Exam (elaborations)
ECS1601 Assignment 1 Semester 1 2024
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ECS1601 Assignment 1 Year module 2024
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1. UNISA2. 2024
3. ECS1601-24-S1
4. Welcome Message
5. Assessment 1
Assessment 1
Started on Monday, 20 May 2024, 12:30 PM
State Finished
Completed on Monday, 20 May 2024, 1:24 PM
Time taken 54 mins 27 secs
Marks 15.00/16.00
Grade 96.45 out of 100.00
Question 1
Complete
Mark 1.00 out of 1.00
Which of the following are three major
ows in the economy as a whole?
a. Spending, total income, and
production.
b. Total spending, total income,
and total production.
c. Saving, total investment, and
spending.
d. Total income, spending, and
saving.
The economy consists of three major
ows, namely total spending, total
income, and total production.
,Question 2
Complete
Mark 1.00 out of 1.00
Which of the following statements is/are
correct in explaining the difference
between production and income?
a) Income is the remuneration that the
factors of production receive for being
part of the production process.
b) Production is when business
combines factors of production in
planned activity to bring about goods and
services to satisfy the needs and wants
of society.
c) Production is when a rm combines
factors of production in planned activity
to bring about goods that only satisfy
society’s wants.
d) Income is the reward that the factors
of production receive for not taking part
in the production process.
a. a and b
b. a and c
c. b and d
d. a, b, c and d
Income is the remuneration that the
factors of production receive for being
part of the production process.
Production is when business combines
factors of production in planned activity
to bring about goods and services to
satisfy the needs and wants of society.
,Question 3
Complete
Mark 1.00 out of 1.00
Which one of the following statements is
true about causality and correlation?
a. Causality between two variables
always implies correlation.
b. Causation between two
variables proves correlation.
c. An example of correlation is
when an increase in the value of
imports causes a rise in
economic growth.
d. Correlation between variables
occurs when two variables have
a relationship
Correlation does not imply causation.
Correlation between variables occurs
when two variables have a relationship.
Question 4
Complete
Mark 0.00 out of 1.00
Which of the following statements is/are
incorrect in explaining the tax being
treated as leakage in the circular ow of
income between household and rms?
a) Tax is the part of income that is
received by households but then paid to
government.
b) Tax is taken out of the circular ow of
income.
c) Households can spend it on goods
and services.
d) Tax is an amount that is withdrawn or
leaked from the circular ow of income.
a. b only
b. a, b and c
c. b and c
d. c only
e. b, c and d
Tax is taken out of the circular ow of
income and households cannot spend it
on goods and services.
, Question 5
Complete
Mark 1.00 out of 1.00
Households are confronted with………, but
with ………resources with which to satisfy
those wants.
a. unlimited wants; limited
b. limited wants; limited
c. unlimited wants; unlimited
d. limited wants; unlimited
Households are confronted with
unlimited wants, but with limited
resources to satisfy those wants.
Question 6
Complete
Mark 1.00 out of 1.00
Which of the following statements is/are
correct in explaining the difference
between production and income?
a) Income is the remuneration that the
factors of production received for being
part of the production process.
b) Production is when business
combines factors of production in
planned activity to bring about goods and
services to satisfy the needs and wants
of society.
c) Production is when a rm combines
factors of production in planned activity
to bring about goods that only satisfy
society’s wants.
d) Income is the reward that the factors
of production receive for not taking part
in the production process.
a. a and b
b. a and c
c. b and d
d. a, b, c and d
Income is the remuneration that the
factors of production received for being
part of the production process.
Production is when business combines
factors of production in planned activity
to bring about goods and services to
satisfy the needs and wants of society.
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