ECS1501 Assignment 1 (Quiz) Memo | Due 4 May 2026

, 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.




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