Time Management and Assessment: A Guide

What is the percentage weight of the final written examination in the total course mark?

30%
50%
70% (correct)
40%

How many types of assessment are there in this course?

One
Four
Three
Two (correct)

What constitutes 30% of the total course score?

Set books
Reading units
Tutor-Marked Assignments (correct)
Final written examination

How many hours is the final written examination expected to last?

3 hours (C) Signup and view all the answers

Where can students find the assignment questions for this course?

In the Assignments File (C) Signup and view all the answers

How many Tutor-Marked Assignments are there in this course?

Four (C) Signup and view all the answers

What percentage of the total course grade is the final examination worth?

70% (B) Signup and view all the answers

How many assignments are there in total for the course?

4 (D) Signup and view all the answers

What percentage of the total course grade are the best 3 out of 4 assignments worth?

30% (A) Signup and view all the answers

How many weeks does the course last in total?

15 weeks (C) Signup and view all the answers

Which module covers the topic of Price Determination?

Module 3 (A) Signup and view all the answers

Which module covers the topic of Theory of Consumer Behavior?

Module 4 (C) Signup and view all the answers

What is the income effect?

The effect of a change in price on consumer purchasing power (A) Signup and view all the answers

How can an increase in petrol price affect household consumption?

By causing households to cut down on other items to afford the same petrol quantity (A) Signup and view all the answers

What is quantity demanded defined as?

The quantity of goods consumers are willing and able to buy at any price (D) Signup and view all the answers

How does the income effect impact consumer behavior?

By causing consumers to cut down on the quantity of goods they purchase (C) Signup and view all the answers

What do households do when faced with rising petrol prices, according to the text?

Reduce their consumption of other items to afford the same amount of petrol (A) Signup and view all the answers

How does switching to substitute products relate to the income effect?

It helps maintain consumer purchasing power when prices increase (A) Signup and view all the answers

What is the primary focus of the basic economics principles discussed in the unit?

Interrelationship between concepts in economics (A) Signup and view all the answers

Why is it important to allocate resources correctly in an economy?

To ensure the most benefit is derived from the chosen alternative (C) Signup and view all the answers

In economics, the concept of 'opportunity cost' refers to:

The value of the best alternative forgone when a choice is made (A) Signup and view all the answers

What determines whether an individual's choice is rational or irrational according to the text?

Correct ways to achieve an objective (A) Signup and view all the answers

Which of the following accurately characterizes the interdependency mentioned in the text?

The interrelationship of individuals, businesses, and government is crucial in an economy (B) Signup and view all the answers

Why are human interactions with business and government emphasized in achieving objectives?

To understand how different entities impact resource allocation (A) Signup and view all the answers

What is the primary reason given for the increase in commodity prices?

The rise in petrol prices affected the transportation costs for market traders. (B) Signup and view all the answers

What is the likely consequence of an expected future price rise?

Panic buying will occur as consumers try to buy goods before prices go up. (B) Signup and view all the answers

Which income group was most affected by the increase in petrol prices?

The low income group (D) Signup and view all the answers

What is the likely result of panic buying?

Sellers will hoard goods, forcing buyers to pay higher prices. (B) Signup and view all the answers

In the example given, are Close-up and Dabur Herbal toothpastes considered substitutes or complements?

Substitutes, as consumers are choosing between the two brands. (A) Signup and view all the answers

What is the likely reason for most customers visiting the Dabur Herbal toothpaste shelf?

Dabur Herbal toothpaste is cheaper than Close-up. (B) Signup and view all the answers