ECS1601 Economics IB (ECS1601)

ECS1601 EXAM PACK 2023

Recent exam questions and answers and summarized notes for exam preparation.

Recent exam questions and answers and summarized notes for exam preparation.

UNIQUE NUMBER: PREVIEW OF QUESTION 1 1. 1 Reference: Prescribed book PG 361 The inverse relationship between the price level and the quantity of aggregate output demanded by households, firms, the government, and the rest of the world 1. 1 Reference: Prescribed book PG 361 The inverse relationship between the price level and the quantity of aggregate output demanded by households, firms, the government, and the rest of the world 2. 1 Reference: Prescribed book PG 362 If a fall...

ECS1601 Assessment 7 Attempt review Economics IB (University of South Africa) lOMoARcPSD| Started on Wednesday, 8 June 2022, 6:11 PM State Finished Completed on Wednesday, 8 June 2022, 7:57 PM Time taken 1 hour 46 mins Marks 17.00/30.00 Grade 56.67 out of 100.00 Question 1 Incorrect Mark 0.00 out of 1.00 Question 2 Correct Mark 1.00 out of 1.00 What type of unemployment would occur when there is general downturn in economic activity? Select one: a. seasonal unemployment  b. ...

Latest exam pack questions and answers and summarized notes for exam preparation. 100% TRUSTED workings, explanations and solutions.

ECS1601 TEST BANK ECS1601 TEST BANK Question 1 In the goods market of the circular flow model, .... 1) firms buy factors of production from consumers 2) firms buy finished products from households 3) consumers buy factors of production from firms 4) firms sell factors of production to the government 5) consumers buy finished products from firms The correct alternative is [5]. Explanation In the goods market of the circular flow model, consumers receive income in the form of salaries a...

ECS1601 ASSIGNMENT 5 SEMESTER 2 2022 S - The study-notes marketplace Question 1 Which of the following statements is correct? a. Restrictive fiscal and monetary policies are applied during periods of economic growth (boom). b. Fiscal policy entails changes in the interest rate. c. The impact lag is longer for fiscal policy than for monetary policy. d. The decision lag is shorter for fiscal policy than for monetary policy. Refer to section 9.3 of the prescribed textbook. Suppose that...

ECS1601 Study Unit Summaries -2022. 1 ECS1601 LEARNING UNITS 1 PRODUCTION, INCOME AND SPENDING IN A MIXED ECONOMY - REVISION 1.1 Make sure you remember the following from ECS1501:  What economics is all about (refer to section 1.1 of your textbook) Economics is the science of household management, where the household may vary in size from an individual living on his own to the economy of the country or the whole world. The basic essence of economics – there are unlimited wants, wh...

ECS1601-short-questions. MULTIPLE CHOICE QUESTIONS TESTBANK – CHAPTER 1 Go to Memorandum Answer the following questions by selecting the appropriate answer from the list below. Question 1 Which one of the following statements is correct (or closest to correct)? A. Economics is the study of money. B. Economics teaches us how to avoid choices. C. Economics is the study of profit and loss. D. Economics can be described as the study of choice. E. Economics teaches one how to become rich...