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Ecs1500 Assignment 7 Semester 2 2023
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Ecs1500 Assignment 7 Semester 2 2023
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,MENUDashboard / My courses / ECS1500-22-S2 / Welcome to ECS1500 / Assessment 7
Started on Sunday, 13 November 2022, 11:19 AM
State Finished
Completed on Sunday, 12 November 2023, 11:48 AM
Time taken 28 mins 23 secs
Marks 57.00/60.00
Grade 96.67 out of 100.00
Question 1
Correct
Mark 2.00 out of 2.00
The question is based on the information in the following table, which shows the amounts of goods that were produced in a small economy,
Country XYZ, during 2019, as well as the prices of those goods in 2019 and in 2015, which is the base year:
Real GDP in 2019 .
Select one:
a. cannot be calculated
b. was R2 305 000
c. was R2 111 000
d. was R37 000
The correct answer is: was R2 111 000
,Question 2
Correct
Mark 2.00 out of 2.00
MENU
The question is based on the figure below, which shows the Lorenz Curve for different countries:
Dashboard / My courses / ECS1500-22-S2 / Welcome to ECS1500 / Assessment 7
Source: World Bank World Development Indicators (2019)
Which one of the following statements is not correct?
a. South Africa has the most unequal income distribution among the countries.
b. Countries with higher Gini coefficients are further from the line of absolute (perfect) equality.
c. Sweden has a relatively more equal income distribution than India.
d. The Gini coefficient for South Africa is lower than that of the United States.
The correct answer is:
The Gini coefficient for South Africa is lower than that of the United States.
, Question 3
Correct
Mark 2.00 out of 2.00
MENU
Which of the following is correct with regards to taxes in South Africa?
Dashboard / My courses / ECS1500-22-S2 / Welcome to ECS1500 / Assessment 7
Select one:
a. Company tax is an indirect tax.
b. Value added tax is a direct tax.
c. Personal income tax is a direct tax.
d. Excise duty is a general tax
The correct answer is: Personal income tax is a direct tax.
Question 4
Correct
Mark 2.00 out of 2.00
The consumer price index (CPI) provides an indication of the change in the …
[1] nominal value of consumer goods and services produced.
[2] real value of consumer goods and services produced.
[3] prices of consumer goods and services.
Select one:
a. only 1 and 2 are correct
b. only 1 and 3 are correct
c. 1, 2 and 3 are correct
d. only 3 is correct
The correct answer is: only 3 is correct
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