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ECS1500 Assignment 01 2021 AS PER UPDATED TUTORIAL LETTER
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ECS1500 Assignment 01 2021 AS PER UPDATED TUTORIAL LETTER. This document includes the assignment questions, answers and explanations where applicable.

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  • March 17, 2021
  • 13
  • 2020/2021
  • Other
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Economics 1500
Department of Economics
Assignment 01 2021 (compulsory)
Unique Number 287050
Learning units 1 to 4
Weight for semester mark 40%
Number of questions 30
Due Date: 14 May 2021




The last ten questions of this assignment are about you and not about the study material.
We want to know a little bit more about you to make sure that our study material is on the
correct level and we want to find out more about the level of service provided by Unisa.

, These questions do not have correct or incorrect answers and will not be marked. Their
purpose is to collect information about our students.

Please answer this assignment on the prescribed answer sheet on myUnisa or on hard copy.
Feedback on Questions 1.10 to 1.20 will be available on myUnisa after the final closing date
for the assignment.

For Questions 1.1 to 1.5, you need to indicate whether the statement is true or false. If the
statement is true, choose [1] and if the statement is false, choose [2].

1.1 Prices bring about involuntary responses from buyers and sellers so that market
equilibrium can be achieved.

[1] True
[2] False

Answer:

Refer to page 12 of the study guide:

1.3.2 Prices
Although markets form a vital part of the solution to the economic problem, it is really the
prices that are established on these markets that provide the essential signals or impulses to
which the various economic participants react voluntarily (and in their own interest) to bring
about a seemingly organised economic order.

Questions 1.2 and 1.3 are based on the diagram below:




1.2 The curve showing the unemployment rate in South Africa is a linear curve.

[1] True

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