Exam (elaborations)
Exam (elaborations) Esc1501 Exam Pack (ECS1501)
- Course
- Esc1501 Exam Pack (ECS1501)
- Institution
- University Of South Africa (Unisa)
ECS1501, 2022 Expected questions and answers. Explanation provided
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ECS1501 – SEMESTER 1 – 2022ASSESSMENT 1
Started on Monday, 14 February 2022, 11:37 AM
State Finished
Completed on Monday, 14 February 2022, 12:04 PM
Time taken 26 mins 37 secs
Marks 25.00/25.00
Grade 100.00 out of 100.00
Question 1
Correct
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Question text
In every economic system, choices must be made because resources are ________ and wants
are ________ .
Select one:
unlimited; limited
limited; unlimited
limited; limited
unlimited; unlimited
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The correct answer is: limited; unlimited
,Question 2
Correct
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Question text
When a farmer in Limpopo Province decides to harvest lettuce by the use of machines
instead of by migrant workers, the farmer is answering the question.
Select one:
"What?"
"How?"
"For whom?"
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The correct answer is: "How?"
Question 3
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Question text
Economics is
a sub-discipline of business management.
the study of direct and indirect relationships between inputs and outputs in various
production methods.
a study of the ethics of making money.
,the study of how scarce resources are allocated in an attempt to satisfy unlimited wants.
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The correct answer is: the study of how scarce resources are allocated in an attempt to
satisfy unlimited wants.
Question 4
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Question text
Economists classify resources into the following categories
land, labour, capital and entrepreneurship.
natural, imported, limitless and personal.
artificial, financial, human and manufactured.
available, scarce, expensive and natural.
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The correct answer is: land, labour, capital and entrepreneurship.
Question 5
Correct
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Question text
What type of remuneration will John receive if he sells his capital to firms on the factor
market?
, interest.
profit.
rent.
a wage.
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The correct answer is: interest.
Question 6
Correct
Mark 2.00 out of 2.00
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Question text
According to economists, one reason why few professional athletes have PhDs is that the
___________ of going to university is too high.
comparative cost
marginal benefit
marginal cost
opportunity cost
Feedback
The correct answer is: opportunity cost
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