Assessment 1
Started on Wednesday, 15 April 2026, 2:29 PM
State Finished
Completed Wednesday, 15 April 2026, 3:02 PM
on
Time taken 33 mins 35 secs
Marks 38.00/40.00
Grade 95.00 out of 100.00
Question 1
Complete
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Question text
The problem of scarcity arises because wants are unlimited and the
resources or means to fulfil these wants are limited.
True
False
Feedback
, The statement is true. Scarcity is the fundamental problem in
economics: people have unlimited wants, but resources (land, labour,
capital, and entrepreneurship) are finite.
Question 2
Complete
Mark 1.00 out of 1.00
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Question text
The economic problem arises from limited wants and unlimited
resources.
True
False
Feedback
The statement is false. The economic problem arises from unlimited
wants and limited resources. Resources are scarce, which forces
individuals and societies to make choices.
Question 3
,Complete
Mark 1.00 out of 1.00
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Question text
The opportunity cost of online study material is zero because there is no
prescribed book for ECS1501.
True
False
Feedback
The statement is false. Even if there is no prescribed book, using the
online study material still involves opportunity cost, as time (and money)
could have been used for something else.
Question 4
Complete
Mark 0.00 out of 1.00
, Flag question
Question text
Economists work on the premise that
resources are unlimited but wants are limited.
both resources and wants are limited.
resources are limited but wants are unlimited.
both resources and wants are unlimited.
Feedback
Economists operate on the fundamental principle (premise or
assumption) of scarcity, which arises because:
● Resources are limited: There is a finite supply of natural
resources, labour, capital, and time available to produce goods
and services.
● Wants are unlimited: Human desires and needs constantly grow
and evolve, often exceeding the resources available to satisfy
them.
This mismatch creates the need for choices and trade-offs, which is the
foundation of economics.
Started on Wednesday, 15 April 2026, 2:29 PM
State Finished
Completed Wednesday, 15 April 2026, 3:02 PM
on
Time taken 33 mins 35 secs
Marks 38.00/40.00
Grade 95.00 out of 100.00
Question 1
Complete
Mark 1.00 out of 1.00
Flag question
Question text
The problem of scarcity arises because wants are unlimited and the
resources or means to fulfil these wants are limited.
True
False
Feedback
, The statement is true. Scarcity is the fundamental problem in
economics: people have unlimited wants, but resources (land, labour,
capital, and entrepreneurship) are finite.
Question 2
Complete
Mark 1.00 out of 1.00
Flag question
Question text
The economic problem arises from limited wants and unlimited
resources.
True
False
Feedback
The statement is false. The economic problem arises from unlimited
wants and limited resources. Resources are scarce, which forces
individuals and societies to make choices.
Question 3
,Complete
Mark 1.00 out of 1.00
Flag question
Question text
The opportunity cost of online study material is zero because there is no
prescribed book for ECS1501.
True
False
Feedback
The statement is false. Even if there is no prescribed book, using the
online study material still involves opportunity cost, as time (and money)
could have been used for something else.
Question 4
Complete
Mark 0.00 out of 1.00
, Flag question
Question text
Economists work on the premise that
resources are unlimited but wants are limited.
both resources and wants are limited.
resources are limited but wants are unlimited.
both resources and wants are unlimited.
Feedback
Economists operate on the fundamental principle (premise or
assumption) of scarcity, which arises because:
● Resources are limited: There is a finite supply of natural
resources, labour, capital, and time available to produce goods
and services.
● Wants are unlimited: Human desires and needs constantly grow
and evolve, often exceeding the resources available to satisfy
them.
This mismatch creates the need for choices and trade-offs, which is the
foundation of economics.
