Exam (elaborations)
ECS1501 Assignment 4 2024
- Institution
- University Of South Africa (Unisa)
ECS1501 Assignment 4 2024
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By: mlitabe13 • 4 months ago
By: hitekaniwhiter • 4 months ago
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1. UNISA2. 2024
3. ECS1501-24-Y
4. Assessments
5. Assessment 4
QUIZ
Assessment 4
Open block drawer
Started on Friday, 14 June 2024, 11:22 PM
State Finished
Completed on Friday, 14 June 2024, 11:40 PM
Time taken 17 mins 43 secs
Marks 14.50/16.00
Grade 96.63 out of 100.00
Question 1
Complete
Not graded
Flag question
Question text
I confirm
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 confirm.
I do not confirm.
Question 2
Complete
Mark 1.00 out of 1.00
Flag question
Question text
At any price above the equilibrium price, there will be an excess demand for the good in question.
Note, that you will lose 50% of the mark for this question if you choose the incorrect option.
If you are not sure about the answer and do not want to guess, choose the “Unsure” option. You will
neither receive marks for the question nor will you lose marks for choosing this option.
True
False
, Unsure
Feedback
The statement is false. At any price above the equilibrium price, there will be an excess supply of the
good, not excess demand.
When the price of a good is above the equilibrium price, producers are willing to supply more of the
good because they can sell it at a higher price, making production more profitable. Consumers are less
willing to buy the good at the higher price, reducing the quantity demanded.
In other words, the quantity of the good that producers are willing to sell exceeds the quantity that
consumers are willing to buy. This mismatch causes excess supply, or a surplus.
Question 3
Complete
Mark -0.50 out of 1.00
Flag question
Question text
A market can only be in equilibrium if demand is equal to supply.
Note, that you will lose 50% of the mark for this question if you choose the incorrect option.
If you are not sure about the answer and do not want to guess, choose the “Unsure” option. You will
neither receive marks for the question nor will you lose marks for choosing this option.
True
False
Unsure
Feedback
The statement is false. A market is considered to be in equilibrium when the quantity of goods supplied
equals the quantity of goods demanded at a particular price.
Question 4
Complete
Mark 1.00 out of 1.00
Flag question
Question text
If the price of television sets is lower than the equilibrium price, there will be an excess demand for
television sets.
Note, that you will lose 50% of the mark for this question if you choose the incorrect option.
If you are not sure about the answer and do not want to guess, choose the “Unsure” option. You will
neither receive marks for the question nor will you lose marks for choosing this option.
True
False
Unsure
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