ECS1501 ASSESSMENT 7 2024 blue berets supplied exceeding the quantity of blue berets demanded. This price control must be a price oor. quantity control. price ceiling. quota. If a price oor at P3 is set to help improve farm incomes and the governm

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, ECS1501-24-Y  Assessments  Assessment 7

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Question 1
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I confirm

that this assessment will be my own individual work;

that I will not communicate with anyone else in any way during the completion of this assessment;

that I will not cheat in any way in completing and submitting this assessment.




I confirm.

I do not confirm.

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, ECS1501-24-Y  Assessments  Assessment 7

QUIZ




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Question 2
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The major flows in the economy are


investment, capital stock and imports.

net national income, net national product and savings.

total production, total income and total spending.

total production, net exports and personal income.

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When Herman got hired as a gardener, he bought a six-pack of beer to celebrate. He is therefore


a buyer in the market for goods and a seller in the market for factors of production.

a buyer in the market for goods and a buyer in the market for factors of production.

a seller in the market for goods and a seller in the market for factors of production.

a seller in the market for goods and a buyer in the market for factors of production.

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, ECS1501-24-Y  Assessments  Assessment 7

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Suppose a spring frost destroys one-third of the nation's artichoke crop.




Which diagram shows how this will affect the market for mayonnaise, which is a compliment in consumption to artichokes?



Diagram D
Diagram A
Diagram B
Diagram C

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