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ECS1500 ASSESSMENT 5 OF 2024 EXPECTED QUESTIONS AND SOLUTIONS

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  • Course
  • ECS1500 - Economics 1500 (ECS1500)
  • Institution
  • University Of South Africa (Unisa)

THIS DOCUMENT CONTAINS ECS1500 ASSESSMENT 5 OF 2024 EXPECTED QUESTIONS AND SOLUTIONS COMPILED FROM MANY ASSESSMENTS TAKEN . USING IT CORRECTLY AS A GUIDE AND FOR RESEARCH PURPOSES WILL HELP YOU SCORE ABOVE 80%

Last document update: 1 year ago

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Document information

  • May 22, 2023
  • September 20, 2023
  • 113
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

Subjects

  • fac1501
  • ecs1501
  • ecs1500
  • ecs1601
  • tax2601
  • tax1501
  • mnb1501
  • mnb2601
  • fin2601
  • fin2602
  • ecs1500 assessment 5 sem 1 of 2023 expected questions and solutions

Written for

  • University of South Africa (Unisa)
  • ECS1500 - Economics 1500 (ECS1500)
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Started on Wednesday, 20 September 2023, 5:18 PM
State Finished
Completed on Wednesday, 20 September 2023, 5:48 PM
Time taken 30 mins 33 secs
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 Double counting in the national accounts can be avoided by .
Correct

M ark 2.00 out of
2.00 Select one:
a. only including the value of final goods and services
b. only including the value of intermediate goods and services

c. not including the value of imported goods and services
d. only including the value-added tax paid on goods and services



Your answer is correct. Well done!
Only including the value of final goods and services would ensure that double counting will be avoided. The value of intermediate goods and services will
be included in the value of final goods and services; therefore, we cannot add it to calculate the value of the GDP.
The value of imported goods and services should not be added to the GDP, as these are not produced in the country. However, excluding the value of
imported goods and services is due to the definition of GDP, it is not done to avoid double counting.
Only including value-added tax would mean that we will only be considering 15% of the value of production.
The correct answer is: only including the value of final goods and services

,Question 2 Which one of the following statements is correct?
Incorrect

M ark 0.00 out of
Select one:
2.00 a. The PPI includes capital and intermediate goods but excludes services.

b. The basket of goods used to calculate CPI is adjusted from month to month as consumers' expenditure patterns change.
c. A larger increase in the CPI for a particular type of good, e.g. clothing and footwear, indicates that that particular type of good became more
important in the CPI during that period.

d. The basket of goods used to calculate the PPI is the same basket of goods used to calculate the CPI.




Your answer is incorrect.


The basket of goods used to calculate CPI is a fixed-weight index and is only adjusted every five years to allow for changes in consumers' expenditure
patterns.
A larger increase in the CPI for a particular type of good, e.g. clothing and footwear, indicates that the prices of that particular type of good increased by
more than previously. The weight of each group stays the same for a 5-year-period.
A different basket of goods is used to calculate the PPI than the basket used to calculate the CPI. The PPI includes capital and intermediate goods but
excludes services.


The correct answer is: The PPI includes capital and intermediate goods but excludes services.



Question 3 According to the expenditure method, GDP is estimated by adding up the income earned by the various factors of production.
Correct

M ark 2.00 out of
Select one:
2.00 True

False



According to the expenditure method GDP is calculated by adding the value of all final goods and services that are sold in the economy. When the
income earned by the various production factors are added together to calculate GDP, we use the income method.
The correct answer is 'False'.

,Question 4 The question is based on the following information for Country ABC from 2014 to 2017.
Correct

M ark 2.00 out of
2.00




The growth in real GDP for 2015 was.......

Select one:
a. 3,78%

b. 10,71%
c. 3,00%

d. 3,93%



Your answer is correct.
To calculate the real GDP growth, we have to use the GDP at constant prices. The GDP at constant prices for 2014 was R5 773m. The GDP at constant
prices for 2015 was R6 000m. The increase in GDP was therefore R6 000m – R5 773m = R227m.
To calculate the percentage increase in real GDP from 2014 to 2015:




The correct answer is: 3,93%

, Question 5 The question is based on information of country XYZ for 2016 in the following table:
Correct

M ark 2.00 out of
2.00




Expenditure on GDP of country XYZ for 2016 is equal to

Select one:
a. Q470 000

b. Q340 00
c. Q360 000

d. Q150 000
e. Q380 000



Your answer is correct. Well done!
In Economics we use the following symbols to represent the different components of expenditure on GDP:
Consumption by households: C
Government expenditure: G
Gross capital formation: I
Exports: X
Imports: Z
In section 6.2.4.2 it is shown that:
Expenditure on GDP = C + I + G + X – Z
Thus, expenditure on GDP for country XYZ for 2016:
= Q150 000 + Q130 000 +Q80 000 + Q45 000 – Q65 000 = Q340 000.
The correct answer is: Q340 00

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