ECS1501
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Dashboard / My courses / ECS1501-25-S1 / Assessments / Assessment 1
Started on Friday, 17 March 2025, 3:27 PM
State Finished
Completed on Saturday, 18 March 2025, 10:45 AM
Time taken 19 hours 17 mins
Marks 15.00/15.00
Grade 100.00 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.
o I do not confirm.
Question 2
Complete
Mark 1.00 out of 1.00
What is a scarce good?
a. One for which the choice of one alternative requires that another be given up.
o b. One that is available in unlimited quantities.
o c. One that is available for free.
o d. One that is not wanted or desired.
A scarce good is one for which the choice of one alternative requires that another be given up.
,Question 1
Complete
Not graded
Flag question
Question text
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.
Question 2
Complete
Mark 1.00 out of 1.00
Flag question
Question text
If the price of running shoes is above the equilibrium price, there will be an excess supply of running shoes.
Note, that you will lose 50% of the mark for this question if you choose the incorrect option.
If you are not sure about the answer and do not want to guess, choose the “Unsure” option. You will neither
receive marks for the question nor will you lose marks for choosing this option.
True
False
, Unsure
Feedback
The statement is true. At any price above the equilibrium price, there is an excess supply of running shoes,
leading to a surplus. Market forces then drive the price downward to eliminate the surplus and restore
equilibrium.
Adjustment process:
To eliminate the surplus, market forces drive the price downward:
Producers lower prices: To sell the excess stock of running shoes, producers
reduce prices.
Quantity demanded increases: As prices fall, more consumers are willing
and able to buy running shoes, increasing the quantity demanded.
Quantity supplied decreases: As prices fall, producers are less willing to
supply as many running shoes, decreasing the quantity supplied.
These adjustments continue until the price returns to the equilibrium level, where the quantity supplied equals
the quantity demanded, and the surplus is eliminated.
Question 3
Complete
Mark 1.00 out of 1.00
Flag question
Question text
A market can only be in equilibrium if demand is equal to supply.
Note, that you will lose 50% of the mark for this question if you choose the incorrect option.
If you are not sure about the answer and do not want to guess, choose the “Unsure” option. You will neither
receive marks for the question nor will you lose marks for choosing this option.
True
False
Unsure
Feedback
The statement is false. A market is considered to be in equilibrium when the quantity of goods supplied
equals the quantity of goods demanded at a particular price.
Question 4
Complete
Mark 1.00 out of 1.00
Flag question
Question text
A market can only be in equilibrium if there is no tendency for things to change.
Note, that you will lose 50% of the mark for this question if you choose the incorrect option.
If you are not sure about the answer and do not want to guess, choose the “Unsure” option. You will neither
receive marks for the question nor will you lose marks for choosing this option.
True
EXAM PACK
, lOMoARcPSD|39633941
MENU
Dashboard / My courses / ECS1501-25-S1 / Assessments / Assessment 1
Started on Friday, 17 March 2025, 3:27 PM
State Finished
Completed on Saturday, 18 March 2025, 10:45 AM
Time taken 19 hours 17 mins
Marks 15.00/15.00
Grade 100.00 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.
o I do not confirm.
Question 2
Complete
Mark 1.00 out of 1.00
What is a scarce good?
a. One for which the choice of one alternative requires that another be given up.
o b. One that is available in unlimited quantities.
o c. One that is available for free.
o d. One that is not wanted or desired.
A scarce good is one for which the choice of one alternative requires that another be given up.
,Question 1
Complete
Not graded
Flag question
Question text
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.
Question 2
Complete
Mark 1.00 out of 1.00
Flag question
Question text
If the price of running shoes is above the equilibrium price, there will be an excess supply of running shoes.
Note, that you will lose 50% of the mark for this question if you choose the incorrect option.
If you are not sure about the answer and do not want to guess, choose the “Unsure” option. You will neither
receive marks for the question nor will you lose marks for choosing this option.
True
False
, Unsure
Feedback
The statement is true. At any price above the equilibrium price, there is an excess supply of running shoes,
leading to a surplus. Market forces then drive the price downward to eliminate the surplus and restore
equilibrium.
Adjustment process:
To eliminate the surplus, market forces drive the price downward:
Producers lower prices: To sell the excess stock of running shoes, producers
reduce prices.
Quantity demanded increases: As prices fall, more consumers are willing
and able to buy running shoes, increasing the quantity demanded.
Quantity supplied decreases: As prices fall, producers are less willing to
supply as many running shoes, decreasing the quantity supplied.
These adjustments continue until the price returns to the equilibrium level, where the quantity supplied equals
the quantity demanded, and the surplus is eliminated.
Question 3
Complete
Mark 1.00 out of 1.00
Flag question
Question text
A market can only be in equilibrium if demand is equal to supply.
Note, that you will lose 50% of the mark for this question if you choose the incorrect option.
If you are not sure about the answer and do not want to guess, choose the “Unsure” option. You will neither
receive marks for the question nor will you lose marks for choosing this option.
True
False
Unsure
Feedback
The statement is false. A market is considered to be in equilibrium when the quantity of goods supplied
equals the quantity of goods demanded at a particular price.
Question 4
Complete
Mark 1.00 out of 1.00
Flag question
Question text
A market can only be in equilibrium if there is no tendency for things to change.
Note, that you will lose 50% of the mark for this question if you choose the incorrect option.
If you are not sure about the answer and do not want to guess, choose the “Unsure” option. You will neither
receive marks for the question nor will you lose marks for choosing this option.
True
