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ECS1601 Assignment 8 due 12 November 2024
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ECS1601 Assignment 8 2024 - DUE 12 November 2024 .... 100% TRUSTED workings with detailed answers.
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ECS1601Assignment 8 2024
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Due Date: 12 November 2024
Economics IB (Macroeconomics I) - ECS1601
Question 1
Which of the following best describes natural resources?
a. They can be replaced.
b. They are unlimited in supply.
c. They are remunerated by rent.
d. They consist of machines, buildings, and tools.
Answer: c. They are remunerated by rent.
Explanation: Natural resources are generally remunerated by rent, which distinguishes
them from capital goods such as machines, buildings, and tools.
Question 2
Which of the following statements about the circular flow of production, income,
and spending is/are true?
(1) Firms are sellers in the factor market and buyers in the goods markets.
(2) In the real sector, both factors of production and goods and services are traded.
(3) In the circular flow of economic activity, the financial sector operates independently
of the real sector.
(4) Households are both sellers and buyers in the flow of economic activities.
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