2025 –ECS1501 – ASSESSMENT 1 – Q&A
QUIZ
Assessment 1
Started on Thursday, 1 May 2025,
State Finished
Completed Thursday, 1 May 2025,
on
Time
taken
Marks 39.00/40.00
Grade 97.50 out of 100.00
Question 1
Economics involves scarcity, choice and opportunity cost.
True
False
Feedback
The statement is true. Economics studies how limited resources are allocated to
satisfy human wants, which involves scarcity, choice, and opportunity cost.
Question 2
Resources are limited and therefore we have to make choices all the time.
True
False
Feedback
The statement is true. Since resources are finite, individuals and societies must
constantly make choices.
Question 3
Economics involves the study of how human beings satisfy their unlimited wants with
limited resources.
1
, 2025 –ECS1501 – ASSESSMENT 1 – Q&A
True
False
Feedback
The statement is true. This is a fundamental definition of economics.
Question 4
Economics is
- a sub-discipline of business management.
- a study of the ethics of making money.
- the study of direct and indirect relationships between inputs and outputs in various
production methods.
- the study of how scarce resources are allocated in an attempt to satisfy unlimited
wants.
Feedback
Economics is fundamentally concerned with addressing the problem of scarcity—
how to allocate limited resources to meet the unlimited wants and needs of
individuals and societies. It examines decision-making by individuals, businesses,
and governments, and how these decisions impact resource distribution, production,
and consumption.
"The study of direct and indirect relationships between inputs and outputs in various
production methods". While this describes a part of economics (specifically,
production theory), it is too narrow. Economics encompasses far more than just
production relationships; it includes consumption, distribution, trade, and policy
analysis.
Economics is not primarily about ethics, though ethical considerations can influence
economic policy and decision-making. It focuses on understanding behaviours and
outcomes rather than judging them from an ethical perspective.
Economics is a broader discipline that studies the functioning of entire economies
(macroeconomics) as well as individual agents (microeconomics). While it informs
business management, it is not confined to it.
2
QUIZ
Assessment 1
Started on Thursday, 1 May 2025,
State Finished
Completed Thursday, 1 May 2025,
on
Time
taken
Marks 39.00/40.00
Grade 97.50 out of 100.00
Question 1
Economics involves scarcity, choice and opportunity cost.
True
False
Feedback
The statement is true. Economics studies how limited resources are allocated to
satisfy human wants, which involves scarcity, choice, and opportunity cost.
Question 2
Resources are limited and therefore we have to make choices all the time.
True
False
Feedback
The statement is true. Since resources are finite, individuals and societies must
constantly make choices.
Question 3
Economics involves the study of how human beings satisfy their unlimited wants with
limited resources.
1
, 2025 –ECS1501 – ASSESSMENT 1 – Q&A
True
False
Feedback
The statement is true. This is a fundamental definition of economics.
Question 4
Economics is
- a sub-discipline of business management.
- a study of the ethics of making money.
- the study of direct and indirect relationships between inputs and outputs in various
production methods.
- the study of how scarce resources are allocated in an attempt to satisfy unlimited
wants.
Feedback
Economics is fundamentally concerned with addressing the problem of scarcity—
how to allocate limited resources to meet the unlimited wants and needs of
individuals and societies. It examines decision-making by individuals, businesses,
and governments, and how these decisions impact resource distribution, production,
and consumption.
"The study of direct and indirect relationships between inputs and outputs in various
production methods". While this describes a part of economics (specifically,
production theory), it is too narrow. Economics encompasses far more than just
production relationships; it includes consumption, distribution, trade, and policy
analysis.
Economics is not primarily about ethics, though ethical considerations can influence
economic policy and decision-making. It focuses on understanding behaviours and
outcomes rather than judging them from an ethical perspective.
Economics is a broader discipline that studies the functioning of entire economies
(macroeconomics) as well as individual agents (microeconomics). While it informs
business management, it is not confined to it.
2
