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ECS_1501ASSIGNMENT 1 SEMESTER 2 661457
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Ecs1501 Assignment 1 Semester 2023 The document contains Assignment questions together with its answers
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Ecs1501 Assignment 1 semester 22023
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UNISA 2023 ECS1501-23-S2 Assessments Assessment 1
QUIZ
Started on Monday, 31 July 2023, 6:25 PM
State Finished
Completed on Monday, 31 July 2023, 8:06 PM
Time taken 1 hour 41 mins
Marks 13.00/15.00
Grade 86.67 out of 100.00
Question 1
Complete
Not graded
I con rm
that this assessment will be my own individual work;
that I will not communicate with anyone else in any way during the completion of
this assessment;
that I will not cheat in any way in completing and submitting this assessment.
I con rm.
I do not con rm.
Question 2
Complete
Mark 1.00 out of 1.00
What is the economic problem of scarcity?
The ability to satisfy all needs and wants.
The availability of limited resources.
The existence of unlimited resources.
The lack of choice between alternatives.
The economic or scarcity problem arises because the resources that we have
available for the production of goods and services are limited, while our needs and
wants for goods and services are unlimited.
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Question 3
Complete
Mark 1.00 out of 1.00
What is a scarce good?
a. One that is available for free.
b. One that is not wanted or desired.
c. One for which the choice of one alternative requires that another be given
up.
d. One that is available in unlimited quantities.
A scarce good is one for which the choice of one alternative requires that another be
given up.
Question 4
Complete
Mark 1.00 out of 1.00
What is the de nition of economics according to Lionel Robbins?
The science which studies human behaviour as a relationship between ends
and scarce means which have alternative uses.
The study of the use of scarce resources to satisfy unlimited wants.
The study of wants and resources.
The study of scarce resources to satisfy unlimited wants.
"Economics is the science which studies human behaviour as a relationship
between ends and scarce means which have alternative uses."
Question 5
Complete
Mark 1.00 out of 1.00
What is economics the study of?
How to produce unlimited resources.
How to produce an abundance of goods and services.
How society satis es its unlimited wants and needs using limited resources.
How to allocate resources e ciently.
Economics is the study of how society uses its limited resources to satisfy some of
our unlimited wants and needs.
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Question 6
Complete
Mark 1.00 out of 1.00
What are the three fundamental questions that every society needs to answer?
How to satisfy unlimited wants and needs, how to produce unlimited resources,
and how to distribute them
What goods and services to produce, how to produce them, and for whom to
produce them.
How to produce goods and services, how to allocate resources, and how to
create wealth
What goods and services to produce, how to produce them, and how to
distribute them
Every society needs to answer the following three fundamental questions.
· What goods and services to produce
· How to produce the goods and services
· For whom to produce
Question 7
Complete
Mark 1.00 out of 1.00
What is a natural resource?
Anything created primarily by human endeavour.
Anything that is produced by labour and capital.
Anything that people can use which comes from nature.
Anything that is produced by entrepreneurship.
A natural resource is anything that people can use which comes from nature.
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