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ECS 1601 Assessment 2_ Attempt review 2023
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ECS 1601 Assessment 2_ Attempt review 2023
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Semester 1ECS1601-23-S1
Online assessments
Assessment 2
Started on Tuesday, 28 March 2023, 9:16 PM
State Finished
Completed on Tuesday, 28 March 2023, 10:29 PM
Time taken 1 hour 13 mins
Marks 14.00/20.00
Grade 70.00 out of 100.00
Question 1
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Question text
As a result of more Americans visiting South Africa, we can expect, ceteris paribus
a.
an appreciation of the Rand relative to the Dollar.
b.
a depreciation of the Rand relative to the Dollar.
c.
an appreciation of the Dollar relative to the Rand.
d.
that it will cost South Africans more to visit the United States.
e.
an appreciation of the Dollar relative to all major currencies.
Feedback
Your answer is correct.
An increase of American tourists into South Africa will increase the supply of dollars on the South African
foreign exchange market, ceteris paribus. The supply curve for dollars on the South African foreign exchange
market, will thus shift to the right, while the demand for dollars curve will remain constant, ceteris paribus.
The rand will appreciate relative to the dollar, while the dollar will depreciate relative to the rRand. Refer
to pages 71 to 76 in the prescribed textbook prescribed book, as well as figures 4-3 and Tables 4-1 and 4-2.
,Question 2
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Suppose that the Euro/US Dollar exchange rate changes from 1,3 Euro per Dollar to 1,1 Euros per Dollar. Then
a.
the euro has appreciated against the dollar.
b.
the dollar has strengthened against the euro.
c.
the euro has weakened against the dollar.
d.
the dollar has appreciated against the euro.
e.
the price of the dollar has become expensive in terms of the euro.
Feedback
Your answer is correct.
Before the change in the exchange rate between the Euro and the Dollar, 1,3 Euro was required to exchange
for 1 Dollar. After the change in the exchange lessens, only 1,1 Euros is required to exchange for 1 Dollar.
The Euro has, therefore, gained in strength and appreciated against the dollar. Refer to pages 71 –76 of the
prescribed textbook, as well as Figures 4-3 and Tables 4-1 and 4-2.
Question 3
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Question text
, Use the following information below to the question:
Which country has an absolute advantage in the production of petrol?
a.
Russia has an absolute advantage in the production petrol.
b.
Both countries have an absolute advantage in the production of petrol.
c.
Russia has a relative advantage in the production of petrol.
d.
Ukraine has a relative advantage in the production of petrol.
Feedback
Your answer is correct.
Russia has to give up less petrol to produce one drone than Ukraine. Refer to pages 65-68 of the prescribed
book, page 61in Part 1 of the study guide, and pages 44-45 in Part 2 of the study guide.
Question 4
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Question text
Suppose that South Africa has the following current account transactions:
Transaction Value (R ‘000)
Nickle exports 150 000
Copper exports 320 000
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