9/14/24, 1:44 PM Assessment 3 (page 1 of 15)
ECS2601-24-S2 Welcome Message Assessment 3
QUIZ
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Question 1
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A normal good is one for which the income elasticity is greater than one.
Select one:
True
False
Question 2
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Consider the following demand and supply functions:
Demand: Qd = 400 – 40P.
Supply: Qs = –100 + 60P.
What is the equilibrium price and output?
a. P = R15 and Q = 800
b. P = R5 and Q = 200
c. P = R3 and Q = 80
d. P = R10 and Q = 300
Clear my choice
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,9/14/24, 1:43 PM Assessment 3 (page 2 of 15)
ECS2601-24-S2 Welcome Message Assessment 3
QUIZ
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Question 3
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A change in income cause a shift of the budget line.
Select one:
True
False
Question 4
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An L-shaped isoquant …
a. is impossible.
b. would indicate that capital and labour cannot be substituted for each other in
production.
c. would indicate that the firm could not switch from one output to another.
d. would indicate that the firm could switch from one output to another without any
cost.
Clear my choice
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,9/14/24, 1:44 PM Assessment 3 (page 3 of 15)
ECS2601-24-S2 Welcome Message Assessment 3
QUIZ
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Question 5
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If the supply equation is given as Qs = -100 + 10P, the price elasticity of supply between
R15 and R25, calculated using the arc elasticity of supply, is …
a. 1.0
b. 2.5
c. 2.0
d. 0.5
Clear my choice
Question 6
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A single price usually prevails in a competitive market.
Select one:
True
False
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, 9/14/24, 1:57 PM Assessment 3 (page 6 of 15)
ECS2601-24-S2 Welcome Message Assessment 3
QUIZ
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Question 11
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In which of the following cases would the income and substitution effects for books have the same sign?
a. When books are an inferior, ordinary good and the price of books increases.
b. When books are a Giffen good and the price of books increases.
c. When books are a normal, ordinary good and the price of books increases.
d. None of the options are correct.
Clear my choice
Question 12
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If the actual price were below the equilibrium price in the market for bread, a…
a. surplus would develop that cannot be eliminated over time.
b. surplus would develop, which market forces would eliminate over time.
c. shortage would develop, which market forces would tend to exacerbate.
d. shortage would develop, which market forces would eliminate over time
time.
Clear my choice
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=22225455&cmid=990759&page=5 1/1
ECS2601-24-S2 Welcome Message Assessment 3
QUIZ
Time left 1:18:01
Question 1
Answer saved
Marked out of 1.00
A normal good is one for which the income elasticity is greater than one.
Select one:
True
False
Question 2
Answer saved
Marked out of 1.00
Consider the following demand and supply functions:
Demand: Qd = 400 – 40P.
Supply: Qs = –100 + 60P.
What is the equilibrium price and output?
a. P = R15 and Q = 800
b. P = R5 and Q = 200
c. P = R3 and Q = 80
d. P = R10 and Q = 300
Clear my choice
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=22225455&cmid=990759 1/1
,9/14/24, 1:43 PM Assessment 3 (page 2 of 15)
ECS2601-24-S2 Welcome Message Assessment 3
QUIZ
Time left 1:18:13
Question 3
Answer saved
Marked out of 1.00
A change in income cause a shift of the budget line.
Select one:
True
False
Question 4
Answer saved
Marked out of 1.00
An L-shaped isoquant …
a. is impossible.
b. would indicate that capital and labour cannot be substituted for each other in
production.
c. would indicate that the firm could not switch from one output to another.
d. would indicate that the firm could switch from one output to another without any
cost.
Clear my choice
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=22225455&cmid=990759&page=1 1/1
,9/14/24, 1:44 PM Assessment 3 (page 3 of 15)
ECS2601-24-S2 Welcome Message Assessment 3
QUIZ
Time left 1:17:15
Question 5
Answer saved
Marked out of 1.00
If the supply equation is given as Qs = -100 + 10P, the price elasticity of supply between
R15 and R25, calculated using the arc elasticity of supply, is …
a. 1.0
b. 2.5
c. 2.0
d. 0.5
Clear my choice
Question 6
Answer saved
Marked out of 1.00
A single price usually prevails in a competitive market.
Select one:
True
False
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, 9/14/24, 1:57 PM Assessment 3 (page 6 of 15)
ECS2601-24-S2 Welcome Message Assessment 3
QUIZ
Time left 1:05:02
Question 11
Not yet answered
Marked out of 1.00
In which of the following cases would the income and substitution effects for books have the same sign?
a. When books are an inferior, ordinary good and the price of books increases.
b. When books are a Giffen good and the price of books increases.
c. When books are a normal, ordinary good and the price of books increases.
d. None of the options are correct.
Clear my choice
Question 12
Not yet answered
Marked out of 1.00
If the actual price were below the equilibrium price in the market for bread, a…
a. surplus would develop that cannot be eliminated over time.
b. surplus would develop, which market forces would eliminate over time.
c. shortage would develop, which market forces would tend to exacerbate.
d. shortage would develop, which market forces would eliminate over time
time.
Clear my choice
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=22225455&cmid=990759&page=5 1/1
