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ecs1500 Assignment 1 semester 2 2023
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2/3/23, 3:29 PM Assessment 1: Attempt reviewMENU
Dashboard / Courses / UNISA / 2023 / Semester 1 / ECS1500-23-S1 / Welcome Message / Assessment 1
Started on Friday, 3 February 2023, 2:59 PM
State Finished
Completed on Friday, 3 February 2023, 3:22 PM
Time taken 22 mins 25 secs
Marks 32.67/40.00
Grade 81.67 out of 100.00
Feedback Well done! It is clear that you understand the content of Learning Units 1 and 2.
Question 1
Correct
Mark 2.00 out of 2.00
When the government has to decide whether to allocate funds to education or health expenditure, they are dealing with the scarcity
problem in the economy.
Select one:
a. True
b. False
Your answer is correct. Well done!
The statement is true. Due to the problem of scarcity, the government, and all participants in the economy, have to make choices. All wants
and needs cannot be satisfied due to a scarcity of resources. See section 1.1 of the study guide.
The correct answer is: True
Question 2
Correct
Mark 2.00 out of 2.00
The opportunity cost of a choice is the value of the best foregone opportunity.
Select one:
True
False
Your answer is correct. Well done!
The statement is true. It is important that you understand the concept of opportunity cost. It is a very important concept in Economics.
The correct answer is 'True'.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=6600599&cmid=622200 1/15
,2/3/23, 3:29 PM Assessment 1: Attempt review
Question 3
Correct
Mark 2.00 out of 2.00
MENU
If a price higher than the equilibrium price is charged in a market, there will be excess supply of a product.
Dashboard / Courses / UNISA / 2023 / Semester 1 / ECS1500-23-S1 / Welcome Message / Assessment 1
Select one:
True
False
Your answer is correct. Well done!
The statement is true. At the equilibrium price, there will be no excess demand or supply. At a price higher than the equilibrium price, there
will be excess supply of a product. At a price lower than the equilibrium price, there will be excess demand. This is explained in section 1.3.2,
but you will learn more about this in learning unit 3.
The correct answer is 'True'.
Question 4
Correct
Mark 2.00 out of 2.00
Within a command economy _____________.
Select one or more:
a. there is room for individual decision making
b. there is significant room for competition
c. resources are owned by the wealthy
d. we find centralisation of economic power
Your answer is correct. Good work!
In the command economy (also known as the centrally planned economy), decisions about what, how and for whom to produce are taken
by the central authority implying the centralisation of economic power. In a market economy, in contrast, economic power is dispersed. In
other words, the ownership of resources determines the economic power of every individual.
In the market economic system, economic resources are privately owned and therefore each individual can decide what to do with the
resources. This means that there is room for individual decision making. However, this is not true in a command economy, as the resources
will belong to the community as a whole and will not be owned by any one individual.
In the command economy resources belong to the community as a whole and will not be owned by any one individual. This means that
there should not be wealthy or less wealthy persons, but that all share equally in what is available.
In the command economy, the centralisation of economic power does not allow competition because the central authority is the sole
decision-maker.
The correct answer is: we find centralisation of economic power
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=6600599&cmid=622200 2/15
, 2/3/23, 3:29 PM Assessment 1: Attempt review
Question 5
Correct
Mark 2.00 out of 2.00
MENU
A market system can solve the following economic problem(s):
Dashboard / Courses / UNISA / 2023 / Semester 1 / ECS1500-23-S1 / Welcome Message / Assessment 1
[1] What should be produced?
[2] How should it be produced?
[3] For whom should it be produced?
Select one:
a. only 2 is correct
b. only 1 and 2 are correct
c. only 1 is correct
d. only 3 is correct
e. 1, 2 and 3 are all correct
f. only 1 and 3 are correct
g. only 2 and 3 are correct
Your answer is correct. well done!
A market can solve all three the economic problems. Through demand and supply, and the price mechanism, the market determines the
following:
what to produce (suppliers will supply the products for which there is a demand)
how to produce (since the market system is in place this should ensure that production takes place in the most effective manner)
for whom to produce (only those who can pay the price for the good produced can buy it, thus prices allocate available goods and
services to those who can afford to buy it)
The correct answer is: 1, 2 and 3 are all correct
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=6600599&cmid=622200 3/15
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