Skip to main contentSide panel
ECS1601-23-S2
Online assessments
Assessment 1
QUIZ
Assessment 1
Started on Saturday, 19 August 2023, 2:43 PM
State Finished
Completed on Saturday, 19 August 2023, 3:14 PM
Time taken 30 mins 14 secs
Marks 28.00/40.00
Grade 70.00 out of 100.00
Question 1
...
The circular flow model reveals that a decrease in South African imports will … .
a.
decrease South African imports
b.
increase revenue to foreign firms
,c.
increase revenue and domestic production in South Africa
d.
increase output and income in the rest of the world
Feedback
In South Africa, this will encourage firms to produce locally without depending on foreign
imported inputs material.
Question 2
Complete
Mark 2.00 out of 2.00
Flag question
Question text
Which one of the following statements is true about causality and correlation?
a.
Causation between two variables proves correlation.
b.
An example of correlation is when an increase in the value of imports causes a rise in economic
growth.
c.
Correlation between variables occurs when two variables have a relationship
, d.
Causality between two variables always implies correlation.
Feedback
Correlation does not imply causation. Correlation between variables occurs when two variables
have a relationship.
Question 3
Complete
Mark 2.00 out of 2.00
Flag question
Question text
Which one of the following is NOT a purpose of economic theory?
a.
to help us explain what is happening in the economy.
b.
to help us to understand what is happening in all aspects of the real world.
c.
to serve as a basis for policy decisions.
d.
to describe what happens in the real world.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller vukosicommon. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $3.64. You're not tied to anything after your purchase.
