Ecs1601 all in one Study guides, Class notes & Summaries

ECS1601 Exam Preparation For 2022 – Past Papers with verified Answers. Which of the following is/are correct? a) 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 m...

ECS1601 Summary, Breakdown of the Study Units & Revision (Q & A) S - The study-notes marketplace Downloaded by: sibsdlam | Distribution of this document is illegal S - The study-notes marketplace 1 ECS1601 Summary Downloaded by: sibsdlam | Distribution of this document is illegal S - The...

ECS1601 Macroeconomics Test Bank 2022 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 The correct alternative is [5]. Explanation In the goods market of the circular flow model, consumers receive income i...

ECS1601 1.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. These are the flows that are discussed in the circular flow model. 2.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]...

ECS1601 TEST BANK Macroeconomics (University of South Africa) 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 The correct alternative is [5]. Explanation In the goods market of the circular flow model, ...

ECS1601 TEST BANK Macroeconomics (University of South Africa) 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 The correct alternative is [5]. Explanation In the goods market of the circular flow model, ...

ECS1601 LATEST SUMMARY. Study Unit 1 Chapter 3 page 41 Interdependence of the major sectors, markets and flows in a mixed economy 3.1 Production, income and spending The three major flows in the economy as a whole: Production Income Spending Production occurs, creates income; and all or part of the income is spent to buy goods and services. Flows Production, income and spending are all flows. They are measured over a period of time. This period must be specified. These are moving pi...

ECS1601 Summary, Breakdown of the Study Units & Revision (Q & A) S - The study-notes marketplace Downloaded by: sibsdlam | Distribution of this document is illegal S - The study-notes marketplace 1 ECS1601 Summary Downloaded by: sibsdlam | Distribution of this document is illegal S - The study-notes marketplace 2 INTERDEPENDENCE OF THE MAJOR SECTORS, MARKET AND FLOWS IN A MIXED ECONOMY  Production is not pursued for its own benefit, the ultimate aim is to use or consume t...

ECS1601 –SECTION A 1.16 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 (ANSWER 3) [4] b and c [5] a 1.16 The correct alternative is (3). a. Correct. A flow variable is measured over a specific period. b. Incorrect. Profits is a flow variable. c. Correct. The ...

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