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ECS1601. ASSESSMENT 1 SEMESTER 2 2023

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Skip to main contentSide panel ECS1601-23-S2 Online assessments Assessment 1 QUIZ Assessment 1 Started on Saturday, 19 August 2023, 2:43 PM State Finished Completed on Saturday, 19 August 2023, 3:14 PM Time taken 30 mins 14 secs Marks 28.00/40.00 Grade 70.00 out of 100.00 Question 1 ...

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  • August 19, 2023
  • 28
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
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ECS1601

Online assessments

Assessment 1



QUIZ

Assessment 1

Started on Saturday, 19 August 2023, 2:43 PM

State Finished

Completed on Saturday, 19 August 2023, 3:14 PM

Time taken 30 mins 14 secs

Marks 28.00/40.00

Grade 70.00 out of 100.00

Question 1

Complete

Mark 2.00 out of 2.00

Flag question

Question text

The circular flow model reveals that a decrease in South African imports will … .



a.

decrease South African imports



b.

increase revenue to foreign firms

,c.

increase revenue and domestic production in South Africa



d.

increase output and income in the rest of the world

Feedback

In South Africa, this will encourage firms to produce locally without depending on foreign
imported inputs material.



Question 2

Complete

Mark 2.00 out of 2.00

Flag question

Question text

Which one of the following statements is true about causality and correlation?



a.

Causation between two variables proves correlation.



b.

An example of correlation is when an increase in the value of imports causes a rise in economic
growth.



c.

Correlation between variables occurs when two variables have a relationship

, d.

Causality between two variables always implies correlation.

Feedback

Correlation does not imply causation. Correlation between variables occurs when two variables
have a relationship.



Question 3

Complete

Mark 2.00 out of 2.00

Flag question

Question text

Which one of the following is NOT a purpose of economic theory?



a.

to help us explain what is happening in the economy.



b.

to help us to understand what is happening in all aspects of the real world.



c.

to serve as a basis for policy decisions.



d.

to describe what happens in the real world.

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