2025 – ECS1601 – ASSESSMENT 1 – Q&A
QUIZ
Assessment 1
Started on Friday, 16 May 2025,
State Finished
Completed on Friday, 16 May 2025,
Time taken
Marks 17.00/20.00
Grade 85.00 out of 100.00
Question 1
Thabo bought an iPhone 14 this week at one of the local malls. In which market did
he purchase the phone?
a.
factor market
b.
goods market
c.
local market
d.
labour market
Feedback
The good and service are traded under the good market where buyers meet the
sellers.
Question 2
Which of the following statements is/are incorrect in explaining the tax being treated
as leakage in the circular flow of income between household and firms?
a) Tax is the part of income that is received by households but then paid to
government.
b) Tax is taken out of the circular flow of income.
1
, 2025 – ECS1601 – ASSESSMENT 1 – Q&A
c) Households can spend it on goods and services.
d) Tax is an amount that is withdrawn or leaked from the circular flow of income.
a.
b only
b.
a, b and c
c.
b and c
d.
c only
e.
b, c and d X
Feedback
Tax is taken out of the circular flow of income and households cannot spend it on
goods and services.
Question 3
Which of the following best describes a household?
a.
A group of people who work together.
b.
A family that lives together and makes economic decisions.
c.
Any individual who make economic decisions for other people.
d.
A basic economic unit that utilises factors of production.
Feedback
Your answer is correct.
2
QUIZ
Assessment 1
Started on Friday, 16 May 2025,
State Finished
Completed on Friday, 16 May 2025,
Time taken
Marks 17.00/20.00
Grade 85.00 out of 100.00
Question 1
Thabo bought an iPhone 14 this week at one of the local malls. In which market did
he purchase the phone?
a.
factor market
b.
goods market
c.
local market
d.
labour market
Feedback
The good and service are traded under the good market where buyers meet the
sellers.
Question 2
Which of the following statements is/are incorrect in explaining the tax being treated
as leakage in the circular flow of income between household and firms?
a) Tax is the part of income that is received by households but then paid to
government.
b) Tax is taken out of the circular flow of income.
1
, 2025 – ECS1601 – ASSESSMENT 1 – Q&A
c) Households can spend it on goods and services.
d) Tax is an amount that is withdrawn or leaked from the circular flow of income.
a.
b only
b.
a, b and c
c.
b and c
d.
c only
e.
b, c and d X
Feedback
Tax is taken out of the circular flow of income and households cannot spend it on
goods and services.
Question 3
Which of the following best describes a household?
a.
A group of people who work together.
b.
A family that lives together and makes economic decisions.
c.
Any individual who make economic decisions for other people.
d.
A basic economic unit that utilises factors of production.
Feedback
Your answer is correct.
2
