Exam (elaborations)
ECS1501
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Started on Friday, 26 May 2023, 8:16 PMState Finished
Completed on Friday, 26 May 2023, 8:25 PM
Time taken 8 mins 31 secs
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Units 8, 9 and 10 well.
Question 1
Correct
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Question text
Which statement(s) describes/describe a stock variable?
(1) John opened a barbershop on 26 August 2017 and in the following year it was
valued at R60 000,00.
(2) The minister of Finance announced a 2% increase in the economic performance
of South Africa for 2018.
(3) Kate opened a catering company in the year 2012 and it has been making an
annual profit of R101 000,00.
(4) The deficit on the balance of payment trade balance amounted to R4 027
000,00.
Select one:
a.
Only 1 is correct
b.
All the options are correct
c.
Only 2 and 3 are correct
d.
Only 1, 2 and 4 are correct
,Feedback
Correct.
Stock concepts are variables which can be measured at a particular point in time (wealth)
and flow concepts are variables which are be measured over a period of time (per
month, annum etc.)
Only alternative (1) describes a variable which is measured at a particular point in time.
This is the only correct statement.
Alternative (2) is neither a stock nor a flow concept, but refers to a percentage change in
a flow variable.
Profit and the balance on the balance of payments are flow variables. Therefore,
alternatives (3) and (4) are not correct alternatives.
Stock concepts are variables which can be measured at a particular point in time (wealth)
and flow concepts are variables which are be measured over a period of time (per
month, annum etc.)
Only alternative (1) describes a variable which is measured at a particular point in time.
This is the only correct statement.
Alternative (2) is neither a stock nor a flow concept, but refers to a percentage change in
a flow variable.
Profit and the balance on the balance of payments are flow variables. Therefore,
alternatives (3) and (4) are not correct alternatives.
The correct answer is: Only 1 is correct
Question 2
Incorrect
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Question text
If the exchange rate changes from R15,55 = $1, to R14,90 = $1....
Select one:
a.
the rand has depreciated
b.
American imports from South Africa will now cost less in terms of dollar.
c.
, the dollar has appreciated
d.
South African imports from America will now cost less in terms of rand.
Feedback
Your answer is incorrect.
South African imports from America will now cost less in terms of rand.
If the exchange rate changes from R15,55 = $1, to R14,90 = $1, it means that South
Africans will now pay less for one dollar. Therefore the rand has become stronger, we say
it has appreciated.
Americans will now receive less rand for every dollar; therefore, the dollar has
depreciated.
South Africans will now pay less for every dollar that they buy; therefore, American
products will now be relatively cheaper in South Africa than before the change in the
exchange rate.
However, Americans will now get less rand for every dollar; therefore, South African
products will now be relatively more expensive in America than before the change in the
exchange rate.
The correct answer is: South African imports from America will now cost less in terms of
rand.
Question 3
Incorrect
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Question text
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