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Economics Ecs1601 assessment 1 2024
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  • Ecs1601 Economics IB (ECS1601)
  • Institución
  • University Of South Africa

Economics Ecs1601 assessment 1 2024 Question 1 Incorrect Mark 0.00 out of 1.00 Question text Flag question What is the correct definition of the opportunity cost of a choice? a. the opportunity to make a different choice. b. the monetary value to the decision-maker of...

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  • 29 de abril de 2024
  • 17
  • 2023/2024
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  • ecs1601 economics assessment 1 2024

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  • University of South Africa
  • Ecs1601 Economics IB (ECS1601)
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lOMoARcPSD|40623771




Ecs1601 assessment 1 2024


Economics IB (University of South Africa)

, lOMoARcPSD|40623771




Started on Monday, 13 May 2024, 2:46 PM
State Finished
Completed on Monday, 13 May 2024, 4:05 PM
Time taken 1 hour 19 mins
Marks 13.00/18.00
Grade 72.22 out of 100.00
Question 1
Incorrect
Mark 0.00 out of 1.00




Flag question
Question text
What is the correct definition of the opportunity cost of a choice?


a.
the opportunity to make a different choice.

b.
the monetary value to the decision-maker of the choice made.

c.
the value to the decision-maker of the alternative that could have been chosen.

d.
the monetary value of the best alternative that was chosen instead of the alternative.

e.
the cost of the alternative.
Feedback
Every time a choice is made, opportunity cost is incurred; and economists always
measure cost in terms of opportunity cost. The cost of using a resource is measured by
determining how it could have been used alternatively, not necessarily what it cost to
purchase. See page 2 of the prescribed book.
Question 2
Correct
Mark 1.00 out of 1.00

, lOMoARcPSD|40623771




Flag question
Question text
Spending on goods produced in the is a/an into the circular flow of goods
and services in the domestic economy.

(i) domestic economy; leakage
(ii) foreign sector; Leakage
(iii) foreign sector; injection
(iv) domestic economy; injection


a.
(ii) and (iii) are correct.

b.
Only (ii) is correct.

c.
(ii) and (iv) are correct.

d.
Only (iv) is correct.
Feedback
See Section 1.5 of the prescribed book.




Question 3
Correct
Mark 1.00 out of 1.00




Flag question
Question text
The circular flow model reveals that a decrease in South African imports will … .


a.
increase output and income in the rest of the world

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