Ecs1500 mock exam paper 2 - Study guides, Class notes & Summaries

ECS1500 MOCK EXAM 1 QUESTIONS AND ANSWERS 2022/2023 ANSWERS AT THE END OF THE PAPER ECS1500 Mock Paper 1 2 Write the answers for each question on the answer sheet provided at the end. 1 A normal good is one for which the income elasticity is greater than one. 1 True 2 False 2 The demand for a good, perceived by the consumer to be a necessity, will tend to be elastic. 1 True 2 False 3 Macroeconomics is concerned with the study of how households and firms make decisions and how they...

ECS1500 MOCK EXAM PAPER 1 Note that the answers to the question are provided at the end of the paper. To test if you are ready for the examination we suggest that you create a simulated examination situation. Give yourself two hours to do the paper and do not refer back to the study material. Use the answers at the end to evaluate your performance to decide if you are ready for the exam and which sections you still need to revise. ECS1500 Mock Paper 1 2 Write the answers for each ...

ECS1500 MOCK EXAM 2022/2023 Answers on the last page ECS1500 Mock Paper 2 2 Write the answers for each question on the answer sheet provided at the end. 1. Scarcity applies to the poor only. 1. True 2. False 2. A decrease in the supply of apples is illustrated by an upward or a leftward shift of the entire supply curve. 1. True 2. False 3. The four factors of production are land, labour, entrepreneurship and capital goods. 1. True 2. False 4. If the supply of, as well as the dema...

ECS1500 MOCK EXAM PAPER 2 Note that the answers to the question are provided at the end of the paper. To test if you are ready for the examination we suggest that you create a simulated examination situation. Give yourself two hours to do the paper and do not refer back to the study material. Use the answers at the end to evaluate your performance to decide if you are ready for the exam and which sections you still need to revise