EXCELCENTRE LEARNING INSTITUTE 061 043 9805
PU E
SHI
NG Y L E NC
OU TO THE GATE OF EXC EL
Education is the most powerful weapon which you can use to change the world
,EXCELCENTRE LEARNING INSTITUTE 061 043 9805
WARNING: PLEASE NOTE THAT PLAGIARISM IS A SERIOUS ACADEMIC
OFFENSE, therefore students must use this document ONLY as a guideline. Hence
students have regenerated their own (personalized) solutions paying particular
attention to module contents as prescribed by module facilitators, lecturers and
supervisors. This document’s purpose is to compact all sources of information that
might be relevant to students’ assignments, hence additional knowledge on the
provided information is not restricted by the authors. However, submitting this
document as one’s final work is considered unethical, and students should be
penalized. If this document is plagiarized by the users and fails, EXCELCENTRE
should not be rendered accountable since the contents in this document only give
learners a kick-start on what is expected of them from their areas of specialty.
CAUTION: STUDENTS ARE NOT MANDATED TO USE EVERY DETAIL IN THIS
DOCUMENT IN WRITING THEIR ASSIGNMENT
Education is the most powerful weapon which you can use to change the world
,EXCELCENTRE
8/2/26, 1:42 PM
LEARNING INSTITUTE Assessment 4: Attempt review
ECS1501-26-Y-A Assessments Assessment 4
QUIZ
Started on Sunday, 2 August 2026, 12:45 PM
State Finished
Completed on Sunday, 2 August 2026, 1:42 PM
Time taken 57 mins 42 secs
Marks 45.00/45.00
Grade 100.00 out of 100.00
Question 1
Complete
Mark 1.00 out of 1.00
Which of the following is a potential consequence of a maximum price?
Increased production due to higher profitability
Elimination of consumer surplus
Decrease in consumer demand
Creation of black markets
Question 2
Complete
Mark 1.00 out of 1.00
Which of the following is NOT a possible firm response to a price ceiling?
Reducing the quality of goods
Decreasing production
Selling in black markets at higher prices
Increasing production to meet demand
Question 3
Complete
Mark 1.00 out of 1.00
How might a government deal with the surplus caused by a minimum price?
Buying up the surplus stock
Increasing consumer taxes
Imposing fines on producers
Reducing company taxes
061 043 9805
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=34373393&cmid=1300226 1/13
, EXCELCENTRE
8/2/26, 1:42 PM
LEARNING INSTITUTE Assessment 4: Attempt review
Question 4
Complete
Mark 1.00 out of 1.00
How can a government counteract the negative effects of a price ceiling?
Introducing a lottery system
Imposing price floors instead
Allowing unrestricted market forces
Setting prices even lower
Question 5
Complete
Mark 1.00 out of 1.00
Which of the following markets is most likely to have a maximum price
imposed by the government?
High-end jewellery market
Private school tuition
Basic food and essential medicine market
Luxury car market
Question 6
Complete
Mark 1.00 out of 1.00
Governments set maximum prices to protect consumers from the exploitation
of producers.
True
False
Question 7
Complete
Mark 1.00 out of 1.00
Fixing a maximum price below the equilibrium price will prevent the market
mechanism from allocating available quantities of a specific good and/or
service to consumers.
True
False
061 043 9805
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=34373393&cmid=1300226 2/13
PU E
SHI
NG Y L E NC
OU TO THE GATE OF EXC EL
Education is the most powerful weapon which you can use to change the world
,EXCELCENTRE LEARNING INSTITUTE 061 043 9805
WARNING: PLEASE NOTE THAT PLAGIARISM IS A SERIOUS ACADEMIC
OFFENSE, therefore students must use this document ONLY as a guideline. Hence
students have regenerated their own (personalized) solutions paying particular
attention to module contents as prescribed by module facilitators, lecturers and
supervisors. This document’s purpose is to compact all sources of information that
might be relevant to students’ assignments, hence additional knowledge on the
provided information is not restricted by the authors. However, submitting this
document as one’s final work is considered unethical, and students should be
penalized. If this document is plagiarized by the users and fails, EXCELCENTRE
should not be rendered accountable since the contents in this document only give
learners a kick-start on what is expected of them from their areas of specialty.
CAUTION: STUDENTS ARE NOT MANDATED TO USE EVERY DETAIL IN THIS
DOCUMENT IN WRITING THEIR ASSIGNMENT
Education is the most powerful weapon which you can use to change the world
,EXCELCENTRE
8/2/26, 1:42 PM
LEARNING INSTITUTE Assessment 4: Attempt review
ECS1501-26-Y-A Assessments Assessment 4
QUIZ
Started on Sunday, 2 August 2026, 12:45 PM
State Finished
Completed on Sunday, 2 August 2026, 1:42 PM
Time taken 57 mins 42 secs
Marks 45.00/45.00
Grade 100.00 out of 100.00
Question 1
Complete
Mark 1.00 out of 1.00
Which of the following is a potential consequence of a maximum price?
Increased production due to higher profitability
Elimination of consumer surplus
Decrease in consumer demand
Creation of black markets
Question 2
Complete
Mark 1.00 out of 1.00
Which of the following is NOT a possible firm response to a price ceiling?
Reducing the quality of goods
Decreasing production
Selling in black markets at higher prices
Increasing production to meet demand
Question 3
Complete
Mark 1.00 out of 1.00
How might a government deal with the surplus caused by a minimum price?
Buying up the surplus stock
Increasing consumer taxes
Imposing fines on producers
Reducing company taxes
061 043 9805
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=34373393&cmid=1300226 1/13
, EXCELCENTRE
8/2/26, 1:42 PM
LEARNING INSTITUTE Assessment 4: Attempt review
Question 4
Complete
Mark 1.00 out of 1.00
How can a government counteract the negative effects of a price ceiling?
Introducing a lottery system
Imposing price floors instead
Allowing unrestricted market forces
Setting prices even lower
Question 5
Complete
Mark 1.00 out of 1.00
Which of the following markets is most likely to have a maximum price
imposed by the government?
High-end jewellery market
Private school tuition
Basic food and essential medicine market
Luxury car market
Question 6
Complete
Mark 1.00 out of 1.00
Governments set maximum prices to protect consumers from the exploitation
of producers.
True
False
Question 7
Complete
Mark 1.00 out of 1.00
Fixing a maximum price below the equilibrium price will prevent the market
mechanism from allocating available quantities of a specific good and/or
service to consumers.
True
False
061 043 9805
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=34373393&cmid=1300226 2/13
