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ECS 1601 Assessment 1_ Attempt review 2023
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ECS 1601 Assessment 1&2_ Attempt review 2023
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ECS1601-23-S1
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Courses
UNISA
2023
Semester 1
ECS1601-23-S1
Online assessments
Assessment 1
Started on Monday, 13 March 2023, 6:32 PM
State Finished
Completed on Monday, 13 March 2023, 7:52 PM
Time taken 1 hour 20 mins
Marks 12.00/18.00
Grade 66.67 out of 100.00
Question 1
Correct
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Question text
Which of the following statements is correct about opportunity cost?
(i) Opportunity cost is a consequence of abundance.
, (ii) When Karabo decides to watch Netflix all day instead of studying, his opportunity cost is the improvement of
his marks in Economics that he could get from studying more.
(iii) Opportunity cost is only measured in terms of money.
(iv) Not all economic choices have an opportunity cost.
a.
(ii) and (iv) are correct.
b.
(i) and (ii) are correct.
c.
(i), (iii) and (iv) are correct.
d.
ii) is correct.
Feedback
Your answer is correct.
Opportunity cost is a result of scarcity, where limited resources are available and wants are infinite. The opportunity cost
is the highest foregone valued alternative for an economic activity. Consequently, there is an opportunity cost (or trade-
off) to all economic activities. See Section 1.1 of the prescribed book.
Question 2
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Question text
Which one of the following is NOT a purpose of economic theory?
a.
to help us to understand what is happening in all aspects of the real world.
b.
to help us predict what will happen if something changes.
c.
to help us explain what is happening in the economy.
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