ECS 1500
ASSIGNMENT 5 SEMESTER 2 2024
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, Started on Monday, 15 July 2024, 8:16 PM
State Finished
Completed on Monday, 15 July 2024, 8:25 PM
Time taken 8 mins 48 secs
Marks 38.00/40.00
Grade 95.00 out of 100.00
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You passed this assessment! However, you can improve on this. Please revise the content of Learning Units 6 and 7. Also, read the feedback pr
each question carefully and make sure you agree with the explanations provided, especially for the questions you answered incorrectly. Make s
will not make similar mistakes in future.
Note that you are allowed to submit 3 attempts for this assessment and that the marks for the best attempt will contribute towards your final c
Revise the content carefully before submitting another attempt.
Question 1 If GDP for Palau, a small country southeast of the Philippines, was $180 million in 2020 and its population was 20 000, GDP per capita was
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a. $180 million
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question b. 0,011%
c. $111,11
d. $9 000
Your answer is correct.
The GDP per capita is calculated as follows:
$9 000
Question 2 When a worker is retrenched due to a new technology that has taken over his/her job, it is an example of cyclical unemployment.
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question
Question 3
Which of the following phases of a business circle indicates deteriorating or decreasing production in the economy?
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Flag a. downswing
question
b. trough
c. upswing
d. peak
, Your answer is correct.
The deteriorating or decreasing production in the economy indicates a downswing of the business cycle, whereby the economy is shrinking
and at some point, a trough will be reached.
The upswing of the business cycle indicates an expansion of the economy and at some stage, a peak will be reached. Thus, the peak marks
the beginning of the contraction of the business cycle.
The correct answer is:
downswing
Question 4 The question is based on the information in the table below:
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question
What is the unemployment rate, according to the strict definition (rounded to one digital after the decimal)?
a. 25,7%
b. 23,6%
c. 8,2%
d. 34,6%
Your answer is incorrect.
The unemployment rate, according to the strict definition, is calculated as follows:
The correct answer is:
25,7%
Question 5 The question is based on the information in the diagram below:
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question
Which of the countries on the diagram above has the most unequal income distribution?
