ECS 1601

S - The study-notes marketplaceECS1601 TEST BANK Question 1 In the goods market of the circular flow model, .... 1) firms buy factors of production from consumers 2) firms buy finished products from households 3) consumers buy factors of production from firms 4) firms sell factors of production to the government 5) consumers buy finished products from firms The correct alternative is [5]. Explanation In the goods market of the circular flow model, consumers receive income in the form o...

ECS_1601_UNIT1_5_questions_and_

ECS1601_TEST_BANK

1.1 The three major flows in any economy are ... [1] income, spending and saving. [2] income, government spending and consumption. [3] spending, production and investment. [4] production, income and spending. These are the flows that are discussed in the circular flow model. 1.2 The two major markets in the circular flow of income and expenditure are the ... [1] foreign exchange market and factor market. [2] goods market and factor market. [3] goods market and services market. [4] fact...

2 / Semester2 / ECS1601-22-S2 / Online assessments / Assessment4 SS In Transvania, which uses the roumel as currency, the following data is available: Autonomous consumption 20 million roumel Capital goods bought 30 million roumel Household spend 60 out of every 100 centivos (100 centivos in a roumel) Government spends 20 million roumel per year No taxes are collected Equilibrium income is... a. 110 million roumel. b. 80 million roumel. c. 175 million roumel. v d. 20 million roumel. ...

Question 1 In the goods market of the circular flow model, .... 1) firms buy factors of production from consumers 2) firms buy finished products from households 3) consumers buy factors of production from firms 4) firms sell factors of production to the government 5) consumers buy finished products from firms The correct alternative is [5]. Explanation In the goods market of the circular flow model, consumers receive income in the form of salaries and wages, interest, rent and profit an...

ECS 1601 - All Units 19

ECS 1601 STUDY UNIT 6 QUIZ

ECS 1601 QUIZ UNIT 3

ECS 1601 STUDY UNIT 1 QUIZ