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ECS1501 ASSIGNMENT 1 FOR 2024
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  • Course
  • Economics (ECS1501)
  • Institution
  • University Of South Africa (Unisa)

Question 2 Complete Mark 1.00 out of 1.00 Flag question Question text An economy that uses new technology moves along its PPC and incurs an opportunity cost. does not incur an opportunity cost because everyone can use new technology. has it’s PPC shift outward. has its PP...

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  • May 6, 2024
  • 24
  • 2023/2024
  • Exam (elaborations)
  • Unknown

Subjects

  • 2024

Written for

  • University of South Africa (Unisa)
  • Economics (ECS1501)
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ECS1501
ASSIGNMENT 3 FOR 2024




FEND TUTORIALS

, Started on Monday, 6 May 2024, 12:27 PM
State Finished
Completed on Monday, 6 May 2024, 12:37 PM
Time taken 9 mins 48 secs
Marks 9.00/10.00
Grade 90.00 out of 100.00
Question 1
Complete
Not graded

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Question text
I confirm
that this assessment will be my own individual work;
that I will not communicate with anyone else in any way during the completion of this
assessment;
that I will not cheat in any way in completing and submitting this assessment.




I confirm.


I do not confirm.

Question 2
Complete
Mark 1.00 out of 1.00

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Question text
An economy that uses new technology


moves along its PPC and incurs an opportunity cost.


does not incur an opportunity cost because everyone can use new technology.


has it’s PPC shift outward.


has its PPC shift inward because more unemployment is created.
Feedback



Whatsapp Marlvin @ +2763 173 8181

, New technology can make production processes more efficient. This might mean that the same
amount of resources can now produce more output. As a result, the PPC can shift outward,
showing that the economy can now produce more goods than before.

Question 3
Complete
Mark 1.00 out of 1.00

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Question text
A tradeoff is illustrated by


the negative slope of the PPC.


a point outside the PPC.


a change in the slope of the PPC.


a point inside the PPC.
Feedback
Trade-offs involve making choices between competing alternatives. In the context of the PPC,
trade-offs refer to the choices an economy must make when allocating its limited resources
between the production of two goods. Due to resource scarcity, producing more of one good
requires sacrificing the production of the other. Graphically this is illustrated by the negative
slope of the PPC curve.

Question 4
Complete
Mark 0.00 out of 1.00

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Question text
When production is efficient,


we can satisfy our all wants.


om choice of the goods can be either on or within the production possibilities curve.


the opportunity cost is as low as possible.


we face a tradeoff and incur an opportunity cost.



Whatsapp Marlvin @ +2763 173 8181

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