This document serves as a guide to help reflect on my review of Assessment 2 for ECS1601. This is purely for reflection purposes and shows my decisions on the answers to the assessment as well as the marks I obtained for each answer.
Started on Wednesday, 29 March 2023, 10:41 PM
State Finished
Completed on Wednesday, 29 March 2023, 11:00 PM
Time taken 18 mins 37 secs
Marks 14.00/20.00
Grade 70.00 out of 100.00
Question 1
Correct
Mark 1.00 out of 1.00
Use the following information below to the question:
Which country has an absolute advantage in the production of petrol?
a. Russia has an absolute advantage in the production petrol.
b. Both countries have an absolute advantage in the production of petrol.
c. Russia has a relative advantage in the production of petrol.
d. Ukraine has a relative advantage in the production of petrol.
Russia has to give up less petrol to produce one drone than Ukraine. Refer to pages 65-68 of the prescribed book, page 61in Part 1 of the
study guide, and pages 44-45 in Part 2 of the study guide.
, Question 2
Correct
Mark 1.00 out of 1.00
MENU
The process whereby the world’s economies have become more integrated through trade, capital markets and technology are called______
Dashboard / Courses / UNISA / 2023 / Semester 1 / ECS1601-23-S1 / Online assessments / Assessment 2
a. economic growth.
b. economic development.
c. economic integration
d.
colonisation
e. globalisation
The world has become a global village in which individuals, businesses, and governments have to think, plan and act globally. Factors of
production have become extremely mobile, and developments in one country often have implications for other countries. See page 63 of
the prescribed book.
Question 3
Correct
Mark 1.00 out of 1.00
As a result of more Americans visiting South Africa, we can expect, ceteris paribus
a. an appreciation of the Rand relative to the Dollar.
b. a depreciation of the Rand relative to the Dollar.
c. an appreciation of the Dollar relative to the Rand.
d. that it will cost South Africans more to visit the United States.
e. an appreciation of the Dollar relative to all major currencies.
An increase of American tourists into South Africa will increase the supply of dollars on the South African foreign exchange market, ceteris
paribus. The supply curve for dollars on the South African foreign exchange market, will thus shift to the right, while the demand for
dollars curve will remain constant, ceteris paribus. The rand will appreciate relative to the dollar, while the dollar will depreciate relative to
the rRand. Refer to pages 71 to 76 in the prescribed textbook prescribed book, as well as figures 4-3 and Tables 4-1 and 4-2.
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