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Exam (elaborations)

ECS1501 ASSIGNMENT 3 SEMESTER 2 2022

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This document contains all the answers and questions that you will need to complete assignment 3 of semester 2 2022. Please be aware that you only have one attempt and 50 minutes to complete the quiz so make it count! Please contact me if you are in need of assistance.

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  • August 29, 2022
  • 10
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers
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By: senamilesnothile2 • 2 year ago

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marthabruno
ECS1501: ASSIGNMENT 3 SEMESTER 2 2022
All economic questions arise because we


want more than we can get.


want more than we need.


have an abundance of resources.


have limited wants that need to be satisfied.


Question 3

To meet increased demand for its good, a firm decides to hire a few high-skilled workers
rather than hire many low-skilled workers. The firm is answering the question.


"how"


"when"


"what"


"scarcity"

Clear my choice



economics is


the study of the markets for stocks and bonds


the study of choice under conditions of scarcity


exclusively the study of business firms


fundamentally the same as sociology

Clear my choice

, Question 5
For a business producing shirts and dresses, the opportunity cost of a dress is


the market price that the business can obtain for a dress.


the cost of the labour and raw materials used in making the dress.


the shirts that could have been produced with the resources used to make the
dress.


the total cost of all the resources used to make one dress.

Clear my choice



In economics, the necessity for choice arises from


high incomes and many goods.


scarcity of economic means for satisfying economic wants.


scarcity of time and knowledge, and numerous similar goods.


limited means to satisfy limited wants.

Clear my choice
Question 7
The cost of one good or service measured in terms of what must be sacrificed to obtain
it is called


real cost.


potential cost.


opportunity cost.


social cost.

Clear my choice

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