BMZ ACADEMY
BMZ ACADEMY
@061 262 1185/068 053 8213
BMZ ACADEMY 061 262 1185/068 053 8213
,8/30/24, 3:25 PM Assessment 2: Attempt review
UNISA 2024 ECS2601-24-S2 Welcome Message Assessment 2
QUIZ
Started on Friday, 30 August 2024, 3:13 PM
State Finished
Completed on Friday, 30 August 2024, 3:21 PM
Time taken 8 mins 8 secs
Marks 20.00/20.00
Grade 100.00 out of 100.00
Question 1
Correct
Mark 1.00 out of 1.00
Which is true about the output values of a production function?
a. They represent only the value added of the two inputs that are represented.
b. They overlook the role of a variable input into production.
c. They overlook the role of fixed inputs into production.
d. They are conceptually flawed and of marginal use because they do not consider
raw materials as input.
Question 2
Correct
Mark 1.00 out of 1.00
The substitution effect of a price decrease for a good with a normal indifference curve pattern …
a. is always inversely related to the price change.
b. is sufficient information to plot an ordinary demand curve for the commodity being considered.
c. is measured by the horizontal distance between the original and the new indifference curves.
d. measures the change in consumption of the good that is due to the consumer’s feeling of being richer.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=21604504&cmid=990758 1/7
,8/30/24, 3:25 PM Assessment 2: Attempt review
Question 3
Correct
Mark 1.00 out of 1.00
The substitution effect of a price decrease for a good with a normal difference curve pattern is graphed by …
a. drawing a new budget line tangent to the indifference curve attained at the new price.
b. drawing a new budget line parallel to the initial budget line but tangent to the indifferent curve attained at the new
price.
c. doing none of the above because the substitution effect cannot be graphed.
d. drawing a new budget line tangent to the original indifference curve but at the slope of the new price of the
good.
Question 4
Correct
Mark 1.00 out of 1.00
Employee contracts are an example of a fixed factor in the short run.
Select one:
True
False
Question 5
Correct
Mark 1.00 out of 1.00
A market demand curve is the vertical summation of all the individual demand curves for the product.
Select one:
True
False
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=21604504&cmid=990758 2/7
, 8/30/24, 3:25 PM Assessment 2: Attempt review
Question 6
Correct
Mark 1.00 out of 1.00
The marginal rate of technical substitution is likely to remain constant as more additional labor is substituted for capital.
Select one:
True
False
Question 7
Correct
Mark 1.00 out of 1.00
If good X consumes a large portion of the budget, a price increase of X…
a. has a very large substitution effect, because consumers cannot easily absorb the expense of the price increase and
so they substitute.
b. has a small substitution effect since large budget items have few substitutes.
c. has a large income effect, because the consumer budget is heavily affected by price increases in big-ticket
items.
d. has a small income effect because the income effect is measured with nominal income constant.
Question 8
Correct
Mark 1.00 out of 1.00
In consumer theory, utility is illustrated by indifference map ; while in production theory, production is illustrated by
the isoquant map .
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=21604504&cmid=990758 3/7
BMZ ACADEMY
@061 262 1185/068 053 8213
BMZ ACADEMY 061 262 1185/068 053 8213
,8/30/24, 3:25 PM Assessment 2: Attempt review
UNISA 2024 ECS2601-24-S2 Welcome Message Assessment 2
QUIZ
Started on Friday, 30 August 2024, 3:13 PM
State Finished
Completed on Friday, 30 August 2024, 3:21 PM
Time taken 8 mins 8 secs
Marks 20.00/20.00
Grade 100.00 out of 100.00
Question 1
Correct
Mark 1.00 out of 1.00
Which is true about the output values of a production function?
a. They represent only the value added of the two inputs that are represented.
b. They overlook the role of a variable input into production.
c. They overlook the role of fixed inputs into production.
d. They are conceptually flawed and of marginal use because they do not consider
raw materials as input.
Question 2
Correct
Mark 1.00 out of 1.00
The substitution effect of a price decrease for a good with a normal indifference curve pattern …
a. is always inversely related to the price change.
b. is sufficient information to plot an ordinary demand curve for the commodity being considered.
c. is measured by the horizontal distance between the original and the new indifference curves.
d. measures the change in consumption of the good that is due to the consumer’s feeling of being richer.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=21604504&cmid=990758 1/7
,8/30/24, 3:25 PM Assessment 2: Attempt review
Question 3
Correct
Mark 1.00 out of 1.00
The substitution effect of a price decrease for a good with a normal difference curve pattern is graphed by …
a. drawing a new budget line tangent to the indifference curve attained at the new price.
b. drawing a new budget line parallel to the initial budget line but tangent to the indifferent curve attained at the new
price.
c. doing none of the above because the substitution effect cannot be graphed.
d. drawing a new budget line tangent to the original indifference curve but at the slope of the new price of the
good.
Question 4
Correct
Mark 1.00 out of 1.00
Employee contracts are an example of a fixed factor in the short run.
Select one:
True
False
Question 5
Correct
Mark 1.00 out of 1.00
A market demand curve is the vertical summation of all the individual demand curves for the product.
Select one:
True
False
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=21604504&cmid=990758 2/7
, 8/30/24, 3:25 PM Assessment 2: Attempt review
Question 6
Correct
Mark 1.00 out of 1.00
The marginal rate of technical substitution is likely to remain constant as more additional labor is substituted for capital.
Select one:
True
False
Question 7
Correct
Mark 1.00 out of 1.00
If good X consumes a large portion of the budget, a price increase of X…
a. has a very large substitution effect, because consumers cannot easily absorb the expense of the price increase and
so they substitute.
b. has a small substitution effect since large budget items have few substitutes.
c. has a large income effect, because the consumer budget is heavily affected by price increases in big-ticket
items.
d. has a small income effect because the income effect is measured with nominal income constant.
Question 8
Correct
Mark 1.00 out of 1.00
In consumer theory, utility is illustrated by indifference map ; while in production theory, production is illustrated by
the isoquant map .
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=21604504&cmid=990758 3/7
