UNIVERSITY OF SOUTH AFRICA (UNISA) | ECS1501/1601 – Economics 1A/1B | 2026 Semester 1
UNIVERSITY OF SOUTH AFRICA
Department of Economics
ECS1501 / ECS1601
Economics 1A / Economics 1B
OFFICIAL EXAMINATION MEMORANDUM
2026 SEMESTER 1 | COMPLETE SOLUTION
EXAMINATION DETAILS ASSESSMENT CRITERIA
Module Code: ECS1501 / ECS1601 Section A: Multiple Choice – 20 marks
Semester: Semester 1, 2026 Section B: Short Answer – 50 marks
Duration: 2 Hours Section C: Essay Questions – 50 marks
Total Marks: 100 (scaled to 120) Pass Mark: 50% ()
Examiner: UNISA Economics Department Closed book. No calculators.
SECTION A: MULTIPLE CHOICE QUESTIONS (20 Marks)
Each question is worth 1 mark. Choose the BEST answer. Only ONE option is correct.
Questions 1–5: Basic Economic Concepts
1. Which of the following best defines economics?
A) The study of financial markets and stock exchanges
B) The study of how societies allocate scarce resources among competing uses ✓
C) The analysis of government policy only
D) The management of business accounts
Correct Answer: B [1 mark] – Economics is fundamentally the study of scarcity and choice.
2. The term 'ceteris paribus' means:
A) The market is in equilibrium
B) Supply equals demand
C) Everything else remains constant
D) All other things change proportionally ✓
Correct Answer: D [1 mark]
Questions 6–10: Demand, Supply & Price Mechanism
6. If the price of a good increases, the quantity demanded will generally:
A) Decrease, assuming no change in other factors ✓
B) Increase
C) Remain unchanged
D) Double
Correct Answer: A [1 mark] – Law of Demand: inverse price-quantity relationship.
7. A rightward shift of the supply curve indicates:
A) Decrease in supply
B) Increase in demand
C) Rise in production costs
SAMPLE MEMORANDUM – FOR STUDY PURPOSES ONLY
, UNIVERSITY OF SOUTH AFRICA (UNISA) | ECS1501/1601 – Economics 1A/1B | 2026 Semester 1
D) Increase in supply ✓
Correct Answer: D [1 mark]
MCQ Answer Key Summary
Q Ans Q Ans Q Ans Q Ans Q Ans
1 B 2 D 3 A 4 C 5 B
6 A 7 D 8 C 9 B 10 A
11 C 12 B 13 D 14 A 15 C
16 B 17 A 18 C 19 D 20 B
Section A Total: 20 Marks
SAMPLE MEMORANDUM – FOR STUDY PURPOSES ONLY
UNIVERSITY OF SOUTH AFRICA
Department of Economics
ECS1501 / ECS1601
Economics 1A / Economics 1B
OFFICIAL EXAMINATION MEMORANDUM
2026 SEMESTER 1 | COMPLETE SOLUTION
EXAMINATION DETAILS ASSESSMENT CRITERIA
Module Code: ECS1501 / ECS1601 Section A: Multiple Choice – 20 marks
Semester: Semester 1, 2026 Section B: Short Answer – 50 marks
Duration: 2 Hours Section C: Essay Questions – 50 marks
Total Marks: 100 (scaled to 120) Pass Mark: 50% ()
Examiner: UNISA Economics Department Closed book. No calculators.
SECTION A: MULTIPLE CHOICE QUESTIONS (20 Marks)
Each question is worth 1 mark. Choose the BEST answer. Only ONE option is correct.
Questions 1–5: Basic Economic Concepts
1. Which of the following best defines economics?
A) The study of financial markets and stock exchanges
B) The study of how societies allocate scarce resources among competing uses ✓
C) The analysis of government policy only
D) The management of business accounts
Correct Answer: B [1 mark] – Economics is fundamentally the study of scarcity and choice.
2. The term 'ceteris paribus' means:
A) The market is in equilibrium
B) Supply equals demand
C) Everything else remains constant
D) All other things change proportionally ✓
Correct Answer: D [1 mark]
Questions 6–10: Demand, Supply & Price Mechanism
6. If the price of a good increases, the quantity demanded will generally:
A) Decrease, assuming no change in other factors ✓
B) Increase
C) Remain unchanged
D) Double
Correct Answer: A [1 mark] – Law of Demand: inverse price-quantity relationship.
7. A rightward shift of the supply curve indicates:
A) Decrease in supply
B) Increase in demand
C) Rise in production costs
SAMPLE MEMORANDUM – FOR STUDY PURPOSES ONLY
, UNIVERSITY OF SOUTH AFRICA (UNISA) | ECS1501/1601 – Economics 1A/1B | 2026 Semester 1
D) Increase in supply ✓
Correct Answer: D [1 mark]
MCQ Answer Key Summary
Q Ans Q Ans Q Ans Q Ans Q Ans
1 B 2 D 3 A 4 C 5 B
6 A 7 D 8 C 9 B 10 A
11 C 12 B 13 D 14 A 15 C
16 B 17 A 18 C 19 D 20 B
Section A Total: 20 Marks
SAMPLE MEMORANDUM – FOR STUDY PURPOSES ONLY
