Exam (elaborations)
Ecs1501 Assignment 4 Semester 1 2023
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8/30/23, 11:34 AM Assessment 4: Attempt reviewUNISA 2023 ECS1501-23-S2 Assessments Assessment 4
QUIZ
Started on Wednesday, 30 August 2023, 12:17 AM
State Finished
Completed on Wednesday, 30 August 2023, 12:34 AM
Time taken 25 mins 32 secs
Marks 19.00/20.00
Grade 98.00 out of 100.00
Question 1
Complete
Not graded
I con rm
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 con rm.
I do not con rm.
Question 2
Complete
Mark 1.00 out of 1.00
The law of demand says that
an increase in price causes quantity demanded to increase.
an increase in price causes quantity demanded to decrease.
an increase in quantity demanded causes price to decrease.
an increase in quantity demanded causes price to increase.
The law of demand says that an increase in price causes quantity demanded to
decrease.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=12813278&cmid=622801 1/10
,8/30/23, 11:34 AM Assessment 4: Attempt review
Question 3
Complete
Mark 1.00 out of 1.00
Which of the following changes would not shift the demand curve for a good or
service?
a change in expectations about the future price of the good or service
a change in the price of a related good or service
a change in income
a change in the price of the good or service
This question deals with shifts of versus movements along curves. The easiest way
to deal with the distinction between the two is to remember that if there is a change
in price (and only if there is a change in price), we have a change in quantity
demanded. A change in quantity demanded is shown by a movement along the
demand curve. If any of the other determinants of demand change (income, taste,
fashion …) there is a change in demand, which is illustrated by a shift of the demand
curve.
Question 4
Complete
Mark 1.00 out of 1.00
If the price of a substitute to good X increases, then the
quantity demanded for good X will increase.
market price of good X will decrease.
demand for good X will decrease.
demand for good X will increase.
Let's assume that good X and good Y are substitutes. An increase in the price of Y
will cause the quantity demanded of Y to drop. Consumers will switch to good X and
the demand for good X will therefore increase or shift to the right.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=12813278&cmid=622801 2/10
,8/30/23, 11:34 AM Assessment 4: Attempt review
Question 5
Complete
Mark 1.00 out of 1.00
The law of demand states that, other things equal, an increase in
price causes quantity demanded to decrease.
quantity demanded causes price to decrease.
price causes quantity demanded to increase.
quantity demanded causes price to increase.
The law of demand states that, other things equal, an increase in price causes the
quantity demanded to decrease.
Question 6
Complete
Mark 1.00 out of 1.00
The movement from D to D1 could be caused by
an increase in price.
a technological advance.
a decrease in the price of a substitute.
a decrease in the price of a complement.
This question deals with shifts of versus movements along curves. The easiest way
to deal with the distinction between the two is to remember that if there is a change
in price (and only if there is a change in price), we have a change in quantity
demanded. A change in quantity demanded is shown by a movement along the
demand curve. If any of the other determinants of demand change (income, taste,
fashion …) there is a change in demand, which is illustrated by a shift of the demand
curve. The decrease in demand (from D to D1) is caused by a decrease in the price of
a substitute. If the price of a substitute decreases, consumers will buy more of the
substitute.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=12813278&cmid=622801 3/10
, 8/30/23, 11:34 AM Assessment 4: Attempt review
Question 7
Complete
Mark 1.00 out of 1.00
You lose your job and as a result, you buy less air time. This shows that you consider
air time to be a
luxury good.
normal good.
complementary good.
inferior good.
If the demand decreases as a result of a decrease in income we are dealing with a
normal good.
Question 8
Complete
Mark 1.00 out of 1.00
Soup is an inferior good if the demand
for soup falls when income rises.
for soup falls when the price of a substitute for soup rises.
for soup rises when the price of soup falls.
curve for soup slopes upward.
If the demand for a product decreases when income increases, we are dealing with
an inferior good.
Question 9
Complete
Mark 1.00 out of 1.00
The demand curve for a good is
a line that will shift only if the price of a related good changes.
a line that relates income to quantity demanded.
a line that relates the price to quantity demanded.
the same thing as a production possibilities frontier, except the axes are labeled
differently.
The demand curve for a good is a line that relates price and quantity demanded.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=12813278&cmid=622801 4/10
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