ECS1501 - Assignment 1 to 4
answers - Semester 1, 2019
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8 ASSIGNMENTS
8.1 FIRST SEMESTER ASSIGNMENTS
ASSIGNMENT 01
UNIQUE NUMBER
Due date:
Content:
Weight:
Submit:
18 February 2019
Learning units 1 to 5
10% of your semester mark
Via myUnisa or on a mark-reading sheet
This assignme...
ASSIGNMENT 01
UNIQUE NUMBER 893154
Due date: 18 February 2019
Content: Learning units 1 to 5
Weight: 10% of your semester mark
Submit: Via myUnisa or on a mark-reading sheet
This assignment was compiled by Lerato Nkosi.
1.1 Economics is the study of
[1] how society manages its unlimited resources.
[2] how to reduce our wants until we are satisfied.
[3] how society manages its scarce resources.
[4] how to fully satisfy our unlimited wants.
1.2 Scarcity implies that people must
[1] trade.
[2] compete.
[3] cooperate.
[4] make choices.
1.3 Scarcity applies to
[1] neither time nor money.
[2] both money and time.
[3] time but not money.
[4] money but not time.
1.4 Opportunity cost can be defined as
[1] the value of the best foregone opportunity (or alternative) when a choice is made.
[2] the cost of choosing between a need and a want.
[3] the cost which arises because wants are unlimited and the resources (or means) to fulfil these
wants are limited.
[4] the cost which is incurred as a result of the economy's limited capacity to produce the required
goods and services.
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ECS1501/101
1.5 Identify which one of the definitions below best represents the traditional economic system.
[1] Coordination occurs without planning.
[2] No profit motive, which leads to inefficient production.
[3] Adapts and innovates in the pursuit of profits.
[4] A rigid system, which is slow to adapt to changing conditions.
1.6 “The South African education system has a large concentration of private schools. However, the
government is also actively supporting the education system by offering subsidised public schools”.
This statement implies that South Africa has a
1.7 If a society is producing at a point on the production possibilities curve (PPC), it can only increase
the production of one good by
[1] also increasing the production of the second good.
[2] decreasing the production of the second good.
[3] increasing the price of the second good.
[4] decreasing the price of the second good.
1.8 Economic growth on the PPC curve is indicated by :
[1] an outward shift of the entire PPC curve
[2] an outward swivel of the PPC curve indicating only an increase in good A (horizontal axis).
[3] an outward swivel of the PPC curve indicating only an increase in good B (vertical axis).
[4] a point above the PPC curve.
Question 1.9 is based on the following diagram.
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