This partial fill-in paper consists of 16 pages plus instructions for the completion of a mark-reading sheet.
Read the following instructions CAREFULLY before answering the paper.
The paper is divided into two sections: Section A and Section B.
SECTION A
Candidates must answer ALL the questions in this section.
SECTION B
In this section ALL the questions must be answered on the mark-reading sheet which is supplied.
Carefully follow the instructions for the completion of the mark-reading sheet.
Please ensure that you use the correct unique number on the mark-reading sheet:
If you are registered for ECS102-8, use the unique number 477834.
If you are registered for ECN1M2-Z, use the unique number 477842.
If you are registered for EFE1M2-E, use the unique number 477869.
If you are registered for REC102-Y, use the unique number 477850.
Your mark-reading sheet can get lost and you MUST therefore also write down your answers for this
section. On the last page of this paper space is provided for this purpose.
[TURN OVER]
, SECTION A [50 MARKS]
Answer ALL the following questions in the blocks provided.
QUESTION 1
Explain the difference between a stock variable and a flow variable. (2)
QUESTION 2
Complete the following circular flow of income and spending (note that is the flow of money). (4)
QUESTION 3
Distinguish between nominal GDP and real GDP. (2)
Read the following instructions CAREFULLY before answering the paper.
The paper is divided into two sections: Section A and Section B.
SECTION A
Candidates must answer ALL the questions in this section.
SECTION B
In this section ALL the questions must be answered on the mark-reading sheet which is supplied.
Carefully follow the instructions for the completion of the mark-reading sheet.
Please ensure that you use the correct unique number on the mark-reading sheet:
If you are registered for ECS102-8, use the unique number 477834.
If you are registered for ECN1M2-Z, use the unique number 477842.
If you are registered for EFE1M2-E, use the unique number 477869.
If you are registered for REC102-Y, use the unique number 477850.
Your mark-reading sheet can get lost and you MUST therefore also write down your answers for this
section. On the last page of this paper space is provided for this purpose.
[TURN OVER]
, SECTION A [50 MARKS]
Answer ALL the following questions in the blocks provided.
QUESTION 1
Explain the difference between a stock variable and a flow variable. (2)
QUESTION 2
Complete the following circular flow of income and spending (note that is the flow of money). (4)
QUESTION 3
Distinguish between nominal GDP and real GDP. (2)
