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] Nat
...
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
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