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ECS1601-23-S2
Online assessments
Assessment 1
QUIZ
Assessment 1
Started on Saturday, 19 August 2023, 2:43 PM
State Finished
Completed on Saturday, 19 August 2023, 3:14 PM
Time taken 30 mins 14 secs
Marks 28.00/40.00
Grade 70.00 out of 100.00
Question 1
...
The circular flow model reveals that a decrease in South African imports will … .
a.
decrease South African imports
b.
increase revenue to foreign firms
,c.
increase revenue and domestic production in South Africa
d.
increase output and income in the rest of the world
Feedback
In South Africa, this will encourage firms to produce locally without depending on foreign
imported inputs material.
Question 2
Complete
Mark 2.00 out of 2.00
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Question text
Which one of the following statements is true about causality and correlation?
a.
Causation between two variables proves correlation.
b.
An example of correlation is when an increase in the value of imports causes a rise in economic
growth.
c.
Correlation between variables occurs when two variables have a relationship
, d.
Causality between two variables always implies correlation.
Feedback
Correlation does not imply causation. Correlation between variables occurs when two variables
have a relationship.
Question 3
Complete
Mark 2.00 out of 2.00
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Question text
Which one of the following is NOT a purpose of economic theory?
a.
to help us explain what is happening in the economy.
b.
to help us to understand what is happening in all aspects of the real world.
c.
to serve as a basis for policy decisions.
d.
to describe what happens in the real world.
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