Dashboard Calendar
Dashboard / My courses / ECS1601-22-S1 / Online assessment / Assessment 1
Started on Saturday, 16 April 2022, 9:34 PM
State Finished
Completed on Saturday, 16 April 2022, 10:31 PM
Time taken 57 mins 39 secs
Marks 36.00/50.00
Grade 72.00 out of 100.00
Question 1
Correct
Mark 2.00 out of 2.00
In the circular flow of income and spending, that is, the basic flow of income and spending between households and firms
supplemented by the foreign, financial and government sectors…
a. exports are leakages from the circular flow.
b. investment is a leakage from the circular flow.
c. savings are injections into the circular flow.
d. imports are injections into the circular flow.
e. taxes are leakages from the circular flow.
An injection is a variable that increases the circular flow of income and spending and a leakage is a variable that decreases the circular
flow of income and spending. Exports are not a leakage but an injection, since South Africans are purchasing goods outside the
country. Investment is also an injection because when firms purchase capital goods, they are investing and adding into the circular
flow of income and spending. Saving is a leakage and not an injection because saving is transferred to a bank, which means that it
goes out of the circular flow. Imports are a leakage because we are spending money on goods and services outside the country. Taxes
are leakages from the circular flow because the government uses taxes to purchase goods and services.
, Question 2
Incorrect
Mark 0.00 out of 2.00
Dashboard Calendar
In the circular flow of income and spending, government…
Dashboard / My courses / ECS1601-22-S1 / Online assessment / Assessment 1
a. injects government spending into the factor market and collects taxes from the goods market.
b. withdraws taxes from firms and households.
c. provides public goods and services to the factor market and receives labour from the goods market.
d. withdraws government spending by providing it to firms and withdraws taxes from households.
e. provides public goods and services to households and withdraws taxes from the goods market
In the circular flow of production, income and spending, the government does inject government spending into the factor market,
although taxes are only collected from households and firms. Public goods and services are only provided to households and firms
while labour is received from the factor market.
Question 3
Incorrect
Mark 0.00 out of 2.00
Which of the following are three major flows 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 flows, namely total spending, total income, and total production.
Question 4
Correct
Mark 2.00 out of 2.00
Which of the following are rewards of the factors of production?
a. Rent, labour, natural resources, interest
b. Entrepreneur, firms, capital, labour
c. Profit, labour, land, household
d. Salaries and wages, interest, rent, profit
Rewards for the factors of production are salaries and wages, interest, rent, and profit.
Dashboard / My courses / ECS1601-22-S1 / Online assessment / Assessment 1
Started on Saturday, 16 April 2022, 9:34 PM
State Finished
Completed on Saturday, 16 April 2022, 10:31 PM
Time taken 57 mins 39 secs
Marks 36.00/50.00
Grade 72.00 out of 100.00
Question 1
Correct
Mark 2.00 out of 2.00
In the circular flow of income and spending, that is, the basic flow of income and spending between households and firms
supplemented by the foreign, financial and government sectors…
a. exports are leakages from the circular flow.
b. investment is a leakage from the circular flow.
c. savings are injections into the circular flow.
d. imports are injections into the circular flow.
e. taxes are leakages from the circular flow.
An injection is a variable that increases the circular flow of income and spending and a leakage is a variable that decreases the circular
flow of income and spending. Exports are not a leakage but an injection, since South Africans are purchasing goods outside the
country. Investment is also an injection because when firms purchase capital goods, they are investing and adding into the circular
flow of income and spending. Saving is a leakage and not an injection because saving is transferred to a bank, which means that it
goes out of the circular flow. Imports are a leakage because we are spending money on goods and services outside the country. Taxes
are leakages from the circular flow because the government uses taxes to purchase goods and services.
, Question 2
Incorrect
Mark 0.00 out of 2.00
Dashboard Calendar
In the circular flow of income and spending, government…
Dashboard / My courses / ECS1601-22-S1 / Online assessment / Assessment 1
a. injects government spending into the factor market and collects taxes from the goods market.
b. withdraws taxes from firms and households.
c. provides public goods and services to the factor market and receives labour from the goods market.
d. withdraws government spending by providing it to firms and withdraws taxes from households.
e. provides public goods and services to households and withdraws taxes from the goods market
In the circular flow of production, income and spending, the government does inject government spending into the factor market,
although taxes are only collected from households and firms. Public goods and services are only provided to households and firms
while labour is received from the factor market.
Question 3
Incorrect
Mark 0.00 out of 2.00
Which of the following are three major flows 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 flows, namely total spending, total income, and total production.
Question 4
Correct
Mark 2.00 out of 2.00
Which of the following are rewards of the factors of production?
a. Rent, labour, natural resources, interest
b. Entrepreneur, firms, capital, labour
c. Profit, labour, land, household
d. Salaries and wages, interest, rent, profit
Rewards for the factors of production are salaries and wages, interest, rent, and profit.
