ECS1601 Exam Preparation For 2022 – Past Papers with verified Answers.
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ECS1601 EXAM QUESTIONS & ANSWERS (ECS1601)
Instelling
University Of South Africa
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 regard...
[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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