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Ecs1601 Assignment 1 Semester 2 2023
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ECS1601 ASSIGNMENT 2 SEMESTER 2 2023 (100%)(DUE 7 SEPTEMBER 2023)
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8/19/23, 8:18 AM Assessment 1: Attempt reviewQUIZ
Started on Saturday, 19 August 2023, 7:41 AM
State Finished
Completed on Saturday, 19 August 2023, 8:18 AM
Time taken 36 mins 34 secs
Marks 32.00/40.00
Grade 80.00 out of 100.00
Question 1
Complete
Mark 0.00 out of 2.00
The circular flow model reveals that a decrease in South African imports will … .
a. increase revenue to foreign firms
b. increase output and income in the rest of the world
c. decrease South African imports
d. increase revenue and domestic production in South Africa
In South Africa, this will encourage firms to produce locally without depending on foreign
imported inputs material.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=12389696&cmid=622819 1/15
,8/19/23, 8:18 AM Assessment 1: Attempt review
Question 2
Complete
Mark 2.00 out of 2.00
Identify the various leakages and injections into the circular flow of income and spending.
a) Leakages: imports, savings
b) Injection: exports, investment
c) Injection: X + I + G
d) Leakages: S+ Z
a. a, b, c and d
b. b, c and d
c. a and b
d. b and c
leakages are imports, savings, and taxes. Injections are exports, investment, government
spending and household consumption.
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Question 3
Complete
Mark 2.00 out of 2.00
Which of the following statements is correct about opportunity cost?
(i) Opportunity cost is a consequence of abundance.
(ii) When Karabo decides to watch Netflix all day instead of studying, his opportunity
cost is the improvement of his marks in Economics that he could get from studying more.
(iii) Opportunity cost is only measured in terms of money.
(iv) Not all economic choices have an opportunity cost.
a.
(ii) and (iv) are correct.
b.
(i) and (ii) are correct.
c. (i), (iii) and (iv) are correct.
d. ii) is correct.
Opportunity cost is a result of scarcity, where limited resources are available and wants are
infinite. The opportunity cost is the highest foregone valued alternative for an economic
activity. Consequently, there is an opportunity cost (or trade-off) to all economic activities.
See Section 1.1 of the prescribed book.
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Question 4
Complete
Mark 2.00 out of 2.00
Pick n Pay, Spar, Checkers and Shoprite came together to fix the price of gas heaters in July
2022. This was so that they could keep the price at a level to ensure that all four stores
remained profitable. On which area of study in economics does this focus?
a. microeconomics
b. development economics
c. macroeconomics
d. international economics
The four retail stores (Pick n Pay, Spar, Checkers and Shoprite) coming together to agree on a
price level for gas heaters is called a cartel. The purpose of a cartel is to increase the
profitability of firms and to prevent competitors from entering the market for certain goods.
This scenario applies to microeconomics because it deals with the interaction of firms in a
market and the effects of their actions on prices.
Macroeconomics focuses on the performance of the economy as a whole by providing an
overall view of the economic system of a country. This area of economics focuses on total
production, income, spending, economic growth, employment and unemployment, inflation,
price levels and the balance of payments.
International economics focuses on the financial flows, exchange rates and differences in
productive resources between countries. It is also concerned with the role of institutions
affecting transactions between countries. For example, international economics looks at how
a multinational company (for example Vodafone) investing in South Africa affects
employment, technology and skills transfer.
Development economics focuses on improving the economic, social and fiscal conditions in
developing countries. It also highlights the differences between developed and developing
countries, and how these differences can be mitigated.
Information
Blank space. Move on to the next question.
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