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ECS1601Test bank with answers Economics, past exam papers Exam-Pack-Index From 2017-2022, assignment 1, assignment 2, .. ..complete solutions 1 ECS1601 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 Th...

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ECS1601 Exam Preparation For 2022 – Past Papers with verified Answers. Households are confronted with unlimited wants, but with limited resources with which to satisfy those wants b) The scarcity of resources necessitate households to make choices - ANS-both a and b are correct Which of the following is/are correct regarding the distinction between macroeconomics and microeconomics? a) The price of apples at the supermarket is an example of a macroeconomic variable. b) An increase in th...

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Which of the following is/are correct regarding the distinction between macroeconomics and microeconomics? a) Salaries paid to Checkers employees [MICRO] is an example of a macroeconomic variable. b) An import by Auto Spares [MICRO] of a new machine for painting cars is an example of a microeconomic variable. [1] only a is correct [2] both a and b are correct [3] only b is correct [4] both a and b are incorrect 2. Which of the following is incorrect regarding factors of production/RESOU...

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