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ECS1601-Assignment 1-S2-Questions & Solutions
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,3/23/23, 8:19 PM Assessment 1: Attempt review
MENU
Dashboard / My courses / ECS1601-23-S1 / Online assessments / Assessment 1
Started on Tuesday, 14 March 2023, 8:11 AM
State Finished
Completed on Tuesday, 14 March 2023, 9:07 AM
Time taken 55 mins 51 secs
Marks 17.00/18.00
Grade 94.44 out of 100.00
Question 1
Complete
Mark 1.00 out of 1.00
Which one of the following statements is correct?
a. The total income in the economy is equal to the total remuneration of the factors of production.
b. The quality of the factors of production is insignificant; it is only the quantity that matters.
c. Capital as a factor of production refers to the amount of money required to produce a good or service.
d. The difference between capital goods and consumer goods is that the former maintains their full value over time.
Question 2
Complete
Mark 0.00 out of 1.00
Which one of the following statements is true about causality and correlation?
a. Causality between two variables always implies correlation.
b. An example of correlation is when an increase in the value of imports causes a rise in economic growth.
c. Correlation between variables occurs when two variables have a relationship
d. Causation between two variables proves correlation.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=7442070&cmid=622315 1/8
, 3/23/23, 8:19 PM Assessment 1: Attempt review
Question 3
Complete
Mark 1.00 out of 1.00
MENU
The circular flow model reveals that a decrease in South African imports will … .
Dashboard / My courses / ECS1601-23-S1 / Online assessments / Assessment 1
a. increase revenue and domestic production in South Africa
b. increase revenue to foreign firms
c. decrease South African imports
d. increase output and income in the rest of the world
Question 4
Complete
Mark 1.00 out of 1.00
Emily (who holds a master's degree in Economics and has five years of work experience) has been appointed as an economics researcher at
PricewaterhouseCoopers (PwC), a financial services company. At her workstation, she will be using the Apple MacBook Air 13-inch laptop
with a high-resolution screen display. The degree and experience she is bringing to the company are considered a __________, while the
laptop she will be using is an example of__________as a factor of production.
a. capital; entrepreneurship
b. human capital; capital
c. human capital; labour
d. entrepreneurship; technology
Information
Have a look at the following information and answer the question below.
Suppose that a firm is spending R49 million per month on salaries, which are allocated as follows:
Monthly Salaries - 2020 Monthly Salaries - 2021
CEO R 21 million R 22 million
Executives R 15 million R 16 million
Three thousand employees R 13 million R 14 million
Assume that the CEO spend 0.5%, while executives spend 2% and employees 65% of their monthly salaries on goods and services in both
years.
(Round off your answers to two decimals). Example on how you should type in your answers:
For percentage answer: 1,55%
For amount answer: 300,56
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=7442070&cmid=622315 2/8
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