Economics > Study Notes > ECS1601 Assignment 2nd Semester 2022 Questions and Correct Answers (All)
ECS1601 Assignment 2nd Semester 2022 Questions and Correct Answers
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ECS1601 Assignment 2 Semester 2 2022 Which of the following is/are correct? a) Households are confronted with unlimited wants, but with limited resources with which to satisfy those wants b) The sc ... arcity of resources necessitate households to make choices - ANS-both a and b are correct Which of the following is/are correct regarding the distinction between macroeconomics and microeconomics? a) The price of apples at the supermarket is an example of a macroeconomic variable. b) An increase in the general price level (inflation) in the economy is an example of a macroeconomic variable. - ANS-only b is correct 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 - ANS-[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 [Show More]
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