Exam (elaborations)
ECS1500 Assignment 5 2023 S2
- Course
- Institution
ECS1500 Assignment 5 MCQ Questions and Solutions
[Show more]
Seller
Follow
King5409
Content preview
UNISA 2023 ECS1500-23-S2 Welcome Message Assessment 5QUIZ
Started on Friday, 20 October 2023,
State Finished
Completed on Friday, 20 October 2023,
Time taken mins sec
Marks 32.00/40.00
Grade 80.00 out of 100.00
Feedback Excellent performance! You seem to understand Learning Units 6 and 7 that this learning unit is based on.
,Question 1
Correct
Mark 2.00 out of 2.00
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.
Production of oil
Quantity 2015 Price 2015 Quantity 2016 Price 2016
5 000 $2 6 000 $3
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%.
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 2015 prices. Therefore, nominal GDP for 2015 and 2016 for the country of Oilpac can
be calculated as follows:
Nominal GDP2015 = Quantity2015 x Price2015 = 5 000 x $2 = $10 000
Nominal GDP2016 = Quantity2016 x Price2016 = 6 000 x $3 = $18 000
The increase in nominal GDP from 2015 to 2016 = $18 000 - $10 000 = $8 000
The growth rate in nominal GDP from 2015 to 2016 can now be calculated as follows:
Real GDP for 2015 and 2016, at constant 2015 prices for the country of Oilpac, can be calculated as follows:
Real GDP2015 = Quantity2015 x Price2015 = 5 000 x $2 = $10 000
Real GDP2016 = Quantity2016 x Price2015 = 6 000 x $2 = $12 000
The increase in real GDP from 2015 to 2016 = $12 000 - $10 000 = $2 000
The growth rate in real GDP from 2015 to 2016 can now be calculated as follows:
The correct answer is: 80%; 20%.
, Question 2
Correct
Mark 2.00 out of 2.00
___________ unemployment occurs when an unemployed person wants to work but is unable to find work.
a. Voluntary
b. Involuntary
c. Frictional
d. Seasonal
Your answer is correct.
Involuntary unemployment occurs when an unemployed person wants to work but is unable to find work.
Voluntary unemployment occurs when an individual chooses to be unemployed due to low wages.
Frictional unemployment occurs during the time it takes to find a new job or by moving from one job to another. An example
would be moving from North West due to a job opportunity found in Gauteng.
Seasonal unemployment occurs when people lose their jobs due to the seasonal nature of a job. An example of this would be
farmworkers who are only required during harvesting periods. Frictional unemployment may sometimes be voluntary, when a
person resigns from a job to start with a new job, but there is a break between the periods of employment; or when a person
willingly moves to another location and has to look for a new job. Sometimes it is involuntary, for example, when a person
loses a job and it takes time to find a new one. Seasonal unemployment may also be voluntary; that is, persons who prefer to
do seasonal work, because they like having time off when not working – working mothers. In a certain sense it is always
voluntary, because when a person chooses to do this kind of work, he/she knows it will be seasonal. However, it may also be
that seasonal employment is involuntary in the sense that a person cannot find any other form of employment.
The correct answer is:
Involuntary
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 King5409. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $3.43. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67096 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now