ECS1601 Exam (Solved)
-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 scarcity of resources necessitate
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ECS1601 Exam (Solved)
-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 scarcity 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
[4] regulation of the price increases that result from changes in patterns of demand and supply in the competitive market {{Ans- [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 {{Ans- [3] natural resources (land), labour, capital, and entrepreneurship
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