Ecs1601 – economics ib - Study guides, Study notes & Summaries

ECS1601 ASSIGNMENT 9 2024 In the circular flow of goods and services______ Select one: a. households are the suppliers of factors of production in the goods market. b. households combine various production inputs to produce outputs or goods and services. c. firms buy factors of production from households in the good market. d. production inputs offered for sale on the factor market are traded by households.

ECS1601 ASSIGNMENT 1 2024 Which one of the following statements describe a leakage from the circular flow of income and spending in South Africa? Select one: a. Investment by a Lesotho beer company in a new brewery in South Africa. b. A decision by a major supermarket chain to sell chicken from Brazil. c. The sale of fruit exports to the European Union. d. Defence expenditure by South African government, via contracts with local companies.

ECS1601 ASSESSMENT 3 If a certain newspaper reports that “the construction sector was responsible for 1.8% of the GDP growth (for a specific period),this implies that the GDP has been measured according to...method. a. expenditure  b. production c. income d. nominal prices

Get atleast 80% for your assignment 3, semester 1, 2023. screenshots of the questions and answers.

ECS1601 ASSESSMENT 4 2024 Which one of the following is NOT a purpose of economic theory? a. to serve as a basis for policy decisions. b. to help us to understand what is happening in all aspects of the real world. c. to help us predict what will happen if something changes. d. to describe what happens in the real world. e. to help us explain what is happening in the economy.

ECS1601 ASSESSMENT 3 2024 If GDP is greater than GDE, a. the country has a deficit in the current account. b. exports are greater than imports.  c. taxes are more than government expenditure. d. the country is consuming more than it is producing.

ECS1601 Assignment 7 (COMPLETE ANSWERS) 2024 - DUE 29 October 2024 - Course Economics IB (ECS1601) Question 1 (5 marks) Maximum word count: 100 words 1.1 Suppose you live in South Africa and have the option to buy proudly South African products or international brands. With reference to the circular flow of goods and services and the circular flow of income and spending between households, firms, government and the foreign sector, provide an explanation as to why it is better to purchase the pr...

Exam (elaborations) ECS1601 - Economics IB (ECS1601)

Microeconomics studies the decisions of individuals and firms to allocate resources of production, exchange, and consumption. Microeconomics deals with prices and production in single markets and the interaction between different markets but leaves the study of economy-wide aggregates to macroeconomics

ECS1601 ASSESSMENT 2 2024 Which one of the following statements regarding government spending and the financing of such spending is incorrect? a. Personal income tax is the only source of revenue that can be used to finance government spending. b. The income received from state-owned enterprises forms part the sources of revenue for government. c. Government spending can be financed through taxation and borrowing. d. The difference between government spending and taxation is called the budg...