ECS1601/101/3/2021
Assignment 01 2021: 100% guaranteed
Economics 1B
ECS1601
Assignment 01
Unique number 652443
Learning units 1 to 2 of the Study guide and the relevant
Content chapters of the prescribed book
Questions 46 questions
Weight 20% of the semester mark
To submit Through myUnisa or on a mark-reading sheet
1.1 Which of the following is/are correct?
a) Households are confronted with unlimited wants, but with limited resources with
which to satisfy those wants
b) The scarcity of resources necessitate households to make choices
[1] a is incorrect, b is correct
[2] both a and b are incorrect
[3] only a is correct
[4] both a and b are correct
1.2 Which of the following is/are correct regarding the distinction between macroeconomics
and microeconomics?
a) The price of apples at the supermarket is an example of a macroeconomic variable.
b) An increase in the general price level (inflation) in the economy is an example of a
macroeconomic variable.
[1] only b is correct
[2] a and b are both incorrect
[3] only a is correct
[4] both a and b are correct
1.3 A flow variable is defined as a variable that is measured over a period. Which one of the
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, following variables is not an example of a flow variable?
[1] National income
[2] The balance on Sibahle’s savings account
[3] Budget deficit
[4] Total production
1.4 Which of the following is not an acceptable intervention by the public sector in a mixed
economy?
[1] the provision of funds for public goods such as parks and streetlights
[2] regulation of the pricing behaviour of monopoly industries
[3] stabilisation of the economy during periods of economic instability
[4] regulation of the price increases that result from changes in patterns of
demand andsupply in the competitive market
1.5 The factors of production in an economy are …
[1] households, capital, land, entrepreneurship
[2] government, household, firms, natural resources
[3] natural resources (land), labour, capital, and entrepreneurship
[4] human capital, land, natural resources, technology
1.6 Which of the following are the remuneration of the factors of production?
[1] natural resources, rent, interest, labour
[2] rent, salaries and wages, interest, profit
[3] households, land, profit, capital
[4] entrepreneur, firms, capital, labour
1.7 In the circular flow of income and spending …
[1] savings, imports, taxes are leakages, while investment, government
spending,exports are injections.
[2] imports, taxes, investments are leakages, while exports, investments, government
spending are injections.
[3] savings, exports, taxes area leakages, while imports, investments, government
spending are injections.
[4] savings, government spending, imports are leakages, while investments, exports,
taxes are injections.
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Assignment 01 2021: 100% guaranteed
Economics 1B
ECS1601
Assignment 01
Unique number 652443
Learning units 1 to 2 of the Study guide and the relevant
Content chapters of the prescribed book
Questions 46 questions
Weight 20% of the semester mark
To submit Through myUnisa or on a mark-reading sheet
1.1 Which of the following is/are correct?
a) Households are confronted with unlimited wants, but with limited resources with
which to satisfy those wants
b) The scarcity of resources necessitate households to make choices
[1] a is incorrect, b is correct
[2] both a and b are incorrect
[3] only a is correct
[4] both a and b are correct
1.2 Which of the following is/are correct regarding the distinction between macroeconomics
and microeconomics?
a) The price of apples at the supermarket is an example of a macroeconomic variable.
b) An increase in the general price level (inflation) in the economy is an example of a
macroeconomic variable.
[1] only b is correct
[2] a and b are both incorrect
[3] only a is correct
[4] both a and b are correct
1.3 A flow variable is defined as a variable that is measured over a period. Which one of the
17
, following variables is not an example of a flow variable?
[1] National income
[2] The balance on Sibahle’s savings account
[3] Budget deficit
[4] Total production
1.4 Which of the following is not an acceptable intervention by the public sector in a mixed
economy?
[1] the provision of funds for public goods such as parks and streetlights
[2] regulation of the pricing behaviour of monopoly industries
[3] stabilisation of the economy during periods of economic instability
[4] regulation of the price increases that result from changes in patterns of
demand andsupply in the competitive market
1.5 The factors of production in an economy are …
[1] households, capital, land, entrepreneurship
[2] government, household, firms, natural resources
[3] natural resources (land), labour, capital, and entrepreneurship
[4] human capital, land, natural resources, technology
1.6 Which of the following are the remuneration of the factors of production?
[1] natural resources, rent, interest, labour
[2] rent, salaries and wages, interest, profit
[3] households, land, profit, capital
[4] entrepreneur, firms, capital, labour
1.7 In the circular flow of income and spending …
[1] savings, imports, taxes are leakages, while investment, government
spending,exports are injections.
[2] imports, taxes, investments are leakages, while exports, investments, government
spending are injections.
[3] savings, exports, taxes area leakages, while imports, investments, government
spending are injections.
[4] savings, government spending, imports are leakages, while investments, exports,
taxes are injections.
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