9/18/24, 10:09 PM Assessment 4: Attempt review
ECS1601-24-Y_AS4 Introduction Assessment 4
QUIZ
Started on Monday, 2 September 2024, 9:35 PM
State Finished
Completed on Monday, 2 September 2024, 10:41 PM
Time taken 1 hour 5 mins
Marks 23.00/30.00
Grade 76.67 out of 100.00
Question 1
Correct
Mark 1.00 out of 1.00
With reference to the circular flow of goods and services, complete the
following sentence: Suppose that Reneilwe runs a construction company, where
she uses capital and labour. After completing projects, the payment for services
will remunerate _______to ________in the ________ market.
a. wages; entrepreneurship; factor
b. interest; capital; factor
c. wages; labour; goods
d. wages; capital; factor
Your answer is correct.
Factors of production are compensated for their respective factor incomes as
per the circular flow of income. See Section 1.4 of the prescribed book.
The correct answer is: interest; capital; factor
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=21751543&cmid=1056452 1/23
,9/18/24, 10:09 PM Assessment 4: Attempt review
Question 2
Correct
Mark 1.00 out of 1.00
Spending on goods produced in the _____ is a/an ______ into the circular flow of
goods and services in the domestic economy.
(i) domestic economy; leakage
(ii) foreign sector; Leakage
(iii) foreign sector; injection
(iv) domestic economy; injection
a. (ii) and (iii) are correct.
b. Only (ii) is correct.
c. Only (iv) is correct.
d. (ii) and (iv) are correct.
See Section 1.5 of the prescribed book.
The correct answer is: (ii) and (iv) are correct.
Question 3
Correct
Mark 1.00 out of 1.00
Identify the various leakages and injections into the circular flow of income and
spending.
a) Leakages: imports, savings
b) Injection: exports, investment
c) Injection: X + I + G
d) Leakages: S+ Z
a. b and c
b. a and b
c. b, c and d
d. a, b, c and d
leakages are imports, savings, and taxes. Injections are exports, investment,
government spending and household consumption.
The correct answer is: a, b, c and d
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=21751543&cmid=1056452 2/23
, 9/18/24, 10:09 PM Assessment 4: Attempt review
Question 4
Correct
Mark 1.00 out of 1.00
Pick n Pay, Spar, Checkers and Shoprite came together to fix the price of gas
heaters in July 2022. This was so that they could keep the price at a level to
ensure that all four stores remained profitable. On which area of study in
economics does this focus?
a. development economics
b. microeconomics
c. macroeconomics
d. international economics
The four retail stores (Pick n Pay, Spar, Checkers and Shoprite) coming together
to agree on a price level for gas heaters is called a cartel. The purpose of a
cartel is to increase the profitability of firms and to prevent competitors from
entering the market for certain goods. This scenario applies to microeconomics
because it deals with the interaction of firms in a market and the effects of their
actions on prices.
Macroeconomics focuses on the performance of the economy as a whole by
providing an overall view of the economic system of a country. This area of
economics focuses on total production, income, spending, economic growth,
employment and unemployment, inflation, price levels and the balance of
payments.
International economics focuses on the financial flows, exchange rates and
differences in productive resources between countries. It is also concerned with
the role of institutions affecting transactions between countries. For example,
international economics looks at how a multinational company (for example
Vodafone) investing in South Africa affects employment, technology and skills
transfer.
Development economics focuses on improving the economic, social and fiscal
conditions in developing countries. It also highlights the differences between
developed and developing countries, and how these differences can be
mitigated.
The correct answer is: microeconomics
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=21751543&cmid=1056452 3/23
ECS1601-24-Y_AS4 Introduction Assessment 4
QUIZ
Started on Monday, 2 September 2024, 9:35 PM
State Finished
Completed on Monday, 2 September 2024, 10:41 PM
Time taken 1 hour 5 mins
Marks 23.00/30.00
Grade 76.67 out of 100.00
Question 1
Correct
Mark 1.00 out of 1.00
With reference to the circular flow of goods and services, complete the
following sentence: Suppose that Reneilwe runs a construction company, where
she uses capital and labour. After completing projects, the payment for services
will remunerate _______to ________in the ________ market.
a. wages; entrepreneurship; factor
b. interest; capital; factor
c. wages; labour; goods
d. wages; capital; factor
Your answer is correct.
Factors of production are compensated for their respective factor incomes as
per the circular flow of income. See Section 1.4 of the prescribed book.
The correct answer is: interest; capital; factor
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=21751543&cmid=1056452 1/23
,9/18/24, 10:09 PM Assessment 4: Attempt review
Question 2
Correct
Mark 1.00 out of 1.00
Spending on goods produced in the _____ is a/an ______ into the circular flow of
goods and services in the domestic economy.
(i) domestic economy; leakage
(ii) foreign sector; Leakage
(iii) foreign sector; injection
(iv) domestic economy; injection
a. (ii) and (iii) are correct.
b. Only (ii) is correct.
c. Only (iv) is correct.
d. (ii) and (iv) are correct.
See Section 1.5 of the prescribed book.
The correct answer is: (ii) and (iv) are correct.
Question 3
Correct
Mark 1.00 out of 1.00
Identify the various leakages and injections into the circular flow of income and
spending.
a) Leakages: imports, savings
b) Injection: exports, investment
c) Injection: X + I + G
d) Leakages: S+ Z
a. b and c
b. a and b
c. b, c and d
d. a, b, c and d
leakages are imports, savings, and taxes. Injections are exports, investment,
government spending and household consumption.
The correct answer is: a, b, c and d
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=21751543&cmid=1056452 2/23
, 9/18/24, 10:09 PM Assessment 4: Attempt review
Question 4
Correct
Mark 1.00 out of 1.00
Pick n Pay, Spar, Checkers and Shoprite came together to fix the price of gas
heaters in July 2022. This was so that they could keep the price at a level to
ensure that all four stores remained profitable. On which area of study in
economics does this focus?
a. development economics
b. microeconomics
c. macroeconomics
d. international economics
The four retail stores (Pick n Pay, Spar, Checkers and Shoprite) coming together
to agree on a price level for gas heaters is called a cartel. The purpose of a
cartel is to increase the profitability of firms and to prevent competitors from
entering the market for certain goods. This scenario applies to microeconomics
because it deals with the interaction of firms in a market and the effects of their
actions on prices.
Macroeconomics focuses on the performance of the economy as a whole by
providing an overall view of the economic system of a country. This area of
economics focuses on total production, income, spending, economic growth,
employment and unemployment, inflation, price levels and the balance of
payments.
International economics focuses on the financial flows, exchange rates and
differences in productive resources between countries. It is also concerned with
the role of institutions affecting transactions between countries. For example,
international economics looks at how a multinational company (for example
Vodafone) investing in South Africa affects employment, technology and skills
transfer.
Development economics focuses on improving the economic, social and fiscal
conditions in developing countries. It also highlights the differences between
developed and developing countries, and how these differences can be
mitigated.
The correct answer is: microeconomics
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=21751543&cmid=1056452 3/23
