4/19/24, 5:43 PM Assessment 1: Attempt review
CS1601-24-S1 Online assessments Assessment 1
QUIZ
Started on Friday, 19 April 2024,
5:30 PM
State Finished
Completed on Friday, 19 April 2024,
5:43 PM
Time taken
Marks
out of 100.00
Question 1
Correct
Mark 1.00 out of 1.00
Households are confronted with………, but
0 1
with ………resources with which to satisfy
those wants.
a. unlimited wants; limited
b. limited wants; limited
c. limited wants; unlimited
d. unlimited wants; unlimited
Households are confronted with
unlimited wants, but with limited
resources to satisfy those wants.
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,4/19/24, 5:43 PM Assessment 1: Attempt review
Question 2
Correct
Mark 1.00 out of 1.00
Which one of the following statements is
correct?
a. The difference between capital
goods and consumer goods is
that the former maintains their
full value over time.
b. Capital as a factor of production
refers to the amount of money
required to produce a good or
service.
c. The total income in the
economy is equal to the
total remuneration of the
factors of production.
d. The quality of the factors of
production is insigni cant; it is
only the quantity that matters.
See pages 5 to 6 in the prescribed book.
Question 3
Correct
Mark 1.00 out of 1.00
Which one of the following is NOT a
purpose of economic theory?
a. to describe what happens in the
real world.
b. to serve as a basis for policy
decisions.
c. to help us to understand what is
happening in all aspects of the
real world.
d. to help us predict what will
happen if something changes.
e. to help us explain what is
happening in the economy.
Economic theory has three main
purposes, namely;(i) to explain how
different things are related in the
complex real economic world, (ii)to
predict what will happen if something
changes and (iii) to serve as a basis for
the formulation and analysis of decisions
on economic policy. See pages 12 to 13
of the prescribed book.
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,4/19/24, 5:43 PM Assessment 1: Attempt review
Question 4
Correct
Mark 1.00 out of 1.00
Pick n Pay, Spar, Checkers and Shoprite
came together to x the price of gas
heaters in July 2022. This was so that
they could keep the price at a level to
ensure that all four stores remained
pro table. On which area of study in
economics does this focus?
a. microeconomics
b. international economics
c. development economics
d. macroeconomics
The four retail stores (Pick n Pay, Spar,
Checkers and Shoprite) coming together
to agree on a price level for gas heaters
is called a cartel. The purpose of a cartel
is to increase the pro tability of rms and
to prevent competitors from entering the
market for certain goods. This scenario
applies to microeconomics because it
deals with the interaction of rms in a
market and the effects of their actions on
prices.
Macroeconomics focuses on the
performance of the economy as a whole
by providing an overall view of the
economic system of a country. This area
of economics focuses on total
production, income, spending, economic
growth, employment and unemployment,
in ation, price levels and the balance of
payments.
International economics focuses on the
nancial ows, exchange rates and
differences in productive resources
between countries. It is also concerned
with the role of institutions affecting
transactions between countries. For
example, international economics looks
at how a multinational company (for
example Vodafone) investing in South
Africa affects employment, technology
and skills transfer.
Development economics focuses on
improving the economic, social and scal
conditions in developing countries. It
also highlights the differences between
developed and developing countries, and
how these differences can be mitigated.
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, 4/19/24, 5:43 PM Assessment 1: Attempt review
Information
Have a look at the following information
and answer the question below.
Suppose that a rm is spending R49
million per month on salaries, which are
allocated as follows:
Monthly Monthly
Salaries - Salaries -
2020 2021
CEO R 21 million R 22 million
Executives R 15 million R 16 million
Three R 13 million R 14 million
thousand
employees
Assume that the CEO spend 0.5%, while
executives spend 2% and employees 65%
of their monthly salaries on goods and
services in both years.
(Round off your answers to two
decimals). Example on how you should
type in your answers:
For percentage answer: 1,55%
For amount answer: 000 /
100 300,56
Question 5
Correct
Mark 1.00 out of 1.00
Calculate the percentage change for
CEO’s monthly salary between 2020 and
2021. Type in your answer 4.76%
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