Ecs1601 all in one Study guides, Class notes & Summaries

STUDY UNIT 1 (CH 3) Multiple Choice Questions: 1.1 Which of the following statements are correct? a. A flow variable is measured over a specific period. b. Wealth, assets, liabilities and profit are all stock variables. c. Stocks can change as a result of flows. [1] All the statements are correct. [2] a and b [3] a and c [4] b and c [5] a 1.2 Which one of the following statements explains the difference between stocks and flows? [1] Stocks have a time dimension and flows are measure...

ECS1601_EXAM PACK. ECS1601 - Economics IB. The South African Reserve Bank [1] is responsible for the implementation of fiscal policy. [2] is lender of last resort for those consumers who are unable to secure a loan from commercial banks. [3] is co-responsible for tax collection. [4] is responsible for the formulation of monetary policy. 2.8 The positive balance on your cheque account is [1] an asset for you and a liability for your bank. [2] a liability for you and an asset for your bank...

ECS1601 - Economics IB. ECS1601_Exam_Pack_2021. The 3 major flows in the economy as a whole are total production, total income and total spending. • 2 basic participants are households and firms • Stock variable eg balance in a savings account on a particular day • Consumption is a flow variable • Capital a stock variable • Members of a household are called consumers • Consumers are rational in other words they will always try to maximize their satisfaction given the means at...

ECS1601 ASSIGNMENT 1 SM 2 2020/2021 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. 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] factor market and production market. Which...