UNISA 2025 ECS1601-25-Y Welcome Message Assessment 1
QUIZ
Started on Tuesday, 13 May 2025, 3:39 PM
State Finished
Completed on Tuesday, 13 May 2025, 4:13 PM
Time taken 34 mins 1 sec
Marks 18.00/20.00
Grade 90.00 out of 100.00
Question 1
Correct
Mark 1.00 out of 1.00
Which of the following is correct about the macroeconomic issue that caused global increase in the price of oil caused by
the Russia–Ukraine war?
a. external factors in South Africa that form part of the macroeconomic issues
b. external factors in Ukraine that form part of microeconomics issues
c. internal factors in South Africa that form part of the domestic economic issues
d. internal factors in Russia that form part of international issues
In South Africa the international increase in the price of oil is known as the external factor which forms part of the
macroeconomic issues this means South Africa does not have control of the external issues.
,Question 2
Correct
Mark 1.00 out of 1.00
Which of the following best describes a firm?
a. A company that sells goods and services.
b. A unit that combines factors of production to produce goods and services for its own use.
c. A unit that makes use of factors of production to produce goods and services that are sold in the goods
market.
d. Economic decision unit that decides what to produce in a market economy.
Your answer is correct.
Refer to section 3.5 of the textbook. In the economic concept, a firm is best described as a unit that employs factors of
production to produce goods and services that are sold to households in the goods market.
Question 3
Correct
Mark 1.00 out of 1.00
What are the remunerations for the factors of production?
a. profit for land, rent for labour, wages for capital and profit for the entrepreneur
b. rent for land, wages for labour, profit for capital and interest for the entrepreneur
c. wages for land, interest for labour, rent for capital and profit for the entrepreneur
d. rent for land, wages for labour, interest for capital and profit for the entrepreneur
The remunerations or compensations for the four production factors are as follow, rent for land or natural resources,
wages or salaries for labour, interest for capital and profit for entrepreneurship. Refer to page 6 in the textbook.
,Question 4
Correct
Mark 1.00 out of 1.00
The two basic participants in the economy of South Africa are ………
a. households and firms.
b. firms and government.
c. firms and the Reserve Bank.
d. households and government
The two basic participants in the economy of South Africa are households and firms.
Question 5
Correct
Mark 1.00 out of 1.00
….…. is an example of a stock variable, while ………… is an example of a flow variable.
a. Balance on savings account; assets
b. Wealth; investment
c. Profit; demand for labour
d. Gold production; unemployment
Wealth is an example of a stock variable, while investment is an example of a flow variable. A stock variable is measured at
a specific point in time. When the total value of your wealth (such as the market value of your house and the balance in your
savings account) is measured at a specific date, say on 31 December 2022, this is an example of a stock variable. A flow
variable is measured over a period of time, say 12 months or 5 years. For example, the value of your retirement fund over a
5-year period, is an example of a flow variable.
Question 6
Correct
Mark 1.00 out of 1.00
Which one of the following options is the correct facility that contributes to the stability of the financial sector of the
SARB?
a. lending facility
b. accommodation facility
c. lagging facility
d. lender of last resort facility
The availability of the lender of the last resort contributes to the stability of the financial sector of the SARB.
, Question 7
Correct
Mark 1.00 out of 1.00
Use the information below to answer the question
After the implementation of a new government policy to increase spending on infrastructure, the employment levels within
the country are at an all-time high. As a result, the country is currently experiencing inflation levels of 7% per annum.
How would the South African Reserve Bank approach monetary policy in terms of its inflation-targeting mandate?
a. Implement policy aimed at increasing the levels of inflation.
b. Implement policy aimed at decreasing the levels of inflation.
c. Implement policy aimed at keeping the inflation levels constant.
d. Refrain from implementing policy, as it cannot control the levels of inflation.
e. Advise government on the type of fiscal policy that can help with the inflation levels
The SARB has an inflation target of between 3 and 6 percent. At an inflation level of 7 percent, the SARB would thus
implement policy aimed at decreasing the levels of inflation.
Question 8
Correct
Mark 1.00 out of 1.00
The quantity of money in an economy is …
a. determined by the interaction between the cost of credit and the demand for money.
b. fixed by the South African Reserve Bank.
c. dependent on the money supplied.
d. determined by the Minister of Finance.
e. decided jointly by the Reserve Bank and the government, as it has important implications for inflation targeting.
The quantity of money demanded is determined by the cost of credit. The cheaper it is to take out the credit, the more
money will be demanded. The quantity if money is determined by the interaction of the interest rate (cost of credit) and the
demand for money.
QUIZ
Started on Tuesday, 13 May 2025, 3:39 PM
State Finished
Completed on Tuesday, 13 May 2025, 4:13 PM
Time taken 34 mins 1 sec
Marks 18.00/20.00
Grade 90.00 out of 100.00
Question 1
Correct
Mark 1.00 out of 1.00
Which of the following is correct about the macroeconomic issue that caused global increase in the price of oil caused by
the Russia–Ukraine war?
a. external factors in South Africa that form part of the macroeconomic issues
b. external factors in Ukraine that form part of microeconomics issues
c. internal factors in South Africa that form part of the domestic economic issues
d. internal factors in Russia that form part of international issues
In South Africa the international increase in the price of oil is known as the external factor which forms part of the
macroeconomic issues this means South Africa does not have control of the external issues.
,Question 2
Correct
Mark 1.00 out of 1.00
Which of the following best describes a firm?
a. A company that sells goods and services.
b. A unit that combines factors of production to produce goods and services for its own use.
c. A unit that makes use of factors of production to produce goods and services that are sold in the goods
market.
d. Economic decision unit that decides what to produce in a market economy.
Your answer is correct.
Refer to section 3.5 of the textbook. In the economic concept, a firm is best described as a unit that employs factors of
production to produce goods and services that are sold to households in the goods market.
Question 3
Correct
Mark 1.00 out of 1.00
What are the remunerations for the factors of production?
a. profit for land, rent for labour, wages for capital and profit for the entrepreneur
b. rent for land, wages for labour, profit for capital and interest for the entrepreneur
c. wages for land, interest for labour, rent for capital and profit for the entrepreneur
d. rent for land, wages for labour, interest for capital and profit for the entrepreneur
The remunerations or compensations for the four production factors are as follow, rent for land or natural resources,
wages or salaries for labour, interest for capital and profit for entrepreneurship. Refer to page 6 in the textbook.
,Question 4
Correct
Mark 1.00 out of 1.00
The two basic participants in the economy of South Africa are ………
a. households and firms.
b. firms and government.
c. firms and the Reserve Bank.
d. households and government
The two basic participants in the economy of South Africa are households and firms.
Question 5
Correct
Mark 1.00 out of 1.00
….…. is an example of a stock variable, while ………… is an example of a flow variable.
a. Balance on savings account; assets
b. Wealth; investment
c. Profit; demand for labour
d. Gold production; unemployment
Wealth is an example of a stock variable, while investment is an example of a flow variable. A stock variable is measured at
a specific point in time. When the total value of your wealth (such as the market value of your house and the balance in your
savings account) is measured at a specific date, say on 31 December 2022, this is an example of a stock variable. A flow
variable is measured over a period of time, say 12 months or 5 years. For example, the value of your retirement fund over a
5-year period, is an example of a flow variable.
Question 6
Correct
Mark 1.00 out of 1.00
Which one of the following options is the correct facility that contributes to the stability of the financial sector of the
SARB?
a. lending facility
b. accommodation facility
c. lagging facility
d. lender of last resort facility
The availability of the lender of the last resort contributes to the stability of the financial sector of the SARB.
, Question 7
Correct
Mark 1.00 out of 1.00
Use the information below to answer the question
After the implementation of a new government policy to increase spending on infrastructure, the employment levels within
the country are at an all-time high. As a result, the country is currently experiencing inflation levels of 7% per annum.
How would the South African Reserve Bank approach monetary policy in terms of its inflation-targeting mandate?
a. Implement policy aimed at increasing the levels of inflation.
b. Implement policy aimed at decreasing the levels of inflation.
c. Implement policy aimed at keeping the inflation levels constant.
d. Refrain from implementing policy, as it cannot control the levels of inflation.
e. Advise government on the type of fiscal policy that can help with the inflation levels
The SARB has an inflation target of between 3 and 6 percent. At an inflation level of 7 percent, the SARB would thus
implement policy aimed at decreasing the levels of inflation.
Question 8
Correct
Mark 1.00 out of 1.00
The quantity of money in an economy is …
a. determined by the interaction between the cost of credit and the demand for money.
b. fixed by the South African Reserve Bank.
c. dependent on the money supplied.
d. determined by the Minister of Finance.
e. decided jointly by the Reserve Bank and the government, as it has important implications for inflation targeting.
The quantity of money demanded is determined by the cost of credit. The cheaper it is to take out the credit, the more
money will be demanded. The quantity if money is determined by the interaction of the interest rate (cost of credit) and the
demand for money.
