Exam (elaborations) ECS1601 ECS 1601 - ECONOMICS 1B - 2020 EXAM PACK -QUESTION PAPERS MEMOS TEST BAN
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ECS1601
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Chamberlain College Of Nursing
ECS 1601 - ECONOMICS 1B - 2020 EXAM PACK -QUESTION PAPERS MEMOS TEST BANKECS 1601 - ECONOMICS 1B - 2020 EXAM PACK -QUESTION PAPERS MEMOS TEST BANName the main instruments of fiscal policy. (3)
Government spending√√
Taxation√
(2 marks for first instrument, 1 mark for second instrument)
1.2...
ecs 1601 economics 1b 2020 exam pack question papers mename the main instruments of fiscal policy 3 government spending√√ taxation√ 2 marks for first instrument
1 mark for second instrument
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Exam (elaborations) ECS1601 ECS 1601 -
ECONOMICS 1B - 2020 EXAM PACK
-QUESTION PAPERS MEMOS TEST BAN
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NOVEMBER 2019 MEMO JUNE 2019 MEMO
NOVEMBER 2018 MEMO JUNE 2018 MEMO
NOVEMBER 2017 MEMO JUNE 2017 MEMO
NOVEMBER 2016 MEMO JUNE 2016 MEMO
NOVEMBER 2015 MEMO JUNE 2015 MEMO
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Ecs1601
Exam Pack
Updated to 2019
May/June 2019
Section A
Question 1
i. The five economic participants in the circular flow of income and spending:
a. Households
b. Firms
c. Government
d. Foreign Sector
e. Financial Sector
Page 53: Figure 3 – 8
ii. The three criteria for a good tax:
a. Neutrality
b. Equity
c. Administrative Simplicity
Question 2
a. How the equilibrium in the Keynesian model changes if the net exports in the
economy increases.
A A=Y
A2
A1
A2
A1
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45°
0 Y1 Y2 Y
Page 352: Figure 18 - 8
b. A decrease in the interest rate effect on the demand for money as an asset.
i
i0 E0
i1 E1
L
0 M0 M1 M
Page 268: Figure 14 - 2
c. i. Calculation of multiplier:
1 1
M ultiplier = 1−c
= 1−0.5
=2
ii. Calculation of the equilibrium level of income:
Y = A = 2× (250 + 150 + 200) = R1 200
Page 339: Equation 18 – 4
iii. Reasons why people wants to hold money:
a. First reason for holding money is the transactive motive (Page 263),
b. Second reason for holding money is the Speculative motive (Page 264).
Question 3
a. i. Nominal Gross Domestic Product (GDP) in 2015:
N GDP = (1000×2) + (500×10) = R7 000
(Page 240: Box 13 – 2)
ii. Nominal Gross Domestic Product (GDP) in 2016:
N GDP = (1100×3) + (525×8) = R7 500
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