2024 – S1 – ECS1601 – ASSESSMENT 1 – Q&A
Assessment 1
Started on Saturday, 18 May 2024,
State Finished
Completed on Saturday, 18 May 2024,
Time taken
Marks 16.00/16.00
Grade 100.00 out of 100.00
Question 1
Which of the following is/are correct regarding the distinction between
microeconomics and macroeconomics?
a) An increase in the general price level in the economy is an example of
macroeconomic variables.
b) The SARB decided to keep the repo rate unchanged at 3.5%; this is in line with
expectations of most economists.
c) The price of oranges at the supermarket is an example of the microeconomic
variables.
a.
b only
b.
a only
c.
a and b
d.
a, b and c
e.
b and c
Feedback
1
, 2024 – S1 – ECS1601 – ASSESSMENT 1 – Q&A
Refer to the distinction between macroeconomics and microeconomics on page 2 of
the prescribed textbook.
Question 2
Which one of the following is the main objective of macroeconomic policy?
a.
Unemployment
b.
Equitable distribution of income
c.
Price instability
d.
Sluggish economic growth
Feedback
The main macroeconomic objectives are an equitable distribution of income, balance
of payments stability, full employment, price stability and economic growth.
Question 3
Which of the following best describes a firm?
a.
A company that sells goods and services.
b.
A unit that combines factors of production to produce goods and services for its own
use.
c.
A unit that makes use of factors of production to produce goods and services that
are sold in the goods market.
d.
Economic decision unit that decides what to produce in a market economy.
2
Assessment 1
Started on Saturday, 18 May 2024,
State Finished
Completed on Saturday, 18 May 2024,
Time taken
Marks 16.00/16.00
Grade 100.00 out of 100.00
Question 1
Which of the following is/are correct regarding the distinction between
microeconomics and macroeconomics?
a) An increase in the general price level in the economy is an example of
macroeconomic variables.
b) The SARB decided to keep the repo rate unchanged at 3.5%; this is in line with
expectations of most economists.
c) The price of oranges at the supermarket is an example of the microeconomic
variables.
a.
b only
b.
a only
c.
a and b
d.
a, b and c
e.
b and c
Feedback
1
, 2024 – S1 – ECS1601 – ASSESSMENT 1 – Q&A
Refer to the distinction between macroeconomics and microeconomics on page 2 of
the prescribed textbook.
Question 2
Which one of the following is the main objective of macroeconomic policy?
a.
Unemployment
b.
Equitable distribution of income
c.
Price instability
d.
Sluggish economic growth
Feedback
The main macroeconomic objectives are an equitable distribution of income, balance
of payments stability, full employment, price stability and economic growth.
Question 3
Which of the following best describes a firm?
a.
A company that sells goods and services.
b.
A unit that combines factors of production to produce goods and services for its own
use.
c.
A unit that makes use of factors of production to produce goods and services that
are sold in the goods market.
d.
Economic decision unit that decides what to produce in a market economy.
2
