This document serves as a guide to help reflect on my review of Assessment 1 for ECS1601. This is purely for reflection purposes and shows my decisions on the answers to the assessment as well as the marks I obtained for each answer.
Started on Saturday, 18 March 2023, 9:13 AM
State Finished
Completed on Saturday, 18 March 2023, 9:32 AM
Time taken 19 mins 13 secs
Marks 18.00/18.00
Grade 100.00 out of 100.00
Question 1
Correct
Mark 1.00 out of 1.00
Which one of the following statements is correct?
a. The quality of the factors of production is insignificant; it is only the quantity that matters.
b. Capital as a factor of production refers to the amount of money required to produce a good or service.
c. The difference between capital goods and consumer goods is that the former maintains their full value over time.
d. The total income in the economy is equal to the total remuneration of the factors of production.
See pages 5 to 6 in the prescribed book.
Question 2
Correct
Mark 1.00 out of 1.00
Spending on goods produced in the _____ is a/an ______ into the circular flow of goods and services in the domestic economy.
a. (ii) and (iv) are correct.
b. (ii) and (iii) are correct.
c. Only (iv) is correct.
d. Only (ii) is correct.
See Section 1.5 of the prescribed book.
, Question 3
Correct
Mark 1.00 out of 1.00
MENU
Households are confronted with………, but with ………resources with which to satisfy those wants.
Dashboard / Courses / UNISA / 2023 / Semester 1 / ECS1601-23-S1 / Online assessments / Assessment 1
a. limited wants; unlimited
b. unlimited wants; unlimited
c. unlimited wants; limited
d. limited wants; limited
Households are confronted with unlimited wants, but with limited resources to satisfy those wants.
Question 4
Correct
Mark 1.00 out of 1.00
The National Treasury has announced an increase in the capital gains tax rate to 45% to increase the funding of social grants to the poor in
South Africa. Which objective of macroeconomic policy is the government trying to achieve through this decision?
a. balance of payments stability
b. equitable income distribution
c. economic growth
d. full employment
Capital gains tax is levied on profits from real estate (land and buildings) and financial assets (shares and bonds). In other words, it is a tax
levied on the profits from selling real estate, on dividends earned by shareholders in companies and on interest earned by bondholders. This
tax is targeted at high-income earners in a society with the ability to pay. Revenues generated from capital gains tax are allocated to social
grants for the poor to improve their welfare. This is meant to reduce the extent of inequality between the rich and the poor. Therefore, the
South African government is trying to achieve the macroeconomic objective of equitable income distribution. See Section 1.7 on page 13 of
the prescribed book for a detailed explanation of the five objectives of macroeconomic policy.
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