ECS1601 UPDATED ACTUAL EXAM COMPLETE QUESTIONS WITH
DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS)
/ALREADY GRADED A+
➢ Which of the following is/are correct? ✓ both a and b 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
➢ Which of the following is/are correct ✓ only b is 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.
➢ A flow variable is defined as a variable ✓ [2] The balance on Sibahle's
that is measured over a period. Which savings account
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
➢ Which of the following is not an ✓ [4] regulation of the price
acceptable intervention by the public increases that result from
sector in a mixed economy? changes in patterns of demand
and supply in the competitive
[1] the provision of funds for public goods market
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
➢ The factors of production in an economy ✓ [3] natural resources (land),
are ... labour, capital, and
entrepreneurship
[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
➢ Which of the following are the ✓ [2] rent, salaries and wages,
remuneration of the factors of interest, profit
production?
[1] natural resources, rent, interest,
labour
[2] rent, salaries and wages, interest,
profit
, [3] households, land, profit, capital
[4] entrepreneur, firms, capital, labour
➢ In the circular flow of income and ✓ [1] savings, imports, taxes are
spending ... leakages, while investment,
government spending, exports
[1] savings, imports, taxes are leakages, are injections.
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.
➢ In the circular flow of goods and services ✓ [4] households offer factors of
... production in the factor market.
[1] firms sell factors of production on the
goods market.
[2] goods and services offered for sale
DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS)
/ALREADY GRADED A+
➢ Which of the following is/are correct? ✓ both a and b 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
➢ Which of the following is/are correct ✓ only b is 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.
➢ A flow variable is defined as a variable ✓ [2] The balance on Sibahle's
that is measured over a period. Which savings account
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
➢ Which of the following is not an ✓ [4] regulation of the price
acceptable intervention by the public increases that result from
sector in a mixed economy? changes in patterns of demand
and supply in the competitive
[1] the provision of funds for public goods market
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
➢ The factors of production in an economy ✓ [3] natural resources (land),
are ... labour, capital, and
entrepreneurship
[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
➢ Which of the following are the ✓ [2] rent, salaries and wages,
remuneration of the factors of interest, profit
production?
[1] natural resources, rent, interest,
labour
[2] rent, salaries and wages, interest,
profit
, [3] households, land, profit, capital
[4] entrepreneur, firms, capital, labour
➢ In the circular flow of income and ✓ [1] savings, imports, taxes are
spending ... leakages, while investment,
government spending, exports
[1] savings, imports, taxes are leakages, are injections.
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.
➢ In the circular flow of goods and services ✓ [4] households offer factors of
... production in the factor market.
[1] firms sell factors of production on the
goods market.
[2] goods and services offered for sale
