ECS1500 ASSIGNMENT 1 – 2023
Questions and answers – 100% first attempt
Guaranteed, Guaranteed and Guaranteed
1. To solve the economic problem, the government should print more money.
The correct answer is 'False'.
2. When the government decides to increase the budget for higher learning by decreasing the
budget for the provision of roads and transport, the government faces a trade-off between what
to produce, how to produce and for whom to produce
The correct answer is: False
3. The opportunity cost of a choice is the value of the best foregone opportunity.
The correct answer is 'True'.
Questions and answers – 100% first attempt
Guaranteed, Guaranteed and Guaranteed
1. To solve the economic problem, the government should print more money.
The correct answer is 'False'.
2. When the government decides to increase the budget for higher learning by decreasing the
budget for the provision of roads and transport, the government faces a trade-off between what
to produce, how to produce and for whom to produce
The correct answer is: False
3. The opportunity cost of a choice is the value of the best foregone opportunity.
The correct answer is 'True'.
