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,8/3/24, 8:08 AM Assessment 9: Alternative Assessment 1: Attempt review
ECS1601-24-Y_AS2 Introduction Assessment 9: Alternative Assessment 1
QUIZ
Started on Thursday, 1 August 2024, 12:51 PM
State Finished
Completed on Saturday, 3 August 2024, 8:07 AM
Time taken 1 day 19 hours
Marks 15.00/16.00
Grade 9.38 out of 10.00 (93.75%)
Question 1
Complete
Mark 1.00 out of 1.00
Which one of the following statements describe a leakage from the circular
flow of income and spending in South Africa?
Select one:
a. Investment by a Lesotho beer company in a new brewery in South
Africa.
b. A decision by a major supermarket chain to sell chicken from Brazil.
c. The sale of fruit exports to the European Union.
d. Defence expenditure by South African government, via contracts with
local companies.
Question 2
Complete
Mark 1.00 out of 1.00
In the circular flow of goods and services______
Select one:
a. households are the suppliers of factors of production in the goods
market.
b. households combine various production inputs to produce outputs or
goods and services.
c. firms buy factors of production from households in the good market.
d. production inputs offered for sale on the factor market are traded by
households.
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,8/3/24, 8:08 AM Assessment 9: Alternative Assessment 1: Attempt review
Question 3
Complete
Mark 1.00 out of 1.00
Which of the following is a final good or service?
Select one:
a. A haircut paid for by a student.
b. Motor vehicle windows purchased by a motor assembly plant.
c. Fertiliser purchased by a farm supplier.
d. Diesel fuel bought for a delivery truck.
Question 4
Complete
Mark 1.00 out of 1.00
In the circular flow of income and spending in South Africa,______households in
the goods market becomes______firms.
Select one:
a. spending by; spending by
b. spending by; income to
c. income to; income to
d. income to; spending by
Question 5
Complete
Mark 0.00 out of 1.00
Which of the following is/are correct regarding the distinction between
macroeconomics and microeconomics?
a) Salaries paid to Checkers employees is an example of a macroeconomic
variable.
b) An import by Auto Spares of a new machine for painting cars is an example
of a microeconomic variable.
Select one:
a. both a and b are incorrect
b. only a is correct
c. both a and b are correct
d. only b is correct
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, 8/3/24, 8:08 AM Assessment 9: Alternative Assessment 1: Attempt review
Question 6
Complete
Mark 1.00 out of 1.00
Emily (who holds a master's degree in Economics and has five years of work
experience) has been appointed as an economics researcher at
PricewaterhouseCoopers (PwC), a financial services company. At her
workstation, she will be using the Apple MacBook Air 13-inch laptop with a high-
resolution screen display. The degree and experience she is bringing to the
company are considered a __________, while the laptop she will be using is an
example of__________as a factor of production.
a. entrepreneurship; technology
b. human capital; capital
c. capital; entrepreneurship
d. human capital; labour
Emily is coming to PwC as a masterís graduate and experienced worker;
therefore, she is coming as a skilled worker. A master's degree requires
graduates to have specialised knowledge in a specific subject area and the
ability to conduct independent research. So, the degree and five yearsí work
experience she is bringing to the company are a labour factor of production.
The Apple MacBook Air that Emily will be using to conduct economics research
for the company is a capital factor of production she will be using. In this case,
she will be using the device to provide (produce) services. Such services
include research reports, presentations, and meetings through apps like Zoom
and Microsoft Teams. However, this laptop can also be regarded as technology
due to its high performance and use of Microsoft Office.
Entrepreneurship refers to individuals who employ other factors of production
to provide goods and services with the aim of making a profit. Entrepreneurs
start their own firms after identifying opportunities where they can introduce an
innovation that similar, existing firms in a market do not sell to consumers. This
process involves taking a risk, as there is no guarantee that the firm will be
profitable or that consumers will respond well to the new product or service.
Technology as a factor of production is usually embedded in capital. For
instance, Microsoft Teams is a software programme to set up virtual meetings,
make calls, share documents and do presentations. Therefore, we can regard
this software as a technology used for multiple purposes. Technology is not
restricted to software installed in a computer and can also include devices such
as the MacBook Air. This is an ultra-thin, lightweight laptop with a powerful
graphics processing unit (GPU). It performs at high speed, getting things done
faster.
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