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ECS1601 Exam Latest Updated 2024 With 100% Correct Answers

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ECS1601 Exam Latest Updated 2024 With 100% Correct Answers A flow variable is defined as a variable that is measured over a period. Which one of the following variables is not an example of a flow ... variable? [1] National income [2] The balance on Sibahle's savings account [3] Budget deficit [4] Total production - ANSWER-[2] The balance on Sibahle's savings account Which of the following is not an acceptable intervention by the public sector in a mixed economy? [1] the provision of funds for public goods such as parks and streetlights [2] regulation of the pricing behaviour of monopoly industries [3] stabilisation of the economy during periods of economic instability [4] regulation of the price increases that result from changes in patterns of demand and supply in the competitive market - ANSWER-[4] regulation of the price increases that result from changes in patterns of demand and supply in the competitive market The factors of production in an economy are ... [1] households, capital, land, entrepreneurship [2] government, household, firms, natural resources [3] natural resources (land), labour, capital, and entrepreneurship [4] human capital, land, natural resources, technology - ANSWER-[3] natural resources (land), labour, capital, and entrepreneurship Which of the following are the remuneration of the factors of production? [1] natural resources, rent, interest, labour [2] rent, salaries and wages, interest, profit [3] households, land, profit, capital [4] entrepreneur, firms, capital, labour - ANSWER-[2] rent, salaries and wages, interest, profit Which of the following is/are correct? a) Households are confronted with unlimited wants, but with limited resources with which to satisfy those wants [Show More]

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