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ECS2601 ASSESSMENT 6 EXPECTED QUESTIONS AND ANSWERS SEM 1 OF 2024
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THIS DOCUMENT CONTAINS ECS2601 ASSESSMENT 6 EXPECTED QUESTIONS AND ANSWERS SEM 1 OF 2024. CORRECT USE AS A GUIDE WILL HELP YOU SCORE ABOVE 75%
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Started on Sunday, 5 November 2023, 9:51 PMState Finished
Completed on Sunday, 5 November 2023, 11:01 PM
Time taken 1 hour 9 mins
Marks 46.00/60.00
Grade 76.67 out of 100.00
Question 1
Read the following excerpt from Business Tech below and consider the Profit Payoff matrix to answer the question
Complete that follow:
M ark 2.00 out of
2.00
Competition Commission charges Wesbank and Toyota for collusion
Flag question
“The Competition Commission has referred motor vehicle finance groups FirstRand Bank, Wesbank, and Toyota
Financial Services South Africa Limited (TFS) to the Competition Tribunal for prosecution on allegations of dividing
the market by allocating customers or suppliers.
The Commission’s investigation revealed that Wesbank and TFS entered into an agreement to divide markets by
allocating customers or suppliers in the market for the provision of vehicle finance in contravention of section 4(1)(b)
(ii) of the Competition Act. The motor vehicle finance market includes offering vehicle finance, leases, and
dealerships financing.
“FirstRand Bank Limited (FirstRand), through its WesBank division, and TFS are involved in the provision of vehicle
finance services. They are therefore supposed to compete. They, however, concluded a shareholder agreement
which contains clauses that prevent them from competing,” the commission said.”
After an explicit agreement of collusion was confirmed by the commission and being found to be illegal, Wesbank
and Toyota each decided on their own to provide vehicle finance at either a Cournot level or collusion level.
What is the Nash-Cournot equilibrium?
a.
90, 90
b. 80, 80
c.
60, 100
d. 100, 60
Question 2 In what instance would a perfectly competitive industry have a long-run supply curve that slopes downwards?
Complete
M ark 2.00 out of a. When the perfectly competitive industry has constant costs.
2.00
b. When the perfectly competitive industry has increasing costs.
Flag question
c. When the perfectly competitive industry has decreasing costs.
d. The perfectly competitive industry will never have a long-run supply curve that slopes downwards.
Question 3 Use the following graph to answer the question.
Complete
,M ark 2.00 out of
2.00
Flag question
Producer surplus in a monopoly is represent by ...
a. B+D
b. A+B+C+D +E
c. D+B+C+E
d. A+B+D
Question 4 Suppose that a competitive firm’s marginal cost of producing output q is given by
Complete MC(q) = 3 + 2q. Assume that the market price of the firm’s product is R9.
M ark 2.00 out of What level of output will the firm produce?
2.00
Flag question
a. 1.5
b. 9
c. 6
d. 3
Question 5
Read the following excerpt from news 24 Business and answer the question that follow:
Complete
M ark 2.00 out of
2.00
Flag question Oil powers announce surprise cuts of more than 1 million bpd
‘’Major oil powers led by Saudi Arabia announced a surprise production cut of more than one million barrels per day
on Sunday, calling it a "precautionary" move aimed at stabilising the market.
The reductions, on top of a Russian decision to extend a cut of 500,000 barrels per day, and despite US calls to
increase production, risk stoking inflation and pressure to raise interest rates.
Cuts by Saudi Arabia, Iraq, UAE, Kuwait, Algeria and Oman from May to the end of the year will top one million
barrels per day - the biggest reduction since the OPEC+ cartel slashed two million barrels per day in October.’’
, If the US call to increase oil production was to be considered, what would the overall impact on the market for oil
be?
a. The price charged per barrel would decrease but remain above marginal costs and the world demand for
oil would be inelastic over the short run.
b. The price charged per barrel would increase, remain above marginal costs and the world demand for oil
would be inelastic over the long run.
c.
The price charged per barrel would increase, remain below marginal costs and the world demand for oil
would be elastic over the long run.
d. The price charge per barrel would decrease, be equal to marginal costs and world demand for oil would be
elastic over the short run.
Question 6 A firm producing six units of output has an average total cost of R200 and has to pay R300 to its fixed factors of
Complete production. The average variable cost is …
M ark 0.00 out of
2.00 a. R200.
Flag question
b. R300.
c. R150.
d. R50.
Question 7
Read the following excerpt from news 24 Business and answer the question that follow:
Complete
M ark 2.00 out of
2.00
Flag question Oil powers announce surprise cuts of more than 1 million bpd
‘’Major oil powers led by Saudi Arabia announced a surprise production cut of more than one million barrels per day
on Sunday, calling it a "precautionary" move aimed at stabilising the market.
The reductions, on top of a Russian decision to extend a cut of 500,000 barrels per day, and despite US calls to
increase production, risk stoking inflation and pressure to raise interest rates.
Cuts by Saudi Arabia, Iraq, UAE, Kuwait, Algeria and Oman from May to the end of the year will top one million
barrels per day - the biggest reduction since the OPEC+ cartel slashed two million barrels per day in October.’’
The major oil suppliers through the OPEC+ cartel is not affected by the output strategy of the competitive suppliers
of oil since the country members of OPEC+ are dominant in nature.
Select one:
True
False
Question 8
Read the following excerpt from news 24 Business and answer the question that follow:
Complete
M ark 0.00 out of
2.00
Flag question Oil powers announce surprise cuts of more than 1 million bpd
‘’Major oil powers led by Saudi Arabia announced a surprise production cut of more than one million barrels per day
on Sunday, calling it a "precautionary" move aimed at stabilising the market.
The reductions, on top of a Russian decision to extend a cut of 500,000 barrels per day, and despite US calls to
increase production, risk stoking inflation and pressure to raise interest rates.
Cuts by Saudi Arabia, Iraq, UAE, Kuwait, Algeria and Oman from May to the end of the year will top one million
barrels per day - the biggest reduction since the OPEC+ cartel slashed two million barrels per day in October.’’
, The success of a cartel in this case is depended on mainly the price and oil production decisions by Saudi Arabia as
the dominat leader with other OPEC+ member countries oil being followers and signatories to the cartel agreement.
Select one:
True
False
Question 9 Marginal revenue, shown graphically, is the …
Complete
M ark 2.00 out of a. slope of a line from the origin to a point on the total revenue curve.
2.00
b. slope of the total revenue curve at a given point.
Flag question
c. vertical intercept of a line tangent to the total revenue curve at a given point.
d. slope of a line from the origin to the end of the total revenue curve.
Question 10
Complete
M ark 0.00 out of
2.00
Flag question
The table shows a short-run situation, which is evident from the ...
a. presence of positive costs at Q = 0.
b. increasing marginal cost.
c. constant price.
d. absence of marginal values at Q = 0.
Question 11 Which of the following is true for a Stackelberg model?
Complete
M ark 2.00 out of a. The first firm produces more than its rival.
2.00
b. Both firms have a reaction curve
Flag question
c. Both firms produce the same quantity.
d. The first firm produces less than its rival.
Question 12
Read the following excerpt from Business Tech below and consider the Profit Payoff matrix to answer the question
Complete that follow:
M ark 2.00 out of
2.00
Competition Commission charges Wesbank and Toyota for collusion
Flag question
“The Competition Commission has referred motor vehicle finance groups FirstRand Bank, Wesbank, and Toyota
Financial Services South Africa Limited (TFS) to the Competition Tribunal for prosecution on allegations of dividing
the market by allocating customers or suppliers.
The Commission’s investigation revealed that Wesbank and TFS entered into an agreement to divide markets by
allocating customers or suppliers in the market for the provision of vehicle finance in contravention of section 4(1)(b)
(ii) of the Competition Act. The motor vehicle finance market includes offering vehicle finance, leases, and
dealerships financing.
“FirstRand Bank Limited (FirstRand), through its WesBank division, and TFS are involved in the provision of vehicle
finance services. They are therefore supposed to compete. They, however, concluded a shareholder agreement
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