8/14/23, 10:46 AM Assessment 1: Attempt review
UNISA 2023 ECS1501-23-S2 Assessments Assessment 1
QUIZ
Started on Monday, 14 August 2023, 10:29 AM
State Finished
Completed on Monday, 14 August 2023, 10:46 AM
Time taken 17 mins 16 secs
Marks 14.00/15.00
Grade 93.33 out of 100.00
Question 1
Complete
Not graded
I confirm
that this assessment will be my own individual work;
that I will not communicate with anyone else in any way during the completion
of this assessment;
that I will not cheat in any way in completing and submitting this assessment.
I confirm.
I do not confirm.
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8/14/23, 10:46 AM Assessment 1: Attempt review
Question 2
Complete
Mark 1.00 out of 1.00
What are the three main groups of resources classified in economics?
Natural resources, social resources, and man-made resources.
Natural resources, human resources, and financial resources.
Man-made resources, human resources, and capital resources.
Natural resources, human resources, and man-made resources.
Resources include everything in the world around us that we can use to produce
goods and services to satisfy our needs and wants. It is classified into the
following three main groups:
· natural resources, such as land, water, minerals, animals and plants
· human resources, such as entrepreneurs or labour such as economists,
builders, architects, accountants, lawyers and cleaners
· man-made resources such as machines and infrastructure that are
available to use to produce goods – in economics we call these resources
capital.
Question 3
Complete
Mark 1.00 out of 1.00
What are wants in economics?
Everything in the world around us that we can use to produce goods and
services to satisfy our needs and wants.
Things we need to survive, such as basic food, clean water, shelter and
basic clothing.
The resources at our disposal to produce the goods and services we need
and want.
Things we feel might improve our lives, but we do not really need these
things to survive.
Wants are the things we feel might improve our lives, but we do not really need
these things to survive – tickets to a Mamelodi Sundowns vs Kaiser Chiefs
match, nail extensions or …
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Question 4
Complete
Mark 1.00 out of 1.00
What is the economic problem of scarcity?
The existence of unlimited resources.
The lack of choice between alternatives.
The ability to satisfy all needs and wants.
The availability of limited resources.
The economic or scarcity problem arises because the resources that we have
available for the production of goods and services are limited, while our needs
and wants for goods and services are unlimited.
Question 5
Complete
Mark 1.00 out of 1.00
What is the first fundamental question that every society needs to answer?
How to produce goods and services.
For whom to produce the goods and services.
What goods and services to produce.
How to distribute the goods and services.
The first fundamental question that every society needs to answer is what
goods and services to produce.
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Question 6
Complete
Mark 1.00 out of 1.00
What are the three fundamental questions that every society needs to answer?
What goods and services to produce, how to produce them, and for whom
to produce them.
How to satisfy unlimited wants and needs, how to produce unlimited
resources, and how to distribute them
What goods and services to produce, how to produce them, and how to
distribute them
How to produce goods and services, how to allocate resources, and how to
create wealth
Every society needs to answer the following three fundamental questions.
· What goods and services to produce
· How to produce the goods and services
· For whom to produce
Question 7
Complete
Mark 1.00 out of 1.00
How do owners of natural resources earn income?
Through taxes on production and consumption.
Through rent from the natural resources.
Through profits from the sale of goods and services.
Through interest on investments.
Owners of natural resources earn income through the payment or rent they
receive for the use of the natural resources.
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Question 8
Complete
Mark 1.00 out of 1.00
Which of the following is NOT an example of a renewable resource?
Coal.
Livestock.
Crops.
Trees.
Non-renewable resources are those which cannot be replaced once they have
been used up or harvested. This includes fossil fuels, coal and petroleum.
Question 9
Complete
Mark 0.00 out of 1.00
What do many economists believe is the main reason for the difference in living
standards between countries?
Quality of labour.
Gross earnings.
Quantity of labour.
Wage flexibility.
Many economists believe that the difference in living standards between
countries is mainly due to differences in human capital. The higher the quality of
human capital in a country, the higher the productivity of labour, and the more
goods and services are produced to satisfy needs and wants.
Question 10
Complete
Mark 1.00 out of 1.00
What is the definition of labour in the given study guide?
Physical and mental effort put into the production of goods and services.
Remunerative activities.
Quantity of labour.
Physical effort of an individual.
Labour is the human effort that is put into the production of goods and services,
and includes both physical and mental effort.
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Question 11
Complete
Mark 1.00 out of 1.00
What is the reward for capital?
Profit.
Interest payment.
Salary.
Dividends.
The reward for capital is the interest payment that the owner of capital receives
for making his or her capital available for production.
Question 12
Complete
Mark 1.00 out of 1.00
What is the definition of capital according to the study guide?
Tools, machines and buildings used in the production of other goods and
services.
Land.
Money.
Consumer goods.
Capital refers to all manufactured resources, such as machines, tools and
buildings, which are used in the production of other goods and services.
Question 13
Complete
Mark 1.00 out of 1.00
What is opportunity cost?
The cost of satisfying all of one's needs and wants.
The cost of all the alternatives that are given up when a choice is made.
The cost of the best alternative that is given up when a choice is made.
The cost of studying economics.
Opportunity cost is the cost of the best alternative that is given up when a
choice is made.
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8/14/23, 10:46 AM Assessment 1: Attempt review
Question 14
Complete
Mark 1.00 out of 1.00
What is the economic problem that individuals and societies face?
Limited resources and unlimited needs and wants.
Unlimited resources and limited needs and wants.
Unlimited resources and unlimited needs and wants.
Limited resources and limited needs and wants.
The economic problem arises because needs and wants are unlimited and the
resources (or means) to fulfil these needs and wants are limited.
Question 15
Complete
Mark 1.00 out of 1.00
Which of the following faces opportunity costs?
Only businesses
Only governments
Individuals, households, businesses, and governments.
Only individuals and households
All sectors of society, individuals, households, businesses, and governments are
faced with opportunity cost. Remember, every choice we make involves
opportunity cost.
Question 16
Complete
Mark 1.00 out of 1.00
Why are forgone wages included in the calculation of the opportunity cost to
society of a student studying economics?
Because it is a direct monetary cost to society.
Because the student will have to pay back the wages in the future.
Because society is losing the contribution to production that the student
could have made.
Because it is a direct monetary cost to the student.
The forgone wages are included in the calculation of the opportunity cost to
society because society is losing the contribution to production that the student
could have made if he or she were not studying.
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