Exam (elaborations)
ECS1500-24-Y Assessment 6. PASS WITH DISTINCTION.
- Institution
- University Of South Africa (Unisa)
ECS1500-24-Y Assessment 6. PASS WITH DISTINCTION-FORTIS PASSUM
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ECS1500-24-Y Assessment 6PASS WITH DISTINCTIONS. FORTIS PASSUM
FOR FURTHER ASSISTANCE WITH ECONOMICS,
MANAGEMENT, ACCOUNTING, TAXATION EDUCATION@ LLB
MODULES.
CALL/WHATSAAP0816884518/0816884519
EMAIL: info@fortispassum.co.za
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, 1. UNISA
2. 2024
3. ECS1500-24-Y
4. Welcome Message
5. Assessment 6
Quiz
Assessment 6
Open block drawer
Started on Wednesday, 24 July 2024, 10:20 AM
State Finished
Completed on Wednesday, 24 July 2024, 10:33 AM
Time taken 13 mins 28 secs
Marks 31.33/40.00
Grade 78.33 out of 100.00
Feedback Good work! You seem to understand the content of Learning Units 8, 9 and 10 quit
with the explanations provided, especially for the questions you answered incorrect
Note that you are allowed to submit 3 attempts for this assessment and that the mar
before submitting another attempt.
Question 1
Correct
Mark 2.00 out of 2.00
Flag question
Question text
The free market system fails to produce public goods because ...
Select one:
a.
public enterprises can produce such goods at lower cost than private enterprises.
b.
there is no need or demand for such goods.
c.
private firms cannot restrict the benefits of such goods to consumers who are willing to pay for them.
, d.
their production seriously distorts the distribution of income.
Feedback
Your answer is correct.
Public goods are non-rivalrous and non-excludable. Their non-excludability characteristic leads to
free riding which means those who do not pay for the good are still able to make use of it. Therefore,
the correct answer is that free markets fail to produce public goods because private firms cannot
restrict the benefits of such goods to consumers who are willing to pay for them.
The correct answer is: private firms cannot restrict the benefits of such goods to consumers who are
willing to pay for them.
Question 2
Correct
Mark 2.00 out of 2.00
Flag question
Question text
An increase in South African imports from the United States will give rise to an appreciation of the
rand against the US dollar.
True
False
Feedback
Your answer is correct.
When imports from the US increase, the demand for dollars will increase (illustrated by a rightward
shift of the demand for dollars curve to D’ in the figure below) to pay for the imports, thus the rand
price of dollars will increase. The rand will depreciate against the dollar which means you now
have to pay more rand per dollar).
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