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Ecs1501 Assignment 4 Semester 1 2023
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Ecs1501 Assignment 4 Semester 1 2023
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Macroeconomics 1st year [University] Notes [ECO10B]
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ECS1501 Assignment 04 semester 01 2023 Exam (elaborations) ECS1501 - Economics IA Economics for South African Students, ISBN: 9780627033421
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ECS1501 Assignment 2 (QUIZ) Semester 1 2023
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ECS 1501ASSIGNMENT 4 SEMESTER 1 2023
Use this document as a guide to learn, compare and reference
,Started on Saturday, 8 April 2023, 2:09 PM
State Finished
Completed on Saturday, 8 April 2023, 3:42 PM
Time taken 1 hour 33 mins
Marks 21.00/21.00
Grade 100.00 out of 100.00
Question 1
Complete
Mark 1.00 out of 1.00
Question 2
Complete
Mark 1.00 out of 1.00
Which of the following demonstrates the law of demand?
Malefa buys fewer muffins at R0.75 each than at R1 each.
Kafayat buys fewer cup cakes at R0.60 each since the price of hot cross buns fell to R0.50 each.
Mawethu buys more donuts at R0.25 each than at R0.50 each.
Theo buys more pretzels at R1.50 each since he got a raise at work.
Question 3
Complete
Mark 1.00 out of 1.00
If a good is "normal," then an increase in income will result in
a decrease in the demand for the good.
an increase in the demand for the good.
no change in the demand for the good.
a lower market price.
,Question 4
Complete
Mark 1.00 out of 1.00
It is apparent from the figure that
the demand for the good decreases as income increases.
the quantity demanded increases as income increase.
the good is inferior.
the demand for the good conforms to the law of demand.
Question 5
Complete
Mark 1.00 out of 1.00
The movement from point A to point B on the graph shows
a decrease in demand.
an increase in quantity demanded.
a decrease in quantity demanded.
an increase in demand.
, Question 6
Complete
Mark 1.00 out of 1.00
Two goods are complements when a decrease in the price of one good
decreases the quantity demanded of the other good.
increases the quantity demanded of the other good.
decreases the demand for the other good.
increases the demand for the other good.
Question 7
Complete
Mark 1.00 out of 1.00
If the price of a substitute to good X increases, then the
demand for good X will increase.
demand for good X will decrease.
quantity demanded for good X will increase.
market price of good X will decrease.
Question 8
Complete
Mark 1.00 out of 1.00
The quantities of the good buyers are willing and able to purchase is called the
quantity demanded.
demand.
supply.
quantity supplied.
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