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ECS1601 Exam Preparation For 2022 – Past Papers with verified Answers.
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  • Course
  • Economics Ecs1601 (ECS1601)
  • Institution
  • University Of South Africa

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 - ...

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  • September 22, 2022
  • 77
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

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  • ecs1601
  • economics ecs1601
  • economics
  • ecs1601 economics
  • ecs1601 exam preparation
  • ecs1601 exam preparation for 2022 – past papers with verified answers
  • ecs1601 exam preparation for 2022

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  • University of South Africa
  • Economics Ecs1601 (ECS1601)
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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 macroeconomic variable.

b) An increase in the general price level (inflation) in the economy is an example of a
macroeconomic variable.

- ANS-only b is correct



A flow variable is defined as a variable that is measured over a period. Which one of the following
variables is not an example of a flow variable?



[1] National income

[2] The balance on Sibahle's savings account

[3] Budget deficit

[4] Total production

- ANS-[2] The balance on Sibahle's savings account



Which of the following is not an acceptable intervention by the public sector in a mixed economy?



[1] the provision of funds for public goods such as parks and streetlights

[2] regulation of the pricing behaviour of monopoly industries

[3] stabilisation of the economy during periods of economic instability

,[4] regulation of the price increases that result from changes in patterns of demand and supply in
the competitive market

- ANS-[4] regulation of the price increases that result from changes in patterns of demand and
supply in the competitive market



The factors of production in an economy are ...



[1] households, capital, land, entrepreneurship

[2] government, household, firms, natural resources

[3] natural resources (land), labour, capital, and entrepreneurship

[4] human capital, land, natural resources, technology

- ANS-[3] natural resources (land), labour, capital, and entrepreneurship



Which of the following are the remuneration of the factors of production?



[1] natural resources, rent, interest, labour

[2] rent, salaries and wages, interest, profit

[3] households, land, profit, capital

[4] entrepreneur, firms, capital, labour

- ANS-[2] rent, salaries and wages, interest, profit



In the circular flow of income and spending ...



[1] savings, imports, taxes are leakages, while investment, government spending, exports are
injections.

[2] imports, taxes, investments are leakages, while exports, investments, government spending are
injections.

[3] savings, exports, taxes area leakages, while imports, investments, government spending are
injections.

[4] savings, government spending, imports are leakages, while investments, exports, taxes are
injections.

- ANS-[1] savings, imports, taxes are leakages, while investment, government spending, exports are
injections.

, In the circular flow of goods and services ...



[1] firms sell factors of production on the goods market.

[2] goods and services offered for sale on the goods market are purchased by firms.

[3] households combine factors of production and produce consumer goods and services.

[4] households offer factors of production in the factor market.

- ANS-[4] households offer factors of production in the factor market.



What does the letters A, B, C and D in the figure represent?



a) A represents factors of production

b) B represents goods and services

c) C represents foreign sector

d) D represents spending by firm



[1] only a is correct

[2] only b and c are correct

[3] only b and d are correct

[4] a and b are correct, while c and d are incorrect

- ANS-[3] only b and d are correct



Which of the following is not an injection into the economy of South Africa?



[1] A domestic company in South Africa sells leather to a client that is in Italy.

[2] A decision by Ruth to save a larger portion of her salary. [3] Spending by the department of
health on new hospital facilities.

[4] The local bakery bought a new machinery and equipment that will improve the capacity to
produce more bread.

- ANS-[2] A decision by Ruth to save a larger portion of her salary.



The circular flow model reveals that an increase in South African exports will ...

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