3/14/26, 5:19 AM Assessment 1: Attempt review
ECS1500-26-Y Welcome Message Assessment 1
QUIZ
Started on Saturday, 14 March 2026, 4:41 AM
State Finished
Completed on Saturday, 14 March 2026, 5:19 AM
Time taken 38 mins 12 secs
Marks 40.00/40.00
Grade 100.00 out of 100.00
Feedback Excellent work! You seem to understand the content of
Learning Units 1 and 2 well. Please read the feedback provided
for each question carefully and make sure you agree with the
explanations provided. Note that you are allowed to submit 3
attempts for this assessment and that the marks for the best
attempt will contribute towards your final credits.
Question 1
Correct
Mark 2.00 out of 2.00
If a price higher than the equilibrium price is charged in a market, there will be excess
supply of a product.
True
False
Your answer is correct. Well done!
The statement is true. At the equilibrium price, there will be no excess demand or supply. At
a price higher than the equilibrium price, there will be excess supply of a product. At a price
lower than the equilibrium price, there will be excess demand. This is explained in section
1.3.2, but you will learn more about this in learning unit 3.
The correct answer is 'True'.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=30986767&cmid=1297660 1/22
,3/14/26, 5:19 AM Assessment 1: Attempt review
Question 2
Correct
Mark 2.00 out of 2.00
In which economic system does the state own all factories and companies?
Select one:
a. command economy
b. traditional economy
c. market economy
d. mixed economy
Your answer is correct. well done!
In a command economy the government owns all factories and companies. In a market
economy these all belong to private persons or businesses, while a mixed economy implies
that some factories and companies are owned by the government, and some by private
persons of businesses. In a traditional economy there is not really a government, so any
factory will belong to a private person or persons
The correct answer is: command economy
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=30986767&cmid=1297660 2/22
, 3/14/26, 5:19 AM Assessment 1: Attempt review
Question 3
Correct
Mark 2.00 out of 2.00
Bread and rolls are alternative goods in production (substitutes). Which of the following
describes the relationship between the quantities of bread and the quantities of rolls that can
be produced?
Select one:
a. inverse relationship
b. direct relationship
c. positive relationship
d. unrelated
Your answer is correct. Well done!
A negative/inverse relationship involves two variables that move in opposite directions and,
in this case, the quantity of bread and the quantity of rolls that can be produced will move in
opposite directions. If bread and rolls are substitutes in production, it means that more or less
the same ingredients and resources are used to produce both goods; thus, the more bread is
being produced, the less resources are available to produce rolls. This means that the
quantity of bread and the quantity of rolls that will be produced will have a negative or an
inverse relationship.
A positive (which is also a direct) relationship involves two variables that move together in
the same direction. For example, the number of bakers per day and the number of loaves of
bread made. As the quantity of bread that is produced will determine the quantity of rolls
that will be produced (and vice versa), we cannot say that the quantity of bread and the
quantity of rolls that are produced are unrelated. Refer to the study guide, section 2.3, for a
discussion of the relationship between variables and how this is depicted using graphs.
The correct answer is: inverse relationship
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=30986767&cmid=1297660 3/22
ECS1500-26-Y Welcome Message Assessment 1
QUIZ
Started on Saturday, 14 March 2026, 4:41 AM
State Finished
Completed on Saturday, 14 March 2026, 5:19 AM
Time taken 38 mins 12 secs
Marks 40.00/40.00
Grade 100.00 out of 100.00
Feedback Excellent work! You seem to understand the content of
Learning Units 1 and 2 well. Please read the feedback provided
for each question carefully and make sure you agree with the
explanations provided. Note that you are allowed to submit 3
attempts for this assessment and that the marks for the best
attempt will contribute towards your final credits.
Question 1
Correct
Mark 2.00 out of 2.00
If a price higher than the equilibrium price is charged in a market, there will be excess
supply of a product.
True
False
Your answer is correct. Well done!
The statement is true. At the equilibrium price, there will be no excess demand or supply. At
a price higher than the equilibrium price, there will be excess supply of a product. At a price
lower than the equilibrium price, there will be excess demand. This is explained in section
1.3.2, but you will learn more about this in learning unit 3.
The correct answer is 'True'.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=30986767&cmid=1297660 1/22
,3/14/26, 5:19 AM Assessment 1: Attempt review
Question 2
Correct
Mark 2.00 out of 2.00
In which economic system does the state own all factories and companies?
Select one:
a. command economy
b. traditional economy
c. market economy
d. mixed economy
Your answer is correct. well done!
In a command economy the government owns all factories and companies. In a market
economy these all belong to private persons or businesses, while a mixed economy implies
that some factories and companies are owned by the government, and some by private
persons of businesses. In a traditional economy there is not really a government, so any
factory will belong to a private person or persons
The correct answer is: command economy
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=30986767&cmid=1297660 2/22
, 3/14/26, 5:19 AM Assessment 1: Attempt review
Question 3
Correct
Mark 2.00 out of 2.00
Bread and rolls are alternative goods in production (substitutes). Which of the following
describes the relationship between the quantities of bread and the quantities of rolls that can
be produced?
Select one:
a. inverse relationship
b. direct relationship
c. positive relationship
d. unrelated
Your answer is correct. Well done!
A negative/inverse relationship involves two variables that move in opposite directions and,
in this case, the quantity of bread and the quantity of rolls that can be produced will move in
opposite directions. If bread and rolls are substitutes in production, it means that more or less
the same ingredients and resources are used to produce both goods; thus, the more bread is
being produced, the less resources are available to produce rolls. This means that the
quantity of bread and the quantity of rolls that will be produced will have a negative or an
inverse relationship.
A positive (which is also a direct) relationship involves two variables that move together in
the same direction. For example, the number of bakers per day and the number of loaves of
bread made. As the quantity of bread that is produced will determine the quantity of rolls
that will be produced (and vice versa), we cannot say that the quantity of bread and the
quantity of rolls that are produced are unrelated. Refer to the study guide, section 2.3, for a
discussion of the relationship between variables and how this is depicted using graphs.
The correct answer is: inverse relationship
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=30986767&cmid=1297660 3/22
