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5.0
ECS1601
Questions with Detailed Verified Answers (100%
Correct Answers) /Already Graded A+ 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
choicesTeas version both a and b are correctzz
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.Teas version only b is correctzz
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 productionTeas version [2] The balance on Sibahle's savings
accountzz
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 marketTeas version [4]
regulation of the price increases that result from changes in patterns of
demand and supply in the competitive marketzz
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
Examstudy - Stuvia US
,[4] human capital, land, natural resources, technologyTeas version [3]
natural resources (land), labour, capital, and entrepreneurshipzz
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, labourTeas version [2] rent, salaries and
wages, interest, profitzz
In the circular flow of income and spending ...
[1] savings, imports, taxes are leakages, while investment, government
spending, exports are injections.
[2] imports, taxes, investments are leakages, while exports, investments,
government spending are injections.
[3] savings, exports, taxes area leakages, while imports, investments,
government spending are injections.
[4] savings, government spending, imports are leakages, while
investments, exports, taxes are injections.Teas version [1] savings,
Examstudy - Stuvia US
, imports, taxes are leakages, while investment, government spending,
exports are injections.zz
In the circular flow of goods and services ...
[1] firms sell factors of production on the goods market.
[2] goods and services offered for sale on the goods market are
purchased by firms.
[3] households combine factors of production and produce consumer
goods and services.
[4] households offer factors of production in the factor market.Teas
version [4] households offer factors of production in the factor market.zz
What does the letters A, B, C and D in the figure represent?
a) A represents factors of production
b) B represents goods and services
c) C represents foreign sector
d) D represents spending by firm
[1] only a is correct
[2] only b and c are correct
Examstudy - Stuvia US
In today's fast-paced educational landscape, students need reliable resources to excel in their studies.
5.0
ECS1601
Questions with Detailed Verified Answers (100%
Correct Answers) /Already Graded A+ 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
choicesTeas version both a and b are correctzz
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.Teas version only b is correctzz
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 productionTeas version [2] The balance on Sibahle's savings
accountzz
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 marketTeas version [4]
regulation of the price increases that result from changes in patterns of
demand and supply in the competitive marketzz
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
Examstudy - Stuvia US
,[4] human capital, land, natural resources, technologyTeas version [3]
natural resources (land), labour, capital, and entrepreneurshipzz
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, labourTeas version [2] rent, salaries and
wages, interest, profitzz
In the circular flow of income and spending ...
[1] savings, imports, taxes are leakages, while investment, government
spending, exports are injections.
[2] imports, taxes, investments are leakages, while exports, investments,
government spending are injections.
[3] savings, exports, taxes area leakages, while imports, investments,
government spending are injections.
[4] savings, government spending, imports are leakages, while
investments, exports, taxes are injections.Teas version [1] savings,
Examstudy - Stuvia US
, imports, taxes are leakages, while investment, government spending,
exports are injections.zz
In the circular flow of goods and services ...
[1] firms sell factors of production on the goods market.
[2] goods and services offered for sale on the goods market are
purchased by firms.
[3] households combine factors of production and produce consumer
goods and services.
[4] households offer factors of production in the factor market.Teas
version [4] households offer factors of production in the factor market.zz
What does the letters A, B, C and D in the figure represent?
a) A represents factors of production
b) B represents goods and services
c) C represents foreign sector
d) D represents spending by firm
[1] only a is correct
[2] only b and c are correct
Examstudy - Stuvia US
