA 2023 ECS1501-23-S2 Assessments Assessment 3
QUIZ
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Question 6
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When a farmer decides to grow sugar cane instead of radishes, the farmer is
answering the ____ question.
"when"
"for whom"
"what"
"why"
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Question 7
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The opportunity cost of any activity can be measured by the
time needed to select among various alternatives
value of the best alternative that is given up
price (or monetary costs) of the activity
level of technology
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, 8/28/23, 12:07 AM Assessment 3 (page 4 of 12)
UNISA 2023 ECS1501-23-S2 Assessments Assessment 3
QUIZ
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Question 6
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When an economy cannot produce all the goods and services people wish to have it
is said to be experiencing
scarcity.
market failure.
excludability.
externalities.
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Question 7
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According to economists, one reason few professional athletes have PhD’s is that
the:
comparative cost of going to university is too high.
marginal cost of going to university is too high.
opportunity cost of going to university is too high.
marginal bene t of going to university is too high.
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https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=12712908&cmid=622800&page=3 1/1
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