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Exam (elaborations)
ECS3701 EXAM PACK 2025 (QUESTIONS WITH ANSWERS)
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---3May 20252024/2025A+
- Concerning phi phenomenon, with which of the following statements would, Werthe agree? - 
ANSWERThe phenomenon cannot be analyzed into constituent elements 
If we think about cheating on an exam, it creates a conflict b/c on the one hand, we want a good grade, 
but on the other hand, we know its wrong. In Lewin's terms, - ANSWERWe are experiencing an 
approach-avoidance conflict 
In Pavlovian conditioning that attempts to train a do to salivate to a tone, the tone is called an - 
ANSWER...
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rachaelmumbi
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Exam (elaborations)
ECS3701 EXAM PACK 2024 QUESTIONS AND ANSWERS VERIFIED BY EXPERTS AND GRADED A+ LATEST UPDATE
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--4145May 20242023/2024A+
- ECS3701 EXAM PACK 2024 QUESTIONS AND ANSWERS VERIFIED BY EXPERTS AND GRADED A+ LATEST UPDATE 
 
Part 1: Definition and functions of money (15 Marks) Answer all questions in part 1. 
 
1.1 List and explain the three primary functions of money. (2) 
 
 	Medium of Exchange: money serves as a medium of exchange allowing it to be used as payment for goods and services. As such it promotes economic efficiency by reducing the time taken for transactions to take place. 
 
 	Unit of Account: 	u...
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ESCALITothethinker
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Exam (elaborations)
ECS3701 ECP JUNE EXAM VERIFIED Q AND A
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---10June 20232022/2023A+
- 1.1 One of the reasons why some less developed economies grow so slowly is 
that they do not have well-developed financial markets. Is this statement 
true or false? Support your answer. 
This statement is TRUE. 
The basic function of financial markets is to channel funds from savers who have an excess 
of funds to borrowers who have a shortage of funds. Financial markets can do this either 
through direct finance or through indirect finance which involves a financial intermediary. 
This channel...
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LearnWithLeo
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Exam (elaborations)
ECS3701 Assignment 1 (QUIZ) Semester 1 2023 Questions and Answer Distinction A+
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---2March 20232022/2023A
- Why did nixon close the "gold window" ? - -Because the United States did not have enough gold to meet claims from outstanding dollars; Capital began to flow out of US dollar assets into marks and yen; market price of gold rose above US35$ per ounce 
 
-What can IMF members do for assistance if they encounter balance of payments difficulties? - -Borrow from the IMF automatically up to 40% quota 
 
-What procedure does the IMF follow in terms of lending to a member country? - -purchase repurchas...
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LiamXavier