5/1/26, 2:43 PM Assessment 1: Attempt review
ECS1501-26-Y-A Assessments Assessment 1
QUIZ
Started on Friday, 1 May 2026, 2:12 PM
State Finished
Completed on Friday, 1 May 2026, 2:43 PM
Time taken 31 mins 49 secs
Marks 40.00/40.00
Grade 100.00 out of 100.00
Question 1
Complete
Mark 1.00 out of 1.00
Which one of the following statements is incorrect?
Economics attempts to satisfy unlimited wants.
Economics is the study of money.
Economics can be described as the study of choice.
Economics is concerned with scarcity
Economics cannot be defined as the study of money. It is concerned with the economic choices and decisions made by
businesses, government and individuals. Economics is the study of how scarce resources are allocated to satisfy wants.
Because businesses, individuals and government have unlimited wants, whereas resources are limited, we have to make
choices on how to use the scarce resources to satisfy unlimited wants.
Question 2
Complete
Mark 1.00 out of 1.00
This question is based on the following diagram.
Tables
Chairs
The utilisation of previously unemployed resources can be illustrated by a movement from point F to point B
True
False
This statement is indeed true. Point F represents an inefficient use of resources. Any movement towards the PPC curve
,5/1/26, 2:43 PM Assessment 1: Attempt review
Question 3
Complete
Mark 1.00 out of 1.00
Wages and salaries are earned by the production factor labour.
True
False
The statement is true. Labour (human effort) earns wages and salaries as compensation for work performed.
Question 4
Complete
Mark 1.00 out of 1.00
Choice is made in economics because resources are unlimited in supply.
True
False
The statement is false. Resources are limited, which is why choices must be made. If resources were unlimited, there would
be no need to make economic decisions.
Question 5
Complete
Mark 1.00 out of 1.00
Scarcity is a problem in poor countries only.
True
False
The statement is false. Scarcity is a universal problem that affects all nations, regardless of wealth, because resources are
always limited relative to wants.
Question 6
Complete
Mark 1.00 out of 1.00
Capital goods have an unlimited life, while consumer goods have a limited life.
True
False
The statement is false. Capital goods may last longer than consumer goods, but they do not have an unlimited life. They wear
out, depreciate, and need replacement over time.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=33226504&cmid=1300223 2/18
,5/1/26, 2:43 PM Assessment 1: Attempt review
Question 7
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
limited; limited
limited; unlimited
unlimited; limited
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 8
Complete
Mark 1.00 out of 1.00
Opportunity cost is caused by limited resources.
True
False
The statement is true. Opportunity cost exists because resources are scarce, forcing trade-offs.
Question 9
Complete
Mark 1.00 out of 1.00
An economist claims that "the evidence suggests that high rates of inflation are associated with slow long-term economic
growth." This is an example of
normative economics
positive economics
negative economics
a simplifying assumption
"The evidence suggests that high rates of inflation are associated with slow long-term economic growth." This is a factual
claim based on data, which makes it a positive economic statement.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=33226504&cmid=1300223 3/18
, 5/1/26, 2:43 PM Assessment 1: Attempt review
Question 10
Complete
Mark 1.00 out of 1.00
Studying the effects choices have on the individual markets within the economy is part of
microeconomics.
scarcity.
macroeconomics.
incentives.
Microeconomics focuses on individual markets, analysing how choices affect supply, demand, and pricing in specific
industries or sectors.
Scarcity is a broader economic problem affecting both micro and macro levels.
Macroeconomics studies the overall economy, not specific markets.
Incentives is a concept studied in both micro and macroeconomics
Question 11
Complete
Mark 1.00 out of 1.00
The analysis of the behaviour of individual decision-making units is the definition of
macroeconomics.
normative economics.
microeconomics.
positive economics.
Microeconomics studies how individuals, households, and firms make decisions about resource allocation, pricing, and
consumption.
Positive economics describes objective, fact-based analysis.
Macroeconomics focuses on the economy as a whole rather than individuals.
Normative economics deals with opinions and value judgments in economic policies.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=33226504&cmid=1300223 4/18
ECS1501-26-Y-A Assessments Assessment 1
QUIZ
Started on Friday, 1 May 2026, 2:12 PM
State Finished
Completed on Friday, 1 May 2026, 2:43 PM
Time taken 31 mins 49 secs
Marks 40.00/40.00
Grade 100.00 out of 100.00
Question 1
Complete
Mark 1.00 out of 1.00
Which one of the following statements is incorrect?
Economics attempts to satisfy unlimited wants.
Economics is the study of money.
Economics can be described as the study of choice.
Economics is concerned with scarcity
Economics cannot be defined as the study of money. It is concerned with the economic choices and decisions made by
businesses, government and individuals. Economics is the study of how scarce resources are allocated to satisfy wants.
Because businesses, individuals and government have unlimited wants, whereas resources are limited, we have to make
choices on how to use the scarce resources to satisfy unlimited wants.
Question 2
Complete
Mark 1.00 out of 1.00
This question is based on the following diagram.
Tables
Chairs
The utilisation of previously unemployed resources can be illustrated by a movement from point F to point B
True
False
This statement is indeed true. Point F represents an inefficient use of resources. Any movement towards the PPC curve
,5/1/26, 2:43 PM Assessment 1: Attempt review
Question 3
Complete
Mark 1.00 out of 1.00
Wages and salaries are earned by the production factor labour.
True
False
The statement is true. Labour (human effort) earns wages and salaries as compensation for work performed.
Question 4
Complete
Mark 1.00 out of 1.00
Choice is made in economics because resources are unlimited in supply.
True
False
The statement is false. Resources are limited, which is why choices must be made. If resources were unlimited, there would
be no need to make economic decisions.
Question 5
Complete
Mark 1.00 out of 1.00
Scarcity is a problem in poor countries only.
True
False
The statement is false. Scarcity is a universal problem that affects all nations, regardless of wealth, because resources are
always limited relative to wants.
Question 6
Complete
Mark 1.00 out of 1.00
Capital goods have an unlimited life, while consumer goods have a limited life.
True
False
The statement is false. Capital goods may last longer than consumer goods, but they do not have an unlimited life. They wear
out, depreciate, and need replacement over time.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=33226504&cmid=1300223 2/18
,5/1/26, 2:43 PM Assessment 1: Attempt review
Question 7
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
limited; limited
limited; unlimited
unlimited; limited
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 8
Complete
Mark 1.00 out of 1.00
Opportunity cost is caused by limited resources.
True
False
The statement is true. Opportunity cost exists because resources are scarce, forcing trade-offs.
Question 9
Complete
Mark 1.00 out of 1.00
An economist claims that "the evidence suggests that high rates of inflation are associated with slow long-term economic
growth." This is an example of
normative economics
positive economics
negative economics
a simplifying assumption
"The evidence suggests that high rates of inflation are associated with slow long-term economic growth." This is a factual
claim based on data, which makes it a positive economic statement.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=33226504&cmid=1300223 3/18
, 5/1/26, 2:43 PM Assessment 1: Attempt review
Question 10
Complete
Mark 1.00 out of 1.00
Studying the effects choices have on the individual markets within the economy is part of
microeconomics.
scarcity.
macroeconomics.
incentives.
Microeconomics focuses on individual markets, analysing how choices affect supply, demand, and pricing in specific
industries or sectors.
Scarcity is a broader economic problem affecting both micro and macro levels.
Macroeconomics studies the overall economy, not specific markets.
Incentives is a concept studied in both micro and macroeconomics
Question 11
Complete
Mark 1.00 out of 1.00
The analysis of the behaviour of individual decision-making units is the definition of
macroeconomics.
normative economics.
microeconomics.
positive economics.
Microeconomics studies how individuals, households, and firms make decisions about resource allocation, pricing, and
consumption.
Positive economics describes objective, fact-based analysis.
Macroeconomics focuses on the economy as a whole rather than individuals.
Normative economics deals with opinions and value judgments in economic policies.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=33226504&cmid=1300223 4/18
