ASSIGNMENT 01
UNIQUE NUMBER 287050
CLOSING DATE 14 May 2021
LEARNING UNITS 1 to 4
WEIGHT FOR YEAR MARK 40%
NUMBER OF QUESTIONS 30
The last ten questions of this assignment are about you and not about the study material. We want
to know a little bit more about you to make sure that our study material is on the correct level and
we want to find out more about the level of service provided by Unisa. These questions do not have
correct or incorrect answers and will not be marked. Their purpose is to collect information about
our students.
Please answer this assignment on the prescribed answer sheet on myUnisa or on hard copy.
Feedback on Questions 1.10 to 1.20 will be available on myUnisa after the final closing date for the
assignment.
For Questions 1.1 to 1.5, you need to indicate whether the statement is true or false. If the statement
is true, choose [1] and if the statement is false, choose [2].
1.1 Prices bring about involuntary responses from buyers and sellers so that market equilibrium can
be achieved.
[1] True
[2] False
Questions 1.2 and 1.3 are based on the diagram below:
Source: Statistics South Africa
1.2 The curve showing the unemployment rate in South Africa is a linear curve.
[1] True
[2] False
, 1.3 There has been a constant decline in the national unemployment rate for South Africa since
2008.
[1] True
[2] False
1.4 Tastes and preferences are not determinants of demand.
[1] True
[2] False
1.5 An improvement in technologies used to produce pasta can decrease the equilibrium price.
[1] True
[2] False
Questions 1.6 to 1.30 are multiple-choice questions. Only one of the options [1], [2], [3], [4] or [5] is
correct. You have to choose the option that you think is correct. Remember that Questions 1.21 to
1.30 will not count for marks, and will therefore not be marked.
1.6 The following term refers to the basic economic problem.
[1] scarcity
[2] wealth
[3] income
[4] consumption
1.7 Which of the following statements explains what the subject of Economics covers?
[1] It studies how to increase income for households.
[2] It studies how to reduce the total production of the economy.
[3] It studies how people use limited resources to gain the greatest possible satisfaction of
their unlimited wants.
[4] It studies how to control the behaviour of households, firms and government.
1.8 The following economic system is motivated by self-interest in individuals and is regulated by
competition between the different economic role players.
[1] command economy
[2] traditional economy
[3] mixed economy
[4] market economy
UNIQUE NUMBER 287050
CLOSING DATE 14 May 2021
LEARNING UNITS 1 to 4
WEIGHT FOR YEAR MARK 40%
NUMBER OF QUESTIONS 30
The last ten questions of this assignment are about you and not about the study material. We want
to know a little bit more about you to make sure that our study material is on the correct level and
we want to find out more about the level of service provided by Unisa. These questions do not have
correct or incorrect answers and will not be marked. Their purpose is to collect information about
our students.
Please answer this assignment on the prescribed answer sheet on myUnisa or on hard copy.
Feedback on Questions 1.10 to 1.20 will be available on myUnisa after the final closing date for the
assignment.
For Questions 1.1 to 1.5, you need to indicate whether the statement is true or false. If the statement
is true, choose [1] and if the statement is false, choose [2].
1.1 Prices bring about involuntary responses from buyers and sellers so that market equilibrium can
be achieved.
[1] True
[2] False
Questions 1.2 and 1.3 are based on the diagram below:
Source: Statistics South Africa
1.2 The curve showing the unemployment rate in South Africa is a linear curve.
[1] True
[2] False
, 1.3 There has been a constant decline in the national unemployment rate for South Africa since
2008.
[1] True
[2] False
1.4 Tastes and preferences are not determinants of demand.
[1] True
[2] False
1.5 An improvement in technologies used to produce pasta can decrease the equilibrium price.
[1] True
[2] False
Questions 1.6 to 1.30 are multiple-choice questions. Only one of the options [1], [2], [3], [4] or [5] is
correct. You have to choose the option that you think is correct. Remember that Questions 1.21 to
1.30 will not count for marks, and will therefore not be marked.
1.6 The following term refers to the basic economic problem.
[1] scarcity
[2] wealth
[3] income
[4] consumption
1.7 Which of the following statements explains what the subject of Economics covers?
[1] It studies how to increase income for households.
[2] It studies how to reduce the total production of the economy.
[3] It studies how people use limited resources to gain the greatest possible satisfaction of
their unlimited wants.
[4] It studies how to control the behaviour of households, firms and government.
1.8 The following economic system is motivated by self-interest in individuals and is regulated by
competition between the different economic role players.
[1] command economy
[2] traditional economy
[3] mixed economy
[4] market economy
