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Ecs1601 Assignment 1 semester 2 2023
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CS1601-23-S2 Online assessments Assessment 1QUIZ
Started on Monday, 21 August
2023, 7:53 AM
State Finished
Completed on Monday, 21 August
2023, 6:58 AM
Time taken 40 mins 6 secs
Marks 40.00/40.00
Grade 100.00 out of 100.00
Question 1
Complete
Mark 2.00 out of 2.00
Consider the circular ow of income.
Which of the following is correct?
a. The government sector can only
purchase goods and services in
the factor market.
b. Households purchase goods and
services in the factor market.
c. The role of the foreign sector is
to only purchase goods and
services in the goods market.
d. The government sector can
purchase factors of production
in the factor market.
See Section 1.5 of the prescribed book.
,Question 2
Complete
Mark 2.00 out of 2.00
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 3
Complete
Mark 2.00 out of 2.00
Which one of the following statements is
true about causality and correlation?
a. Causality between two variables
always implies correlation.
b. Correlation between variables
occurs when two variables have
a relationship
c. Causation between two variables
proves correlation.
d. An example of correlation is
when an increase in the value of
imports causes a rise in
economic growth.
Correlation does not imply causation.
Correlation between variables occurs
when two variables have a relationship.
,Question 4
Complete
Mark 2.00 out of 2.00
Have a look at the following information
and answer the question below.
Suppose that a rm is spending R49
million per month on salaries, which are
allocated as follows:
Monthly Monthly
Salaries - Salaries -
2020 2021
CEO R 21 million R 22 million
Executives R 15 million R 16 million
Three R 13 million R 14 million
thousand
employees
Assume that the CEO spend 0.5%, while
executives spend 2% and employees 65%
of their monthly salaries on goods and
services in both years.
(Round off your answers to two
decimals). Example on how you should
type in your answers:
For percentage answer: 1,55%
For amount answer: 000 /
100 300,56
Suppose the 2021 monthly salary of the
Three thousand employees was
increased by 8%. Calculate the new
monthly salary of the employees. Type in
your answer 15 120 000
, Question 5
Complete
Mark 2.00 out of 2.00
South Africa exports gold, diamonds and
platinum to the United States (US) and
the United Kingdom (UK), generating
export income from all three
commodities. Which of the following
statements is correct?
(a) Export income generated from the
sale of gold, diamonds and platinum
abroad is an injection into the circular
ow of income and spending.
(b) When South Africa trades with the US
and the UK, it does not open
opportunities to sell other goods and
services abroad.
(c) If South Africa imports computers
from Dell Technologies in the US, this
constitutes a leakage from the circular
ow of income and spending.
(d) The GDP and the balance of payments
will not be affected by an increase in
imports.
a. b and d
b. a and c
c. a, b, c and d
d. a, b and c
Export income generated from the sale of
gold, diamonds and platinum abroad
represent an injection into the circular
ow of income and spending in the
economy. This is money coming into the
country, particularly an in ow of foreign
exchange into the balance of payments. It
not only boosts national income, but also
increases the amount of foreign reserves
which are important for balance of
payments stability.
When South Africa trades with the US and
the UK, it also presents an opportunity for
the country to sell other items to these
two trading partners. South Africa can
identify the market for intermediate or
nal manufactured goods to sell to both
countries as well as to other countries. In
this way, South Africa can generate
export income from selling intermediate
or manufactured items. An additional
stream of foreign income is important for
spreading the risk of income loss across
different markets. This will ensure greater
balance of payments stability.
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