"Get Ahead of the Game: A Comprehensive Attempt Review of ECS1601 Macroeconomics Alternative Assessment 1 for Assessment 7"
ANSWERS FROM THE ATTEMPT MCQ
Dashboard / My courses / ECS1601-23-S1 / Online assessments / Assessment 7: Alternative assessment 1
Started on Friday, 7 April 2023, 8:47 PM
State Finished
Completed on Friday, 7 April 2023, 10:03 PM
Time taken 1 hour 15 mins
Marks 12.00/18.00
Grade 66.67 out of 100.00
Question 1
Complete
Mark 1.00 out of 1.00
Zenokuhle applied for a credit card at Absa Bank a week ago and her application was approved. She now uses it to pay for petrol and
other essentials. Which of the following statements is true about credit card use?
a. Credit cards and electronic money are forms of money, as they can be used as means of payment.
b. Credit cards are a means to facilitate payment and cannot be regarded as money.
c. Credit cards are not seen as money.
d. Credit cards are money because they function as a medium of exchange.
, Question 2
Complete
Mark 1.00 out of 1.00
Dashboard Calendar
The tax and income of two South African households, A and B, are as follows:
Dashboard / My courses / ECS1601-23-S1 / Online assessments / Assessment 7: Alternative assessment 1
Household A Household B
Income (R) 5 000 1 500
PAYE (R) 1 500 200
VAT-Paid on Goods (R) 300 300
Tax Paid on Fuel (R) 800 600
According to the table, which of the following is correct?
(i) PAYE is a progressive tax,
(ii) VAT is a progressive tax.
(iii) Taxes on fuel are regressive taxes.
a. (ii) and (iii) are correct.
b. (iii) is correct.
c. (i) and (ii) are correct.
d. (i) and (iii) is correct.
e. (i), (ii) and (iii) are correct.
Question 3
Complete
Mark 1.00 out of 1.00
The circular flow model reveals that a decrease in South African imports will … .
a. increase revenue to foreign firms
b. decrease South African imports
c. increase revenue and domestic production in South Africa
d. increase output and income in the rest of the world
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