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ECS1500 Assignment 5 Semester 2 2022
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ECS1500 Assignment 5 Semester 2 2022. Scarcity applies to the poor only. 1. True 2. False 2. A decrease in the supply of apples is illustrated by an upward or a leftward shift of the entire supply curve. 1. True 2. False 3. The four factors of production are land, labour, entrepreneurship an...

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  • November 2, 2022
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  • 2022/2023
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ECS1500 Assignment
5 Semester 2 2022

, ECS1500

ECS1500 Assignment 5 2022

Note that the answers to the question are
provided at the end of the paper.
To test if you are ready for the examination we
suggest that you create a simulated
examination situation. Give yourself two hours
to do the paper and do not refer back to the
study material. Use the answers at the end to
evaluate your performance to decide if you are
ready for the exam and which sections you still
need to revise.




1

, Write the answers for each question on the answer sheet provided at the end.

1. Scarcity applies to the poor only.

1. True
2. False


2. A decrease in the supply of apples is illustrated by an upward or a leftward shift of the
entire supply curve.

1. True
2. False


3. The four factors of production are land, labour, entrepreneurship and capital goods.

1. True
2. False


4. If the supply of, as well as the demand for apples were to increase, there would be a
decrease in the price of apples, but the direction of the change in the equilibrium quantity
of apples would be impossible to predict accurately.

1. True
2. False


5. A lower tea price will shift the demand curve for tea to the right.

1. True
2. False


6. Elasticity is a unit-free measure.

1. True
2. False


7. An elasticity of 0, 5 can be described as “small”.

1. True
2. False


8. A price elasticity of demand = 0 can be described as perfectly elastic demand.

1. True
2. False




2

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