100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
ECS1601 - Assessment 2 - Review - 2023 $3.41   Add to cart

Exam (elaborations)

ECS1601 - Assessment 2 - Review - 2023

1 review
 133 views  3 purchases
  • Course
  • Institution

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.

Preview 2 out of 14  pages

  • July 11, 2023
  • 14
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

1  review

review-writer-avatar

By: toast666 • 1 year ago

avatar-seller
MENU 


Dashboard / Courses / UNISA / 2023 / Semester 1 / ECS1601-23-S1 / Online assessments / Assessment 2

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.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller economicfactswarehouse. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $3.41. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

73918 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$3.41  3x  sold
  • (1)
  Add to cart