Exam (elaborations)
ECS2601 ASSIGNMENT 1 SEMESTER 2 2024 PART II
- Institution
- University Of South Africa (Unisa)
ECS2601 ASSIGNMENT 1 SEMESTER 2 2024 PART II
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8/9/24, 8:21 PM Assessment 1 (page 1 of 8)UNISA 2024 ECS2601-24-S2 Welcome Message Assessment 1
QUIZ
Question 1
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The income effect of a lower price for good A …
a. invariably leads a consumer to buy more of good A, because the combination of unchanged money income and
lower price raises that consumer's real income or purchasing power.
b.
may lead to a larger, smaller, or even an unchanged quantity of good A demanded; it all depends on the nature of the
good itself.
c. creates a change in the good's relative price and, therefore, causes the consumer to substitute good A in place of
other goods.
d.
invariably leads a consumer to buy less of good A because the combination of unchanged money income and lower
price encourages that consumer to buy more of other goods.
Clear my choice
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=20739778&cmid=990757 1/2
,8/9/24, 8:21 PM Assessment 1 (page 1 of 8)
Question 2
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Assume that the current market price is below the market clearing level. We would expect:
a. upward pressure on the current market price.
b. downward pressure on the current market price.
c. no pressure for the price to change further.
d. a surplus to accumulate.
Clear my choice
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,8/9/24, 8:21 PM Assessment 1 (page 2 of 8)
UNISA 2024 ECS2601-24-S2 Welcome Message Assessment 1
QUIZ
Question 3
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The demand for potatoes is: Qd = 120 -P
The supply of potatoes is: QS = 5P
What is the equilibrium price of books?
a. 20
b. 15
c. 10
d. 5
Clear my choice
Question 4
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If an indifference curve is convex from above (bowed outward), which of the following statements would be TRUE?
a. The more you have of a good, the more intense your desire for more of it.
b. This type of indifference curve violates the more-is-better-than-less assumption underlying indifference curves.
c. The less you have of a good, the more intense your desire for more of it.
d. The more you have of a good, the less you desire additional units of the good.
Clear my choice
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=20739778&cmid=990757&page=1 1/1
, 8/9/24, 8:21 PM Assessment 1 (page 3 of 8)
UNISA 2024 ECS2601-24-S2 Welcome Message Assessment 1
QUIZ
Question 5
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If the price of a good shown on the vertical axis of a budget graph is cut in half and the price of the good on the horizontal
axis is cut by 25 %, then the budget constraint …
a.
shifts right and becomes flatter.
b. shifts left and became flatter.
c.
shifts left and became steeper.
d. shifts right and becomes steeper.
Clear my choice
Question 6
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Assuming everything else remains unchanged, the equilibrium price of biltong will decrease if …
a. there is a shortage of biltong.
b. the price of coke, a complement, increases.
c. the supply of biltong decreases.
d. the price of peanuts, a substitute, increases.
Clear my choice
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=20739778&cmid=990757&page=2 1/1
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