4/21/25, 10:52 PM Assessment 1: Attempt review
CS1501-25-Y Assessments Assessment 1
QUIZ
Assessment 1
Started on Monday, 21 April 2025, 9:50 PM
State Finished
Completed on Monday, 21 April 2025, 10:50 PM
Time taken 1 hour
Marks 39.00/40.00
Grade 99.00 out of 100.00
Question 1 Wages and salaries are earned by the production factor labour.
Complete
Mark 1.00 out of True
1.00
False
Flag question
The statement is true. Labour (human effort) earns wages and salaries as compensation for
work performed.
Question 2 If Johannes resigns from his salaried job to open his own business, the salary he earned
Complete previously must be included in the opportunity cost of the business.
Mark 1.00 out of
1.00 True
Flag question False
The statement is true. Opportunity cost refers to the best alternative foregone. By leaving his
job, Johannes gives up his salary, which is an implicit cost and part of the opportunity cost of
running his own business.
Question 3 For economists money and capital have the same meaning.
Complete
Mark 1.00 out of True
1.00
False
Flag question
The statement is false. Capital refers to physical goods used in production (e.g., machinery,
buildings), while money is a medium of exchange and not a productive resource itself.
Question 4 Economics is
Complete
Mark 1.00 out of the study of choice under conditions of scarcity.
1.00
exclusively the study of business firms.
Flag question
fundamentally the same as sociology.
the study of the markets for stocks and bonds.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=26363140&cmid=1069832 1/13
, 4/21/25, 10:52 PM Assessment 1: Attempt review
Economics is the study of choice under conditions of scarcity. While Economic study may
include the study of markets for stocks and bonds, it would not sufficiently describe the study
of economics in general. Similarly, Economic study may also include governments, institutions,
global markets and labour markets. However, something is common in all these markets and
that centres the study of economics. Sociology is the study of society, patterns of social
relationships, social interaction and culture of everyday life.
Question 5 Making choices results in opportunity cost.
Complete
Mark 1.00 out of True
1.00
False
Flag question
The statement is true. Opportunity cost is the value of the next best alternative that is sacrificed
when making a choice.
Question 6 Scarcity exists
Complete
Mark 1.00 out of when resources are insufficient to produce all the desired goods and services.
1.00
when things are available only in small quantities.
Flag question
in underdeveloped countries but not in advanced countries.
only among poor people who cannot afford to buy the things they want.
Scarcity is a fundamental concept in economics that arises because resources (such as land,
labour, and capital) are limited, but human desires and wants are unlimited. This mismatch
creates a situation where not all goods and services can be produced to meet every individual's
wants, leading to the need for choices and prioritization.
The other options are incorrect because scarcity
· affects everyone, regardless of wealth. Even the richest individuals or countries face
resource constraints and must make decisions about allocating them.
· exists in all countries, whether advanced or underdeveloped. While wealthier countries
may have more resources, they still must decide how to use those resources effectively because
they are limited.
· is not just about small quantities but about the inability to satisfy all human wants due to
limited resources. Even resources available in large quantities can be scarce if demand exceeds
supply.
Question 7 The problem of scarcity arises because wants are unlimited and the resources or means to fulfil
Complete these wants are limited.
Mark 1.00 out of
1.00 True
Flag question False
The statement is true. Scarcity is the fundamental problem in economics: people have unlimited
wants, but resources (land, labour, capital, and entrepreneurship) are finite.
Question 8 Economics is the study of the abundance of resources.
Complete
Mark 1.00 out of True
1.00
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=26363140&cmid=1069832 2/13
CS1501-25-Y Assessments Assessment 1
QUIZ
Assessment 1
Started on Monday, 21 April 2025, 9:50 PM
State Finished
Completed on Monday, 21 April 2025, 10:50 PM
Time taken 1 hour
Marks 39.00/40.00
Grade 99.00 out of 100.00
Question 1 Wages and salaries are earned by the production factor labour.
Complete
Mark 1.00 out of True
1.00
False
Flag question
The statement is true. Labour (human effort) earns wages and salaries as compensation for
work performed.
Question 2 If Johannes resigns from his salaried job to open his own business, the salary he earned
Complete previously must be included in the opportunity cost of the business.
Mark 1.00 out of
1.00 True
Flag question False
The statement is true. Opportunity cost refers to the best alternative foregone. By leaving his
job, Johannes gives up his salary, which is an implicit cost and part of the opportunity cost of
running his own business.
Question 3 For economists money and capital have the same meaning.
Complete
Mark 1.00 out of True
1.00
False
Flag question
The statement is false. Capital refers to physical goods used in production (e.g., machinery,
buildings), while money is a medium of exchange and not a productive resource itself.
Question 4 Economics is
Complete
Mark 1.00 out of the study of choice under conditions of scarcity.
1.00
exclusively the study of business firms.
Flag question
fundamentally the same as sociology.
the study of the markets for stocks and bonds.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=26363140&cmid=1069832 1/13
, 4/21/25, 10:52 PM Assessment 1: Attempt review
Economics is the study of choice under conditions of scarcity. While Economic study may
include the study of markets for stocks and bonds, it would not sufficiently describe the study
of economics in general. Similarly, Economic study may also include governments, institutions,
global markets and labour markets. However, something is common in all these markets and
that centres the study of economics. Sociology is the study of society, patterns of social
relationships, social interaction and culture of everyday life.
Question 5 Making choices results in opportunity cost.
Complete
Mark 1.00 out of True
1.00
False
Flag question
The statement is true. Opportunity cost is the value of the next best alternative that is sacrificed
when making a choice.
Question 6 Scarcity exists
Complete
Mark 1.00 out of when resources are insufficient to produce all the desired goods and services.
1.00
when things are available only in small quantities.
Flag question
in underdeveloped countries but not in advanced countries.
only among poor people who cannot afford to buy the things they want.
Scarcity is a fundamental concept in economics that arises because resources (such as land,
labour, and capital) are limited, but human desires and wants are unlimited. This mismatch
creates a situation where not all goods and services can be produced to meet every individual's
wants, leading to the need for choices and prioritization.
The other options are incorrect because scarcity
· affects everyone, regardless of wealth. Even the richest individuals or countries face
resource constraints and must make decisions about allocating them.
· exists in all countries, whether advanced or underdeveloped. While wealthier countries
may have more resources, they still must decide how to use those resources effectively because
they are limited.
· is not just about small quantities but about the inability to satisfy all human wants due to
limited resources. Even resources available in large quantities can be scarce if demand exceeds
supply.
Question 7 The problem of scarcity arises because wants are unlimited and the resources or means to fulfil
Complete these wants are limited.
Mark 1.00 out of
1.00 True
Flag question False
The statement is true. Scarcity is the fundamental problem in economics: people have unlimited
wants, but resources (land, labour, capital, and entrepreneurship) are finite.
Question 8 Economics is the study of the abundance of resources.
Complete
Mark 1.00 out of True
1.00
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=26363140&cmid=1069832 2/13
