ECS1601: ASSIGNMENT 1 OF SEMESTER 1 2023
What is the correct definition of the opportunity cost of a choice?
a.
the opportunity to make a different choice.
b.
the monetary value of the best alternative that was chosen instead of the alternative.
c.
the cost of the alternative.
d.
the monetary value to the decision-maker of the choice made.
e.
the value to the decision-maker of the alternative that could have been chosen.
Households are confronted with………, but with ………resources with which to satisfy those
wants.
a.
unlimited wants; unlimited
b.
unlimited wants; limited
c.
limited wants; unlimited
d.
limited wants; limited
, Which one of the following statements is true about causality and correlation?
a.
Correlation between variables occurs when two variables have a relationship
b.
Causality between two variables always implies correlation.
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.
Thabo bought an iPhone 14 this week at one of the local malls. In which market did he
purchase the phone?
a.
goods market
b.
labour market
c.
local market
d.
factor market
Have a look at the following information and answer the question below.
Suppose that a firm is spending R49 million per month on salaries, which are allocated as
follows:
Monthly Salaries - 2020 Monthly Salaries - 2021
CEO R 21 million R 22 million
Executives R 15 million R 16 million
Three thousand employees R 13 million R 14 million
What is the correct definition of the opportunity cost of a choice?
a.
the opportunity to make a different choice.
b.
the monetary value of the best alternative that was chosen instead of the alternative.
c.
the cost of the alternative.
d.
the monetary value to the decision-maker of the choice made.
e.
the value to the decision-maker of the alternative that could have been chosen.
Households are confronted with………, but with ………resources with which to satisfy those
wants.
a.
unlimited wants; unlimited
b.
unlimited wants; limited
c.
limited wants; unlimited
d.
limited wants; limited
, Which one of the following statements is true about causality and correlation?
a.
Correlation between variables occurs when two variables have a relationship
b.
Causality between two variables always implies correlation.
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.
Thabo bought an iPhone 14 this week at one of the local malls. In which market did he
purchase the phone?
a.
goods market
b.
labour market
c.
local market
d.
factor market
Have a look at the following information and answer the question below.
Suppose that a firm is spending R49 million per month on salaries, which are allocated as
follows:
Monthly Salaries - 2020 Monthly Salaries - 2021
CEO R 21 million R 22 million
Executives R 15 million R 16 million
Three thousand employees R 13 million R 14 million
