Exam (elaborations)
ECS1501 Assignment 1 2024
- Course
- Economics
- Institution
- University Of South Africa (Unisa)
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4/29/24, 1:49 PM Assessment 1 (Opens 22 April): Attempt reviewUNISA 2024 ECS1501-24-Y Assessments Assessment 1 (Opens 22 April)
QUIZ
Started on Monday, 29 April 2024, 11:54 AM
State Finished
Completed on Monday, 29 April 2024, 1:49 PM
Time taken 1 hour 55 mins
Marks 9.00/10.00
Grade 90.00 out of 100.00
Question 1
WHATSAPP 0645167275
Complete
Not graded
I con rm
that this assessment will be my own individual work;
that I will not communicate with anyone else in any way during the completion of
this assessment;
that I will not cheat in any way in completing and submitting this assessment.
I con rm.
I do not con rm.
Question 2
Complete
Mark 1.00 out of 1.00
If Thabang is producing at a point on his production possibilities curve, then he
can produce more of one good only by producing less of the other.
is not subject to scarcity.
will be unable to gain from trade.
cannot produce any more of either good.
Thabang is producing at his full capacity. He cannot produce more of one good
without giving up some units of the other good due to the constraints of his
available resources.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=18488770&cmid=869192 1/6
,4/29/24, 1:49 PM Assessment 1 (Opens 22 April): Attempt review
Question 3
Complete
Mark 1.00 out of 1.00
The fact that opportunity costs increase while moving along a production
possibilities curve suggests that a production possibilities curve for any economy
will
be bowed in, toward the origin
be a straight line with a constant and positive slope.
reach a minimum and then rapidly increase.
be bowed out, away from the origin.
The fact that opportunity costs increase while moving along a Production
Possibilities Curve (PPC) suggests that a PPC for any economy will be bowed
outward or concave. This is a fundamental characteristic of PPCs and re ects the
principle of increasing opportunity cost.
As an economy reallocates resources from the production of one good to another, it
initially gives up the least valuable units of the rst good. However, as more
resources are shifted, the economy must give up increasingly valuable units of the
rst good, leading to higher opportunity costs.
Question 4
Complete
Mark 1.00 out of 1.00
An increase in the nation's capital stock will
shift the PPC outward.
cause a movement along the PPC down and to the right.
move the nation from producing within the PPC to producing at a point closer
to the PPC.
cause a movement along the PPC up and to the left.
The most noticeable effect of an increase in the nation's capital stock is that it
causes the PPC to shift outward, away from the origin. This shift signi es that the
economy's potential to produce both goods has increased. It indicates that the
nation can now produce more of both goods compared to its previous capabilities.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=18488770&cmid=869192 2/6
,4/29/24, 1:49 PM Assessment 1 (Opens 22 April): Attempt review
Question 5
Complete
Mark 1.00 out of 1.00
An increase in the nation's capital stock will
move the nation from producing within the PPC to producing at a point closer
to the PPC.
cause a movement along the PPC downward and rightward.
cause a movement along the PPC upward and leftward.
shift the PPC outward.
When the nation's capital stock increases, it causes the PPC to shift outward, away
from the origin. This shift signi es that the economy's potential to produce both
goods has increased. It indicates that the nation can now produce more of both
goods.
Question 6
Complete
Mark 1.00 out of 1.00
A nation produces at a point inside its PPC
never.
when its PPC is bowed out.
when it produces ine ciently.
when it trades with other nations.
Points inside the PPC represent an ine cient use of resources.
If a nation is operating at a point inside the PPC, it indicates that it is not utilizing its
resources fully, and it could produce more of both goods without sacri cing the
production of the other.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=18488770&cmid=869192 3/6
, 4/29/24, 1:49 PM Assessment 1 (Opens 22 April): Attempt review
Question 7
Complete
Mark 1.00 out of 1.00
The PPC shifts if
people decide they want more of one good and less of another.
the resources available to the nation change.
the unemployment rate falls.
the prices of the goods and services produced rise.
The Production Possibilities Curve (PPC) shifts if there are changes in the factors
that determine an economy's production capabilities. A shift in the PPC indicates a
change in an economy's potential to produce goods and services, usually due to
changes in resources, technology, or skills levels. For example,
If an economy experiences technological progress, it can produce more output with
the same amount of resources or if an economy gains access to additional
resources, such as new sources of raw materials or an increase in labour force, its
production potential expands. A better-skilled and educated workforce can enhance
an economy's productivity and production capabilities. This can cause the PPC to
shift outward.
Note, a decrease in the unemployment rate leads to a move towards the PPC, not a
shift thereof.
Question 8
Complete
Mark 1.00 out of 1.00
When we cannot produce more of any good without giving up some other good that
we value more highly, we achieved
equity.
economic growth.
allocative e ciency.
production.
When we cannot produce more of any good without giving up some other good that
we value more highly, we have achieved a point of allocative e ciency on the
Production Possibilities Curve (PPC).
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=18488770&cmid=869192 4/6
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