ECS1501-25-Y Assessments Assessment 1
QUIZ
Started on Friday, 2 May 2025, 11:47 PM
State Finished
Completed on Saturday, 3 May 2025, 11:05 PM
Time taken 23 hours 17 mins
Marks 32.00/40.00
Grade 80.00 out of 100.00
Question 1
Complete
Mark 0.00 out of 1.00
Wants, needs and demand are the three main elements of the basic economic
problem.
True
False
The statement is false. The basic economic problem is about scarcity, choice,
and opportunity cost, not wants, needs, and demand.
Question 2
Complete
Mark 1.00 out of 1.00
A labour-intensive production process is dominated by capital.
True
False
The statement is false. A labour-intensive production process relies more on
human labour than on capital (machinery, tools, and equipment). Capital-
intensive production, on the other hand, is dominated by capital.
,Question 3
Complete
Mark 1.00 out of 1.00
In every economic system, choices must be made because resources are
________ and wants are ________ .
Select one:
unlimited; unlimited
unlimited; limited
limited; limited
limited; unlimited
In every economic system, choices must be made because resources are
limited and wants are unlimited.
Resources are limited: Resources like land, labour, capital, and natural
resources exist in finite (limited) quantities. This limitation creates the need
to decide how they are best allocated to produce goods and services.
Wants are unlimited: Human desires and needs constantly expand as people
strive for better standards of living, new products, and services. This results
in a never-ending list of wants and demands.
This mismatch between limited resources and unlimited wants is the
foundation of the economic problem, which every economic system seeks to
address by making choices about what to produce, how to produce it, and for
whom to produce.
Question 4
Complete
Mark 1.00 out of 1.00
Economics involves scarcity, choice and opportunity cost.
True
False
The statement is true. Economics studies how limited resources are allocated
to satisfy human wants, which involves scarcity, choice, and opportunity cost.
,Question 5
Complete
Mark 1.00 out of 1.00
Resources are limited and therefore we have to make choices all the time.
True
False
The statement is true. Since resources are finite, individuals and societies must
constantly make choices.
Question 6
Complete
Mark 1.00 out of 1.00
Economics is the study of
choice under conditions of scarcity.
shares and money on stock exchange.
investments and foreign direct investments.
consumer spending patterns.
Economics is primarily concerned with how individuals, businesses, and
governments make choices when faced with limited resources and unlimited
wants. This idea forms the basis of the economic problem, which requires
making decisions about how to allocate resources efficiently.
The other statements refer to important topics within economics, but they
represent only a portion of what economics studies.
Question 7
Complete
Mark 1.00 out of 1.00
Money is a means of exchange and not a factor of production.
True
False
The statement is true. Money facilitates transactions but does not directly
contribute to the production process like land, labour, capital, or
entrepreneurship.
, Question 8
Complete
Mark 1.00 out of 1.00
The opportunity cost of a choice is the value of the best-foregone opportunity
or alternative.
True
False
The statement is true. Opportunity cost is defined as the value of the next best
alternative that is given up when making a choice.
Question 9
Complete
Mark 1.00 out of 1.00
When we say that two variables are directly related, we mean that:
both variables change in the same direction.
one is derived from the other
they appear side by side in the functional notation
one is a multiple of the other
A direct relationship (positive correlation) means that when one variable
increases, the other increases, and when one decreases, the other decreases.
QUIZ
Started on Friday, 2 May 2025, 11:47 PM
State Finished
Completed on Saturday, 3 May 2025, 11:05 PM
Time taken 23 hours 17 mins
Marks 32.00/40.00
Grade 80.00 out of 100.00
Question 1
Complete
Mark 0.00 out of 1.00
Wants, needs and demand are the three main elements of the basic economic
problem.
True
False
The statement is false. The basic economic problem is about scarcity, choice,
and opportunity cost, not wants, needs, and demand.
Question 2
Complete
Mark 1.00 out of 1.00
A labour-intensive production process is dominated by capital.
True
False
The statement is false. A labour-intensive production process relies more on
human labour than on capital (machinery, tools, and equipment). Capital-
intensive production, on the other hand, is dominated by capital.
,Question 3
Complete
Mark 1.00 out of 1.00
In every economic system, choices must be made because resources are
________ and wants are ________ .
Select one:
unlimited; unlimited
unlimited; limited
limited; limited
limited; unlimited
In every economic system, choices must be made because resources are
limited and wants are unlimited.
Resources are limited: Resources like land, labour, capital, and natural
resources exist in finite (limited) quantities. This limitation creates the need
to decide how they are best allocated to produce goods and services.
Wants are unlimited: Human desires and needs constantly expand as people
strive for better standards of living, new products, and services. This results
in a never-ending list of wants and demands.
This mismatch between limited resources and unlimited wants is the
foundation of the economic problem, which every economic system seeks to
address by making choices about what to produce, how to produce it, and for
whom to produce.
Question 4
Complete
Mark 1.00 out of 1.00
Economics involves scarcity, choice and opportunity cost.
True
False
The statement is true. Economics studies how limited resources are allocated
to satisfy human wants, which involves scarcity, choice, and opportunity cost.
,Question 5
Complete
Mark 1.00 out of 1.00
Resources are limited and therefore we have to make choices all the time.
True
False
The statement is true. Since resources are finite, individuals and societies must
constantly make choices.
Question 6
Complete
Mark 1.00 out of 1.00
Economics is the study of
choice under conditions of scarcity.
shares and money on stock exchange.
investments and foreign direct investments.
consumer spending patterns.
Economics is primarily concerned with how individuals, businesses, and
governments make choices when faced with limited resources and unlimited
wants. This idea forms the basis of the economic problem, which requires
making decisions about how to allocate resources efficiently.
The other statements refer to important topics within economics, but they
represent only a portion of what economics studies.
Question 7
Complete
Mark 1.00 out of 1.00
Money is a means of exchange and not a factor of production.
True
False
The statement is true. Money facilitates transactions but does not directly
contribute to the production process like land, labour, capital, or
entrepreneurship.
, Question 8
Complete
Mark 1.00 out of 1.00
The opportunity cost of a choice is the value of the best-foregone opportunity
or alternative.
True
False
The statement is true. Opportunity cost is defined as the value of the next best
alternative that is given up when making a choice.
Question 9
Complete
Mark 1.00 out of 1.00
When we say that two variables are directly related, we mean that:
both variables change in the same direction.
one is derived from the other
they appear side by side in the functional notation
one is a multiple of the other
A direct relationship (positive correlation) means that when one variable
increases, the other increases, and when one decreases, the other decreases.
