Exam (elaborations)
ECS1500 Assignment 5 2023 S2
- Course
- Economics 1500
- Institution
- University Of South Africa (Unisa)
ECS1500 Assignment 5 MCQ Questions and Solutions
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UNISA 2023 ECS1500-23-S2 Welcome Message Assessment 5QUIZ
Started on Friday, 20 October 2023,
State Finished
Completed on Friday, 20 October 2023,
Time taken mins sec
Marks 32.00/40.00
Grade 80.00 out of 100.00
Feedback Excellent performance! You seem to understand Learning Units 6 and 7 that this learning unit is based on.
,Question 1
Correct
Mark 2.00 out of 2.00
The country of Oilpac produces oil only. It has published the following figures that indicate the quantities that were produced
in gallons while prices are provided in dollars ($) per gallon.
Production of oil
Quantity 2015 Price 2015 Quantity 2016 Price 2016
5 000 $2 6 000 $3
From 2015 to 2016, nominal GDP grew by_____ while real GDP at constant 2015 prices grew by ________
Select one:
a. 80%; 20%.
b. 1 000%; 1%.
c. 1%; 1 000%.
d. 20%; 50%.
e. 44%;16,67%.
Your answer is correct. Well done!
Nominal GDP is calculated by multiplying the quantity by the price for that year. Real GDP is calculated by multiplying the
quantity by a constant price, in this case 2015 prices. Therefore, nominal GDP for 2015 and 2016 for the country of Oilpac can
be calculated as follows:
Nominal GDP2015 = Quantity2015 x Price2015 = 5 000 x $2 = $10 000
Nominal GDP2016 = Quantity2016 x Price2016 = 6 000 x $3 = $18 000
The increase in nominal GDP from 2015 to 2016 = $18 000 - $10 000 = $8 000
The growth rate in nominal GDP from 2015 to 2016 can now be calculated as follows:
Real GDP for 2015 and 2016, at constant 2015 prices for the country of Oilpac, can be calculated as follows:
Real GDP2015 = Quantity2015 x Price2015 = 5 000 x $2 = $10 000
Real GDP2016 = Quantity2016 x Price2015 = 6 000 x $2 = $12 000
The increase in real GDP from 2015 to 2016 = $12 000 - $10 000 = $2 000
The growth rate in real GDP from 2015 to 2016 can now be calculated as follows:
The correct answer is: 80%; 20%.
, Question 2
Correct
Mark 2.00 out of 2.00
___________ unemployment occurs when an unemployed person wants to work but is unable to find work.
a. Voluntary
b. Involuntary
c. Frictional
d. Seasonal
Your answer is correct.
Involuntary unemployment occurs when an unemployed person wants to work but is unable to find work.
Voluntary unemployment occurs when an individual chooses to be unemployed due to low wages.
Frictional unemployment occurs during the time it takes to find a new job or by moving from one job to another. An example
would be moving from North West due to a job opportunity found in Gauteng.
Seasonal unemployment occurs when people lose their jobs due to the seasonal nature of a job. An example of this would be
farmworkers who are only required during harvesting periods. Frictional unemployment may sometimes be voluntary, when a
person resigns from a job to start with a new job, but there is a break between the periods of employment; or when a person
willingly moves to another location and has to look for a new job. Sometimes it is involuntary, for example, when a person
loses a job and it takes time to find a new one. Seasonal unemployment may also be voluntary; that is, persons who prefer to
do seasonal work, because they like having time off when not working – working mothers. In a certain sense it is always
voluntary, because when a person chooses to do this kind of work, he/she knows it will be seasonal. However, it may also be
that seasonal employment is involuntary in the sense that a person cannot find any other form of employment.
The correct answer is:
Involuntary
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