Exam (elaborations)
ECS1601 ASSIGNMENT 6 SEMESTER 1 2023
- Course
- ECS1601 - Economics IB
- Institution
- University Of South Africa (Unisa)
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,Assessment 6: Attempt review https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=111 Dashboard Calendar
Dashboard / Courses / UNISA / 2023 / Semester 1 / ECS1601-23-S1 / Online assessments / Assessment 6
Started on Monday, 5 June 2023, 3:03 PM
State Finished
Completed on Monday, 5 June 2023, 4:02 PM
Time taken 59 mins
Marks 20.00/20.00
Grade 100.00 out of 100.00
Question 1
Correct
Mark 1.00 out of 1.00
Which of the following are three major flows in the economy as a whole?
a. Spending, total income, and production.
b. Total spending, total income, and total production.
c. Saving, total investment, and spending.
d. Total income, spending, and saving.
The economy consists of three major flows, namely total spending, total income, and total production.
Question 2
Incorrect
Mark 0.00 out of 1.00
Which of the following statements is/are correct about the meaning of the function L=f(Y,i)?
a) Total demand depends on the level of disposable income and the interest rate.
b) Total supply depends on the interest rate and level of income.
c) Total demand depends on the investment and interest rate.
d) L denotes demand for money, Y denotes level of income, and i denotes interest rate.
a. a, b, c and d
b. a, b and d
c. a and d only
d. a only
Total demand depends on the level of disposable income and the interest rate and L denotes demand for money, Y denotes level of
income, i denotes interest rate.
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,Assessment 6: Attempt review https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=111
Question 3
Correct
Mark 1.00 out of 1.00
Dashboard Calendar
According to the ………. people should pay what they can afford and that will be determined by the level of income.
Dashboard / Courses / UNISA / 2023 / Semester 1 / ECS1601-23-S1 / Online assessments / Assessment 6
a. ability-to-pay principle
b. benefit principle
c. affordability principle
d. vertical principle only
According to the ability-to-pay principle people should pay what they can afford and that will be determined by their income level.
Question 4
Correct
Mark 1.00 out of 1.00
Which one of the following statements is appropriate about government action to stimulate economic activities?
a. Increasing both taxation and the repo rate.
b. Decreasing both repo rate and taxation.
c. Decreasing taxation.
d. Decreasing the repo rate.
Government will decrease taxation to stimulate economic activities.
2 of 14 6/5/2023, 4:03
,Assessment 6: Attempt review https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=111
Question 5
Correct
Mark 1.00 out of 1.00
Dashboard Calendar
The financial account is a component of the balance of payments. Which of the following transactions would be recorded in the
Dashboard
account? / Courses / UNISA / 2023 / Semester 1 / ECS1601-23-S1 / Online assessments / Assessment 6
a. sales of machinery from South Africa to China
b. importing rubber from Thailand for the production of tyres in South Africa
c. South Africans purchasing shares on the JSE
d. American Corporations purchasing land and buildings in South Africa
See Section 5.5 of the prescribed book.
Question 6
Correct
Mark 1.00 out of 1.00
Which of the following statements about the Gross Domestic Product (GDP) are correct?
a. The GDP includes the total value of goods and services produced in an economy in a particular year.
b. The GDP can be calculated by including the value of intermediate goods and services.
c. The GDP can be calculated using expenditure, spending and production methods.
d. The GDP includes the total value of all final goods and services produced within the boundaries of a country in a particular
year.
The GDP should have all the following aspects: total value, final, within the boundaries and time (a year). The value of intermediate
goods and services is excluded when measuring GDP, since it may lead to double counting. The GDP can be calculated using income,
expenditure, and production methods. See Section 5.1 in the prescribed book.
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