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ECS1500 ASSIGNMENT 1 2024
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ECS1500 ASSIGNMENT 1 ATTEMPT 1 2024 QUIZ
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08:53 6 ~ ~Review
Correct
Question 1
Mark 1.00 out of 1.00
Access to a cloud where information can be stored
will form part of the production factor land or natural
resources.
True 0
False
That is correct. Well done!
Access to a cloud where information can be stored
will form part of the production factor capital, as it
refers to the use of technology or capital equipment.
Natural resources or land refers to the use of gifts of
nature that a country or business use in the
production process. Examples can include, farmers
that use land to farm, mining companies that extract
minerals and other commodities from land where
they own the mining rights, minerals and metals that
may be used to produce other products, e.g.
equipment that is made from iron or steel, and many
more.
The correct answer is 'False'.
Correct
Question 2
Mark 1.00 out of 1.00
< 0 111
,08:53 6 ~ ~
Review
more.
The correct answer is 'False'.
Correct
Question 2
Mark 1.00 out of 1.00
If variables x and y move up and down together, they
are positively related.
True
False 0
Your answer is correct. Well done!
Two variables change in the same direction, we say
that they are positively related . If we illustrate this
relationship with a graph, the curve will also have a
positive slope.
If two variables change in opposite directions, we
can say that they are negatively related . The curve
that illustrates this relationship will have a negative
slope.
The correct answer is 'True'.
Correct
Question 3 Mark 1.00 out of 1.00
A linear relationship ............ .
Select one:
a. always slopes down to the right 0
< 0 111
,08:54 6 ~ ~
Review
persons
The correct answer is: command economy
Correct
Question 9 Mark 1.00 out of 1.00
Ceteris paribus is a Latin phrase that literally means
Select one:
a. "quantity and price remain constant". Q
b. "price remains constant". Q
c. "price determinants remain constant". Q
d. "other things remain unchanged". @
Your answer is correct. Well done!
The phrase "ceteris paribus" means that everything
else stays constant. It, therefore, refers to all the
variables that remain constant, while others may
change. The phrase does not refer to any specific
variables, such as price, quantity, income, etc. but
can refer to any variables that are not included in a
specific model.
The correct answer is: "other things remain
unchanged".
Correct
Question 10 Mark 1.00 out of 1.00
The opportunity cost of a choice is the value of the
best foregone opportunity.
< 0 111
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Review
Correct
Question 8 Mark 1.00 out of 1.00
In which economic system does the state own all
factories and companies?
Select one:
a. mixed economy
0
b. traditional economy
0
c. command economy
d. market economy
0
Your answer is correct. well done!
In a command economy the government owns all
factories and companies . In a market economy
these all belong to private persons or businesses,
while a mixed economy implies that some factories
and companies are owned by the government, and
some by private persons of businesses. In a
traditional economy there is not really a government,
so any factory will belong to a private person or
persons
The correct answer is: command economy
Correct
Question 9 Mark 1.00 out of 1.00
< 0 111
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