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Summary ECS1500 Assignment 1 semester 1 2023
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Ecs1500 Assignment 5Semester 1
2023
Written by
Seko Tutorials
Started on Sunday, 7 May 2023, 11:28 AM
State Finished
Completed on Sunday, 7 May 2023, 11:58 AM
Time taken 29 mins 48 secs
Marks 40.00/40.00
Grade 100.00 out of 100.00
Feedback Excellent performance! You seem to understand Learning Units 6 and 7 that thi
is based on.
According to the expenditure method, GDP is estimated by adding up the income
earned by the various factors of production.
Select one:
True
False
Feedback
According to the expenditure method GDP is calculated by adding the value of all
final goods and services that are sold in the economy. When the income earned by
the various production factors are added together to calculate GDP, we use the
income method.
The correct answer is 'False'.
Question 2
Correct
,Mark 2.00 out of 2.00
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Question text
The introduction of online media news resulted in Thandi losing her job as a photo
editor at TJ Newspaper. Based on this information, Thandi is _________unemployed.
a.
frictionally
b.
voluntarily
c.
structurally
d.
seasonally
Feedback
Your answer is correct.
Cyclical unemployment emanates from the fluctuations in demand for goods and
services. For instance, when businesses are booming, more people are employed
but when they are in depression, more people are laid off.
The improved technology is the cause of Thandi’s’ unemployment, this is a
mismatch between her skills and the job requirement by the labour market.
Therefore, Thandi is structurally unemployed.
Voluntary unemployment transpires when people decide not to work due to lower
wages. This does not apply to Thandi.
, The time it takes to find a new job or to move from one job to another is referred
to as frictional unemployment and it is not regarded as serious. Thandi is not
frictionally unemployed.
The correct answer is:
structurally
The country of Oilpac produces oil only. It has published the following figures that
indicate the quantities that were produced in gallons while prices are provided in
dollars ($) per gallon.
From 2015 to 2016, nominal GDP grew by_____ while real GDP at constant 2015
prices grew by ________
Select one:
a.
80%; 20%.
b.
1 000%; 1%.
c.
1%; 1 000%.
d.
20%; 50%.
e.
44%;16,67%.
Feedback
Your answer is correct. Well done!
Nominal GDP is calculated by multiplying the quantity by the price for that year.
Real GDP is calculated by multiplying the quantity by a constant price, in this case
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