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ECS2604 Assessment 1 SEMESTER 1 2024
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ECS2604 Assessment 1 SEMESTER 1 2024
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3/8/24, 11:10 AM Assessment 1: Attempt reviewECS2604-24-S1 Welcome Message Assessment 1
QUIZ
Started on Friday, 8 March 2024, 9:53 AM
State Finished
Completed on Friday, 8 March 2024, 10:53 AM
Time taken 1 hour
Marks 30.00/30.00
Grade 100.00 out of 100.00
Question 1
Correct
Mark 2.00 out of 2.00
Which of the following is NOT a unique characteristic of the labour market?
The employer only purchases the services of the workers by means of a
contractual relationship.
Workers are not standardised, since they are different in terms of skills,
personality, etc.
The worker is not a product but a human being.
The worker’s personality characteristics remain the same over time.
The worker’s personality characteristics can’t be fully determined by the
employer before employment starts.
Your answer is correct.
The correct answer is:
The worker’s personality characteristics remain the same over time.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=15366082&cmid=879228 1/13
,3/8/24, 11:10 AM Assessment 1: Attempt review
Question 2
Correct
Mark 2.00 out of 2.00
A wage increase creates a substitution effect, which leads the worker to desire
__________ work, and an income effect, which leads the worker to desire _________
work.
a. Less; more.
b. More; more.
c. Less; less.
d. More; less.
e. No, less.
Your answer is correct.
The correct answer is:
More; less.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=15366082&cmid=879228 2/13
, 3/8/24, 11:10 AM Assessment 1: Attempt review
Question 3
Correct
Mark 2.00 out of 2.00
The following graph illustrates equilibrium in a perfectly competitive labour market.
Make use of the graph to answer the question that follows.
When the wage rate equals W3,
a. This wage causes both labour supply and labour demand curves to shift
rightwards.
b. There is an excess supply of labour.
c. This wage is above the equilibrium wage.
d. The number of employed remains unchanged at E1
e. The number of employed increases compared to what happens at
equilibrium.
Your answer is correct.
The correct answer is:
The number of employed increases compared to what happens at equilibrium.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=15366082&cmid=879228 3/13
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